When Wang Jingbo founded wealth management firm Noah Holdings about seven years ago, the name was meant to signal that the company would set an example of honesty and integrity.
Noah Holdings, which listed on the Nasdaq in 2010 and whose shareholders include Sequoia Capital, one of the largest venture capital firms in the world, opened its Hong Kong subsidiary yesterday, with the aim of providing investment products to mainland customers who already have assets overseas.
'It's very hard to start a business in China, but I'd like to think that we are in the same boat as our clients,' Wang told the South China Morning Post.
Wang, a Christian for more than a decade, said she did not intend to impose her religious beliefs on her company or clients, but she hoped that the company upheld practices consistent with her values.
Wang, who formerly worked for a securities firm, seized the opportunity to buy part of the business and rebrand it Noah when she heard it was being closed down.
Headquartered in Shanghai, Noah Holdings is the largest independent service provider distributing wealth management products to the mainland's high-net-worth population, mostly individuals with investible assets of 10 million yuan (HK$12.3 million) and above. Its business model, sometimes known as independent financial advice, is relatively new, but is gaining momentum on the mainland.
It remains to be seen whether investors buy into Wang's idea, although profit has been rising, with net profit in the third quarter last year reaching US$5.7 million, an 82.6 per cent increase from 2010.