NOAH HOLDINGS LIMITED ANNOUNCES UNAUDITED FINANCIAL RESULTS FOR THE SECOND QUARTER OF 2026

By

-

August 26, 2026

SINGAPORE, Aug. 26, 2026 /PRNewswire/ — Noah Holdings Limited (“Noah” or the “Company”) (NYSE: NOAH and HKEX: 6686), a leading and pioneer wealth management service provider offering comprehensive one-stop advisory services on global investment and asset allocation primarily for global Chinese high-net-worth investors, today announced its unaudited financial results for the second quarter of 2026.

SECOND QUARTER 2026 FINANCIAL HIGHLIGHTS

Net revenues for the second quarter of 2026 were RMB619.9 million (US$91.4 million), a 1.5% decrease from the corresponding period in 2025, primarily due to a decrease in one-time commissions from insurance products and lower recurring service fees, partially offset by a significant increase in performance-based income from mainland China private secondary products, and a 0.9% decrease quarter-on-quarter, primarily due to lower one-time commissions and recurring service fees, largely offset by an increase in performance-based income from mainland China products.
Income from operations for the second quarter of 2026 was RMB215.8 million (US$31.8 million), a 34.0% increase from the corresponding period in 2025, primarily due to lower operating costs and expenses, including lower compensation and benefits expenses resulting from our disciplined cost control measures and a decrease in provision for credit losses.
Net income attributable to Noah shareholders for the second quarter of 2026 was RMB232.2 million (US$34.2 million), a 30.0% increase from the corresponding period in 2025, primarily due to higher income from operations and an increase in investment income, partially offset by higher income tax expense.
Non-GAAP^[1]net income attributable to Noah shareholders for the second quarter of 2026 was RMB238.0 million (US$35.1 million), a 25.9% increase from the corresponding period in 2025.

SECOND QUARTER 2026 OPERATIONAL UPDATES

The Company reports its operational performance across six business segments — three mainland China and three international^[2] — plus headquarters. The following updates provide segment-specific operating metrics and developments during the second quarter of 2026.

Group-wide Operating Metrics

Total number of registered clients as of June 30, 2026 was 469,987, a 1.2% increase from June 30, 2025, and a 0.2% increase from March 31, 2026.
Total number of active clients^[3] for the second quarter of 2026 was 10,296, a 12.4% increase from the second quarter of 2025 and a 4.2% decrease from the first quarter of 2026.
Aggregate value of investment products distributed during the second quarter of 2026 was RMB17.1 billion (US$2.5 billion), compared with RMB17.0 billion in the second quarter of 2025 and RMB23.3 billion in the first quarter of 2026. The quarter-over-quarter decrease was mainly attributable to lower distribution of mutual fund and private secondary products in mainland China.
Total assets under management as of June 30, 2026 were RMB140.9 billion (US$20.8 billion), compared with RMB145.1 billion as of June 30, 2025 and RMB140.2 billion as of March 31, 2026, mainly due to the continuous allocation and exit of mainland China private equity products.

Distribution of Investment Products

The aggregate value of investment products distributed, categorized by product type, is as follows:

	Three months ended June 30,
	2025			2026
	(RMB in billions, except percentages)
Mutual fund products		9.2	54.1 %		9.1	53.2 %
Private secondary products		6.0	35.3 %		5.8	33.9 %
Private equity products		1.0	5.9 %		1.6	9.4 %
Other products^[4]		0.8	4.7 %		0.6	3.5 %
All products		17.0	100.0 %		17.1	100.0 %

^[1] Noah’s Non-GAAP financial measures are its corresponding GAAP financial measures excluding the effects of all forms of share-based compensation net of relevant tax impact, if any. See “Reconciliation of GAAP to Non-GAAP Results” at the end of this press release.

^[2] For classification of the Group’s business segments for the purposes of this announcement, “international” refers to business activities conducted in, or relating to, countries and regions outside Mainland China.

^[3] “Active clients” for a given period refers to registered investors who purchase investment products distributed or receive services provided by us during that given period.

^[4] “Other products” refers to other investment products, which includes insurance products, multi-strategies products and others.

