Noah Holdings Slips 7% Following Pricing Of 1.1 Mln Shares

(RTTNews) - Shares of Chinese wealth management service provider Noah Holdings Limited (NOAH) are falling more than 7% in the morning trade on Wednesday after pricing the global offering of 1.1 million Class A ordinary shares.

The company has priced the offering at HK292.00 per Share, or about US$18.60 per ADS based on exchange rate as on June 17, 2022.

Noah said the global offering comprises an international offering and a Hong Kong offering.

The gross proceeds of about HK$321.2 million is expected to be used to develop wealth management business, to invest in the company's in-house technology across all business lines, for overseas expansion, and for general corporate purposes.

NOAH, currently at $19.07, has traded in the range of $15.06-$47.92 in the past 52 weeks.