Good day, ladies and gentlemen. Welcome to Noah Holdings Limited Second Quarter 2013 Results Conference Call. At this time all participants are in a listen-only mode. Following management's prepared remarks, there will be a Q&A session. During the Q&A session, we ask that you please limit yourselves to two questions and one follow-up so that we may further participation. If you would like to ask further questions, you may re-enter the queue to do so. As a reminder this conference is being recorded. Joining the conference today are Ms. Jingbo Wang, Co-Founder, Chairwoman and CEO, and Ms. Theresa Tang, company's new Chief Financial Officer and Tom Wu. After the close of the U.S. market on Monday, Noah issued a press release announcing its second quarter 2013 financial result, which is available on the company's IR webpage at ir.noahwm.com. This call is also being webcast live and will be available for replay purposes on the company's website. I would like to call your attention to the Safe Harbor statement in connection with today's call. The company will make forward-looking statements, including those with respect to expected future operating results and expansion of its business. Please refer to the risk factors inherent in the company's business and that it has filed with the SEC. Actual results can be materially different from any forward-looking statements the company makes today. Noah Holdings Limited does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise except as required under the applicable law. The results announced today are unaudited and subject to adjustment in connection with the completion of the company's audit. Additionally, certain non-GAAP measures will be used in our financial discussions. A reconciliation of GAAP and non-GAAP financial results can be found on the earnings press release posted on the company's website. I would now like to turn the call over to Ms. Wang. She will be speaking in Chinese and Mr. Shang Chuang, the company's IR Director, will translate her statement into English.

[Interpreted] Thank you, operator and thank you all for joining us today. With me today is Tom Wu, our Chief -- and our Chief Financial Officer, Ms. Theresa Teng. For personal reasons, Tom has relocated to Singapore. I would like to thank him for his more than three years tenure as CFO and significant contribution in risk management and financial control. He will remain with the company to exploit new business initiatives. Today I will begin the call by briefly reviewing our performance in the second quarter of 2013 followed with an update on our business initiative. Then I’ll ask Theresa to introduce herself. Afterwards Tom will discuss the details of our financial and operating results. We will be happy to take your questions after that. I am pleased that our second quarter results exceeded our expectations and we have updated our 2013 full year forecast accordingly. For the quarter, we achieved transaction value of RMB12.4 billion or US$2 billion, a 100% increase year-over-year. Net revenues of US$44.3 million are 125% increase year-over-year and non-GAAP net income of US$15.1 million, a 128% increase year-over-year. As of June 30th, the total number of registered clients reached 45,839. Active clients during the second quarter were 2,602, a 76% increase from the corresponding period in 2012. As of the end of the second quarter 2013, our asset management business, Gopher has approximately US$3 billion of AUM, a 72% increase compared to last quarter. As I shared with you last quarter, we believe that the significant growth in our business is driven by overall structural improvement. These improvements include enhancement in product development, client servicing and operating capability, which has helped us scale new heights. In terms of operational efficiency we continue to strengthen regional management capability and decent market penetration in the 56…

:

Good morning or evening everyone. By just about any measure we had an outstanding quarter continuing the solid trend that we’ve embarked since the second half of last year. Net revenues more than doubled, growing 132% on a year-over-year basis to reach a historical high of $44.2 million for the quarter. And non-GAAP net income also more than doubled to $16.1 million also a record in the history of the company. First half our non-GAAP net income is $26.9 million, essentially matching that of the full year results last year. As madam Wang emphasized we think these are results of structural changes that we have been making since first half of 2012 in our management infrastructure, people strategy and product innovation. As we’ve been saying over the last three quarters we do not think these increments will only produce one time results. Revenues grew strongly to $44.3 million this quarter. The growth was driven by broad-based client activities with transaction value this quarter surpassing US$2 billion, again the highest ever the company has executed on a quarterly basis. Both commission revenues and recurring revenues grew strongly driven by client activities and growth in our asset management business respectively. Fixed income products represented 85.6% of transaction value of products clients purchased this quarter, probably the highest percentage we have ever witnessed in recent years, perhaps reflecting the continued risk diversion on the part of clients. We distributed a broad array of fixed income products both in terms of legal structures as well as underlying products. As mentioned the previous quarters the on-going regulatory liberalizations are allowing more platforms such as wholly-owned subsidiaries of mutual fund companies other than trust companies through package products. Trust products represented only 12% of fixed income products distributed this quarter, down from about 50% the previous…

(Operator Instructions) Our first question comes from the line of Ella Ji from Oppenheimer. Please ask your questions.