The aggregate value of investment products distributed, categorized by geography, is as follows：

Type of products in mainland	Three months ended June 30,
China	2025			2026
	(RMB in billions, except percentages)
Mutual fund products		5.7	65.5 %		5.5	65.5 %
Private secondary products		2.8	32.2 %		2.8	33.3 %
Other products		0.2	2.3 %		0.1	1.2 %
All products in mainland China		8.7	100.0 %		8.4	100.0 %

	Three months ended June 30,
Type of international products	2025			2026
	(RMB in billions, except percentages)
Mutual fund products		3.5	42.2 %		3.6	41.4 %
Private secondary products		3.2	38.6 %		3.0	34.5 %
Private equity products		1.0	12.0 %		1.6	18.4 %
Other products		0.6	7.2 %		0.5	5.7 %
All international products		8.3	100.0 %		8.7	100.0 %

Assets Under Management

Total assets under management, categorized by investment type, are as follows:

Investment type	As of March 31, 2026			Growth		Allocation/ Redemption^[5]		As of June 30, 2026
	(RMB billions, except percentages)
Private equity		126.0	89.8 %		1.0		0.5		126.5	89.8 %
Public securities^[6]		8.4	6.0 %		1.0		0.8		8.6	6.1 %
Real estate		4.0	2.9 %		0.1		0.1		4.0	2.8 %
Multi-strategies		1.8	1.3 %		—		—		1.8	1.3 %
All Investments		140.2	100.0 %		2.1		1.4		140.9	100.0 %

Total assets under management, categorized by geography, are as follows:

Mainland China Investment type	As of March 31, 2026			Growth		Allocation/ Redemption		As of June 30, 2026
	(RMB billions, except percentages)
Private equity		92.3	94.6 %		—		0.5		91.8	94.6 %
Public securities		3.8	3.9 %		0.2		0.2		3.8	3.9 %
Real estate		0.1	0.1 %		—		—		0.1	0.1 %
Multi-strategies		1.4	1.4 %		—		—		1.4	1.4 %
All Investments		97.6	100.0 %		0.2		0.7		97.1	100.0 %

International Investment type	As of March 31, 2026			Growth		Allocation/ Redemption		As of June 30, 2026
	(RMB billions, except percentages)
Private equity		33.7	79.1 %		1.0		—		34.7	79.2 %
Public securities		4.6	10.8 %		0.8		0.6		4.8	11.0 %
Real estate		3.9	9.2 %		0.1		0.1		3.9	8.9 %
Multi-strategies		0.4	0.9 %		—		—		0.4	0.9 %
All Investments		42.6	100.0 %		1.9		0.7		43.8	100.0 %

^[5] The asset allocation/redemption of international investment products includes the fluctuation result of foreign currencies exchange rate.

^[6] The asset allocation/redemption of public securities also includes market appreciation or depreciation.

Segment Operating Metrics

Mainland China Business

Our Mainland China operations are organized into three reportable segments: mainland China public securities, mainland China asset management, and mainland China insurance. Each segment operates under a dedicated brand and serves a distinct client need in the mainland China market.

Mainland China public securities

Mainland China public securities, operating under the Noah Upright brand, is the business that distributes mutual funds and private secondary products in mainland China. This segment operates under an “online-first, offline-supported” business model, with the goal of facilitating global asset allocation through RMB-denominated products.

Transaction value of mutual fund products distributed in mainland China during the second quarter of 2026 was RMB5.5 billion (US$0.8 billion), compared with RMB5.7 billion in the second quarter of 2025 and RMB9.9 billion in the first quarter of 2026.
Transaction value of RMB-denominated private secondary products distributed in mainland China during the second quarter of 2026 was RMB2.8 billion (US$0.4 billion), unchanged from RMB2.8 billion in the second quarter of 2025 and a 48.1% decrease from RMB5.4 billion in the first quarter of 2026.
Number of active clientsin this segment during the second quarter of 2026 was 7,052, an 18.5% increase from the second quarter of 2025.
Number of licensed relationship managers serving this segment was 192 as of June 30, 2026, compared with 207 as of June 30, 2025.

Mainland China asset management

Mainland China asset management, operating under the Gopher Asset Management brand, is the business that manages RMB-denominated private equity funds and private secondary products. Current focus areas include managing primary market exits on existing vintages and growing cross-border ETF products in the secondary market.

