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Noah Holdings Replies to CAMSING INTL Incident: Products Operate Independently; Risks Not to Transmitted
Noah Holdings announced that its subsidiary Shanghai Gopher has provided supply chain financing for third-party companies related to CAMSING INTL (02662.HK), involving RMB3.4 billion in aggregate, while the controlling shareholder of the latter has recently been criminally detained by the Chinese police in connection with suspected fraudulent activity.
In response, the US ADR-listed company told China Securities Journal that their products are all deposited under qualified third-party financial institutes with independent operation, of which the risks would not be transmissible to other products.
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