Noah Comments On Recent Developments Involving Silicon Valley Bank

(RTTNews) - Noah Holdings Limited (NOAH) said it believes its exposure to any liquidity concern as a result of Silicon Valley Bank's Receivership is immaterial to its business operations or financial condition.

Noah said it currently has cash and cash equivalents of less than US$1 million with Silicon Valley Bank, representing less than 0.2% of its total cash and cash equivalents.

In addition, Noah, under its asset management business, serves as the general partner or fund manager for certain investment funds with accounts at the SVB, and has taken necessary measures to protect against or minimize the potential impact of the SVB's Receivership on these funds.

Noah informed its investors that it is aware of the closure of Silicon Valley Bank and appointment of the Federal Deposit Insurance Corporation as receiver.