AUM of RMB-denominated private equity products as of June 30, 2026 was RMB91.8 billion (US$13.5 billion), compared with RMB96.5 billion as of June 30, 2025 and RMB92.3 billion as of March 31, 2026, mainly due to our continuous effort on exiting private equity products.
AUM of RMB-denominated public securities products as of June 30, 2026 was RMB3.8 billion (US$0.6 billion), compared with RMB5.1 billion as of June 30, 2025 and RMB3.8 billion as of March 31, 2026.
Net flow during the quarter: new AUM added was RMB0.2 billion (US$29.5 million) and AUM allocated/redeemed was RMB0.7 billion (US$103.2 million) during the second quarter of 2026.

Mainland China insurance

Mainland China insurance, operating under the Glory brand, is the business that distributes insurance products in mainland China, consisting mainly of life and health insurance products. The business has been undergoing a strategic shift toward a commission-only broker model and comprehensive family succession planning services. The net revenues for the second quarter of 2026 were RMB2.0 million (US$0.3 million).

International Business

Our international operations are organized into three reportable segments: international wealth management, international asset management, and international insurance and comprehensive services. The Company operates booking centers in Hong Kong, Singapore and key U.S. markets including New York, Los Angeles and Silicon Valley.

International wealth management

International wealth management, operating under the ARK Wealth Management brand, is the business that provides offline and online wealth management services to global Chinese high-net-worth investors outside mainland China. Currently we are dedicated to providing comprehensive services using our booking centers in Hong Kong and Singapore.

Number of international registered clients as of June 30, 2026 was 21,059, an 11.0% increase from June 30, 2025 and a 3.4% increase from March 31, 2026.
Number of international active clients who transacted with us during the second quarter of 2026 was 3,494, a 4.3% decrease from the second quarter of 2025 and an 8.5% increase from the first quarter of 2026.
Transaction value of international investment products distributed during the second quarter of 2026 was RMB8.7 billion (US$1.3 billion), compared with RMB8.3 billion in the second quarter of 2025 and RMB8.0 billion in the first quarter of 2026.
International AUA (assets under advisory, including distributed products, but excluding AUA associated with our online securities services) as of June 30, 2026 was RMB66.3 billion (US$9.8 billion), compared with RMB66.1 billion as of March 31, 2026 and RMB65.2 billion as of June 30, 2025. In addition, AUA associated with our online securities services, which is not included in the International AUA figures presented above, was RMB2.8 billion (US$0.4 billion) as of June 30, 2026, compared with RMB2.8 billion as of March 31, 2026 and RMB2.6 billion as of June 30, 2025.
Number of international relationship managers working under this segment was 56 as of June 30, 2026, compared with 107 as of June 30, 2025 and 89 as of March 31, 2026.
AI technology initiatives: In Singapore, we pioneered the “AI + Wealth Management” department, and have seen a 140.0% growth in AUA from June 30, 2025 to June 30, 2026.

International asset management

International asset management, operating under the Olive Asset Management brand, is the business that manages USD-denominated private equity funds and private secondary products, with a dedicated U.S. product center and partnerships with top-tier global managers across structured products and hedge funds. We are building our offices in Hong Kong, Singapore, Japan and key U.S. markets, including New York and Silicon Valley.

Actively managed international AUM as of June 30, 2026 was RMB43.8 billion (US$6.5 billion), compared with RMB42.6 billion as of March 31, 2026 and RMB41.4 billion as of June 30, 2025.
Number of relationship managers working under this segment was 41 as of June 30, 2026, compared with 45 as of June 30, 2025 and 43 as of March 31, 2026.

International insurance and comprehensive services

International insurance and comprehensive services, operating under the Glory Family Heritage brand, is the business that provides comprehensive international services such as insurance distribution, trust services and other family office-style services. With offices in Hong Kong, Singapore and Los Angeles, we provide global coverage to clients.

Number of active clients in this segment during the second quarter of 2026 was 58, compared with 186 during the second quarter of 2025 and 79 during the first quarter of 2026.
Number of clients receiving comprehensive services was 714 as of June 30, 2026, compared with 717 as of June 30, 2025.

