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Noah Holdings lowers full-year net income guidance

Noah Holdings Ltd. revised its guidance for the full year ending Dec. 31, estimating that net income for the year will be in the range of 1.0 billion to 1.1 billion yuan, an increase of 3.9% from 2018.

The forecast represents a change in the company's previous guidance of a full-year net income in the range of 1.13 billion to 1.18 billion yuan. Noah Holdings had reported net income attributable to shareholders of 811.3 million yuan in 2018, a 6.3% increase from 2017.

The company said the forecast takes into consideration the macroeconomic conditions in China, ongoing geopolitical tensions and the expected short-term impact resulting from the Camsing incident.

As of Aug. 29, US$1 was equivalent to 7.14 Chinese yuan.