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Noah Holdings Limited (NOAH) Q2 2021 Earnings Call Transcript
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Good evening, and welcome to the Noah Holdings 4Q 20 Earnings Conference Call. [Operator Instructions].
I would now like to hand the conference over to Ms. Jingbo Wang, Co-Founder and Chief Executive Officer at Noah Holdings. Please go ahead.
Jingbo Wang
[Foreign Speech]
Today, for the agenda of the conference call, I will first talk about the macro view, then report on Noah s overall performance in 2020 and the development of our major business sectors. Our CFO, Mr. Qing Pan, will then introduce the detailed annual financial results, followed by Q&A session.
Looking back on the past year, the market has been moving forward faster like a high-speed train. The supply side reform of China s financial products has continued, and the transfer of household assets to NAV-based products has exceeded market expectations. Among them, the value of the new fund increased by 123% year-over-year to RMB3.2 trillion. The outstanding amount of non-monetary funds continue to grow, reaching a