On November 28th, Noah Wealth issued a solemn statement on its official website regarding the false disclosure of the "Chengxing Case". According to the statement, Noah himself was one of the "victims" of the Chengxing case. According to judicial materials, it has been confirmed through various methods such as seal identification, video retrieval, and multiple confessions that JD.com and Suning did not sign the underlying purchase and sales contracts involved in the case with "Chengxing" companies. Instead, "Chengxing" personnel fabricated the accounts receivable and debt of the two companies by forging seals and related purchase and sales contracts and other underlying information, and used this to lure the victim units into financing cooperation.
As one of the victims, Noah chooses to protect the legitimate rights and interests of all fund investors and promote risk resolution. The relevant expenses involved in the previous settlement plan have been fully provisioned in the fourth quarter of 2020, and the uncertainty caused by the Chengxing incident on the future performance of Noah Wealth has been completely eliminated. It is reported that according to public information, Noah has reached a settlement agreement with over 70% of the relevant investors. Previously, multiple international investment banks in the capital market supported Noah's one-time provision of settlement fees for the Chengxing case, which was a good choice.
The statement emphasizes that this lawsuit chose judicial channels to protect the legitimate rights and interests of investors as soon as the 2019 incident was heard, rather than in recent times. On November 24th, the lawsuits filed by Shanghai Gefei Asset Management Co., Ltd. (hereinafter referred to as "Shanghai Gefei") and Shanghai Ziyan Automobile Rental Service Co., Ltd. (hereinafter referred to as "Ziyan Automobile") under Noah Wealth against Chengxing and JD.com were heard in the Shanghai Financial Court on the same day. Public information shows that this is indeed not the first hearing for this case. The wealth management industry is in a period of eliminating falsehood and preserving truth, and non-standard asset allocation is a product of a special historical period. After the introduction of new regulations on asset management, the overall direction of regulation is to promote the transformation of such businesses, and it is inevitable to withdraw from the historical stage. The development of the wealth management industry is gradually moving towards a healthier trend. According to data, since the new regulations on asset management, Noah has initiated standardized transformation and quickly completed the transformation, firmly focusing on "customer-centric" and using more advanced and professional service models to achieve competitive breakthroughs from strategy to execution.