Headquarters

Headquarters reflects revenue generated from corporate operations at the Company’s headquarters in Singapore and office in Shanghai, as well as administrative costs and expenses that are not directly allocated to the aforementioned six business segments, including investments in platform-wide technology, AI infrastructure and corporate functions.

Ms. Jingbo Wang, co-founder and chairlady of Noah, commented: “Entering 2026, the global macroeconomic landscape has become increasingly complex, marked by rapid policy shifts across jurisdictions and heightened geopolitical tensions. Yet, amidst these uncertainties lie significant opportunities. For Chinese high-net-worth individuals (HNWIs), the need for professional, globalized, and resilient wealth management has never been more critical.

Our forward-looking global deployment and newly optimized cost structure firmly position Noah to navigate these dynamics, ensuring sustainable and high-quality growth for the long term. In the first half of 2026, our proactive multi-market strategy—anchored by our booking centers in major financial centers and robust infrastructure—has enabled us to serve as a trusted partner for our clients in safeguarding and growing their wealth across market cycles.

Looking ahead, we remain committed to enhancing our global capabilities, maintaining disciplined risk management, and leveraging technology to create lasting value for our clients and shareholders.”

SECOND QUARTER 2026 FINANCIAL RESULTS

Net Revenues

Net revenues for the second quarter of 2026 were RMB619.9 million (US$91.4 million), a 1.5% decrease from the corresponding period in 2025, primarily due to a decrease in one-time commissions from insurance products and lower recurring service fees, partially offset by an increase in performance-based income from mainland China private secondary products.

Net revenues^[7] under the segmentation are as follows:

(RMB millions, except percentages)	Q2 2025		Q2 2026		YoY Change
Mainland China public securities		131.8		206.5		56.7 %
Mainland China asset management		177.1		165.4		(6.6 %)
Mainland China insurance		7.2		2.0		(71.7 %)
International wealth management		129.4		88.9		(31.3 %)
International asset management		108.3		106.4		(1.8 %)
International insurance and comprehensive services		59.0		40.7		(31.1 %)
Headquarters		16.7		10.0		(40.0 %)
Total net revenues		629.5		619.9		(1.5 %)

Net revenues for mainland China public securities for the second quarter of 2026 were RMB206.5 million (US$30.4 million), a 56.7% increase from the corresponding period in 2025, primarily due to an increase in performance-based income generated from the distribution of Mainland China private secondary products.
Net revenues for mainland China asset management for the second quarter of 2026 were RMB165.4 million (US$24.4 million), a 6.6% decrease from the corresponding period in 2025, primarily due to a decrease in recurring service fees from private equity products, partially offset by an increase in performance-based income.
Net revenues for mainland China insurance for the second quarter of 2026 were RMB2.0 million (US$0.3 million), a 71.7% decrease from the corresponding period in 2025, mainly due to a decrease in distribution of insurance products.
Net revenues for international wealth management for the second quarter of 2026 were RMB88.9 million (US$13.1 million), a 31.3% decrease from the corresponding period in 2025, mainly due to a decrease in one-time commissions from the distribution of International products.
Net revenues for international asset management for the second quarter of 2026 were RMB106.4 million (US$15.7 million), a 1.8% decrease from the corresponding period in 2025.
Net revenues for international insurance and comprehensive services for the second quarter of 2026 were RMB40.7 million (US$6.0 million), a 31.1% decrease from the corresponding period in 2025, mainly due to a decrease in one-time commissions from insurance products.
Net revenues for headquarters for the second quarter of 2026 were RMB10.0 million (US$1.5 million), a 40.0% decrease from RMB16.7 million for the corresponding period in 2025.

^[7] The business segments now referred to as “mainland China public securities,” “mainland China asset management,” “mainland China insurance,” “international wealth management,” “international asset management” and “international insurance and comprehensive services” were previously referred to as “domestic public securities,” “domestic asset management,” “domestic insurance,” “overseas wealth management,” “overseas asset management” and “overseas insurance and comprehensive services,” respectively. These are changes in segment names only and do not involve any material change in the nature or scope of the underlying business activities included in the respective segments. Accordingly, the financial and operating information presented under the renamed segments remains comparable to the corresponding information previously presented under the former segment names.

