Noah Holdings Limited, through its subsidiaries is a service provider focusing on distributing wealth management products to the high net worth population in the People鈥檚 Republic of China (PRC). The Company provides direct access to China鈥檚 high net worth population. Noah Holdings Limited is a holding company and it operates its business through its PRC subsidiary, Shanghai Noah Rongyao Investment Consulting Co., Ltd (Noah Rongyao), its variable interest entity, Shanghai Noah Investment Management Co., Ltd (Noah Investment), and their respective subsidiaries in China. While Noah Rongyao conducts most of the Company鈥檚 businesses, it conducts its insurance brokerage business through Noah Investment and its subsidiaries. Its products choices consist of over-the-counter (OTC) products originated in China and designed to cater to the needs of high net worth population. Its registered clients were 12,353 as of June 30, 2010.