Hi, good morning everyone and congratulations on a strong quarter. Hi, Teresa welcome on-board and Tom it has been very nice working with you in the past few days -- past few years. So my questions are about your asset management business. I wonder if you can share with us how much revenue does this line of business contribute in this quarter and could you also further break down to one-time sales commission and recurring revenue? That’s my first question.

Yeah that’s a very good question, Ella. Thanks for your kind words first of all. Obviously we have not broken out the results for asset management business with exception of total AUM of roughly about $3 billion. But I could qualitatively comment on the range of revenues we are generating for our asset management business. So the revenues we are generating from Gopher primarily is the form of recurring management fees. So if you recall recurring management fees was roughly about 46% of our total revenue this quarter or about $20 million. Within that $20 million about 20% is contributed by Gopher Asset Management, but obviously it's also a function of how we assign revenues internally because as of now, most of the Gopher assets are distributed by Noah. But roughly it’s about 20% of total recurring management fees that are generated by Gopher. I hope that answers your question.

Sure. And so and then my second question is still about the Gopher management -- asset management business. I wonder if you can also breakdown that within the $3 billion total assets under management, could you break it down by the type of funds and also could you also share with us the product pipeline going forward?

Sure first of all the total AUM is $3 billion and kind of [orally] let me just comment on the types of products that we have under management for Gopher. If you recall even when we became -- when went public almost three years ago, we had roughly about $200 million worth of AUM, which was almost exclusively in the fund of private equity funds back then. But since then, we have broadened our product offerings into other product categories, for example fund of -- our real estate funds and real estate funds and fund of fixed income funds. So in terms of significance real estate funds probably currently represents the highest percentage in terms of our total AUM. But it is our intention to continue to broaden our product portfolios in terms of assets under management, fund of fixed income funds fixed fund of hedge funds going forward. So -- but at this moment, real estate funds continues to be the primary driver of our total AUM.

Okay and then could you also quickly comment on the product pipeline in the coming quarters? Thanks.

As we have mentioned on previous calls our product pipeline usually is six to 10 months. So for the second half of this we have pretty much lined up the products that we will be launching. But obviously there will be adjustments based on changes in the market situation. Our focus, I think going forward continue to be broadening our product diversity. In terms of new product types we’re looking or quite hopeful of expanding in terms of asset securitization product, credit-based product and we’re also looking to funds based on the cultural industry development in China.

Operator, next question please.

Our next question comes from the line of Chen Gu from Artisan Partners. Please ask your question.

[Non-English] For the benefit of the audience I will translate Chen Gu's question into English first. Hi, everyone as Tom mentioned trust only made up about 12% of the transaction value for the second quarter. Can you give us more color on what are the other products categorized in fixed income? And also for the trust product you have distributed are they uni-trust or are they collective trust? Thank you.

So thank you for the question. I think in terms of the industry development I think it’s in line with our expectation. I just want to clarify again that Noah is very much an open architecture business model. So we search or we collect products and all assets in the market. And as mentioned before I think the trust company, especially in the last two to three quarters has been tough for them. Their primary focus or most of their product these days are working with local government as well as banks. Further on these two categories our existing AUM is quite low. For local government products our existing AUM is a very low percentage and for bank products we especially do not have any of these products. So in last June you have noted that were a liquidity, a short term liquidity crunch in the market but that did not really affect us. So in terms of working with trust company I think it's harder to select good products from trust company as a whole. But there are still some long term trust partners that we are closely discussing with in terms of working with them in terms of having new strategy and new products types. For fixed income products this quarter we have worked mainly with subsidiaries and mutual fund companies as well as brokerage firms. I think I am quite optimistic of continuing our partnership with these two types of financial institutions. For brokerage firms I think their researchability is a very strong advantage in terms of doing share financing products or even private placement. For subsidiaries and mutual fund companies what we have been working with them is doing credit based products in the real estate sector or industry. I think collateral backed by top developers I think this is good product category for us to continue our leadership.

Operator, are there more questions on the line.

(Operator Instructions) There appears to be no further questions at this time. So turning back to our speakers for any closing remarks.

Thank you, everyone. I wish everyone a good evening or good morning. Thank you.