Operating Costs and Expenses

Operating costs and expenses for the second quarter of 2026 were RMB404.1 million (US$59.5 million), a 13.7% decrease from the corresponding period in 2025. Operating costs and expenses for the second quarter of 2026 primarily consisted of (i) compensation and benefits of RMB260.1 million (US$38.3 million); (ii) selling expenses of RMB56.1 million (US$8.3 million); (iii) general and administrative expenses of RMB74.8 million (US$11.0 million); (iv) provision for credit losses of RMB7.7 million (US$1.1 million); (v) other operating expenses of RMB22.5 million (US$3.3 million); and (vi) income gained from government subsidies of RMB17.1 million (US$2.5 million).

Operating costs and expenses for mainland China public securities for the second quarter of 2026 were RMB27.9 million (US$4.1 million), a 16.6% increase from the corresponding period in 2025, mainly due to a decrease in government subsidies.
Operating costs and expenses for mainland China asset management for the second quarter of 2026 were RMB22.7 million (US$3.3 million), a 3.1% increase from the corresponding period in 2025.
Operating costs and expenses for mainland China insurance for the second quarter of 2026 were RMB5.6 million (US$0.8 million), a 62.0% decrease from the corresponding period in 2025. The change was consistent with the decline in revenue from mainland China insurance business.
Operating costs and expenses for international wealth management for the second quarter of 2026 were RMB92.2 million (US$13.6 million), a 9.2% decrease from the corresponding period in 2025, primarily due to a decrease in relationship manager compensation in line with the revenue decline.
Operating costs and expenses for international asset management for the second quarter of 2026 were RMB44.7 million (US$6.6 million), a 25.5% increase from the corresponding period in 2025, primarily due to higher compensation and benefits associated with international asset management business expansion.
Operating costs and expenses for international insurance and comprehensive services for the second quarter of 2026 were RMB26.6 million (US$3.9 million), a 9.1% decrease from the corresponding period in 2025, mainly due to lower compensation and benefits.
Operating costs and expenses for headquarters for the second quarter of 2026 were RMB184.3 million (US$27.2 million), a 23.6% decrease from the corresponding period in 2025, primarily due to a decrease in provision for credit losses related to the suspended lending business.

Income (Loss) from Operations

Income (loss) from operations under the segmentation is as follows:

(RMB millions, except percentages)	Q2 2025		Q2 2026		YoY Change
Mainland China public securities		107.8		178.6		65.5 %
Mainland China asset management		155.1		142.7		(8.0 %)
Mainland China insurance		(7.6)		(3.6)		(52.8 %)
International wealth management		27.8		(3.3)		N.A.
International asset management		72.6		61.6		(15.2 %)
International insurance and comprehensive services		29.8		14.1		(52.7 %)
Headquarters		(224.5)		(174.3)		(22.4 %)
Total income from operations		161.0		215.8		34.0 %

Income from operations for mainland China public securities for the second quarter of 2026 was RMB178.6 million (US$26.3 million), a 65.5% increase from the corresponding period in 2025.
Income from operations for mainland China asset management for the second quarter of 2026 was RMB142.7 million (US$21.0 million), an 8.0% decrease from the corresponding period in 2025.
Loss from operations for mainland China insurance for the second quarter of 2026 was RMB3.6 million (US$0.5 million), a 52.8% decrease from the corresponding period in 2025, reflecting a narrower loss.
Loss from operations for international wealth management for the second quarter of 2026 was RMB3.3 million (US$0.5 million), compared with income from operations of RMB27.8 million in the corresponding period in 2025.
Income from operations for international asset management for the second quarter of 2026 was RMB61.6 million (US$9.1 million), a 15.2% decrease from the corresponding period in 2025.
Income from operations for international insurance and comprehensive services for the second quarter of 2026 was RMB14.1 million (US$2.1 million), a 52.7% decrease from the corresponding period in 2025.
Loss from operations for headquarters for the second quarter of 2026 was RMB174.3 million (US$25.7 million), a 22.4% decrease from the corresponding period in 2025, primarily due to a decrease in provision for credit losses related to the suspended lending business and lower compensation and benefits expenses resulting from disciplined cost control measures.

Operating Margin

Operating margin for the second quarter of 2026 was 34.8%, compared with 25.6% for the corresponding period in 2025.

