Noah Holdings Limited disclosed that the State Administration for Market Regulation (SAMR) has begun an investigation into the company under the PRC Anti‑Monopoly Law. The probe was initiated in January 2026 after Noah received a formal notice from SAMR, and the company made the announcement on February 25 2026.
The investigation marks the first anti‑monopoly probe against Noah, although the firm had previously faced regulatory action in 2018 when the Hong Kong Securities and Futures Commission fined Noah Holdings (Hong Kong) Limited HK$5 million for internal system and control failures in the sale and distribution of investment products. The new probe focuses on Noah’s market conduct, pricing, and potential anti‑competitive behavior and could result in fines, operational restrictions, or other enforcement actions.
Noah operates as a wealth‑management service provider for high‑net‑worth Chinese investors. In its most recent earnings release, the company reported a 21.1% decline in full‑year net revenues to RMB 2.6 billion and a 46% fall in non‑GAAP net income to RMB 550 million. The investigation could add uncertainty to an already challenging revenue environment, potentially affecting Noah’s ability to secure new client assets and maintain fee‑based income streams.
Analysts have not yet reacted directly to the investigation, but recent commentary has focused on Noah’s higher provision expenses and contingent liabilities, which have led to a downward revision of price targets by some firms. The lack of an immediate market response suggests that investors are weighing the regulatory risk against the company’s broader financial profile.
The SAMR probe introduces a new compliance risk that could materialize as fines or operational constraints, adding to Noah’s existing financial headwinds. Investors should monitor the investigation’s progress and any subsequent regulatory decisions, as they could influence Noah’s future earnings trajectory and capital allocation strategy.
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