Interest Income

Interest income for the second quarter of 2026 was RMB30.4 million (US$4.5 million), a 9.1% decrease from the corresponding period in 2025.

Investment Income (Loss)

Investment income for the second quarter of 2026 was RMB41.8 million (US$6.2 million), compared with an investment loss of RMB13.9 million in the corresponding period in 2025, primarily due to gains resulting from fair value changes in certain equity securities.

Income Tax Expense

Income tax expense for the second quarter of 2026 was RMB89.9 million (US$13.3 million), a 41.2% increase from the corresponding period in 2025.

Net Income

Net income for the second quarter of 2026 was RMB236.9 million (US$34.9 million), a 32.7% increase from the corresponding period in 2025.
Net margin for the second quarter of 2026 was 38.2%, compared with 28.4% for the corresponding period in 2025.
Net income attributable to Noah shareholders for the second quarter of 2026 was RMB232.2 million (US$34.2 million), a 30.0% increase from the corresponding period in 2025.
Net margin attributable to Noah shareholders for the second quarter of 2026 was 37.5%, compared with 28.4% for the corresponding period in 2025.
Net income attributable to Noah shareholders per basic and diluted ADS for the second quarter of 2026 was RMB3.40 (US$0.50) and RMB3.37 (US$0.50), respectively, compared with RMB2.56 and RMB2.54, respectively, for the corresponding period in 2025.

Non-GAAP Net Income Attributable to Noah Shareholders

Non-GAAP net income attributable to Noah shareholders for the second quarter of 2026 was RMB238.0 million (US$35.1 million), a 25.9% increase from the corresponding period in 2025.
Non-GAAP net margin attributable to Noah shareholders for the second quarter of 2026 was 38.4%, compared with 30.0% for the corresponding period in 2025.
Non-GAAP net income attributable to Noah shareholders per diluted ADS for the second quarter of 2026 was RMB3.46 (US$0.51), compared with RMB2.69 for the corresponding period in 2025.

BALANCE SHEET AND CASH FLOW

As of June 30, 2026, the Company had RMB4,322.7 million (US$637.1 million) in cash and cash equivalents, compared with RMB4,280.7 million as of March 31, 2026 and RMB3,821.8 million as of June 30, 2025.

Net cash outflow from the Company’s operating activities during the second quarter of 2026 was RMB15.0 million (US$2.2 million), compared with a net cash inflow of RMB27.6 million in the corresponding period in 2025, primarily due to an increase in amounts due from related parties and payments of accrued payroll and welfare expenses.

Net cash inflow from the Company’s investing activities during the second quarter of 2026 was RMB108.8 million (US$16.0 million), compared with a net cash outflow of RMB171.7 million in the corresponding period in 2025, primarily due to redemptions of held‑to‑maturity investments.

Net cash outflow from the Company’s financing activities during the second quarter of 2026 was RMB14.7 million (US$2.2 million), compared with RMB71.5 million in the corresponding period in 2025, primarily due to a decrease in share repurchases.

CONFERENCE CALL

The Company’s senior management will host an earnings conference call to discuss its Q2 2026 Results and recent business activities. Details of the conference call are as follows:

Dial-in details:
Conference title:	Noah Holdings Second Quarter and Half Year 2026 Earnings Conference Call
Date/Time:	Tuesday, August 25, 2026 at 8:00 p.m., U.S. Eastern Time Wednesday, August 26, 2026 at 8:00 a.m., Hong Kong Time
Dial in:
– Hong Kong Toll Free:	800-963976
– United States Toll Free:	1-888-317-6003
– Mainland China Local Toll:	+86-4001-206115
– International Toll:	1-412-317-6061
Participant Password:	4116275

A telephone replay will be available starting approximately one hour after the end of the conference until August 31, 2026 at 1-855-669-9658 (US Toll Free) and 1-412-317-0088 (International Toll) with the access code 8252319.

DISCUSSION ON NON-GAAP MEASURES

In addition to disclosing financial results prepared in accordance with U.S. GAAP, the Company’s earnings release contains non-GAAP financial measures excluding the effects of all forms of share-based compensation and net of tax impact, if any. See “Reconciliation of GAAP to Non-GAAP Results” at the end of this press release.

The non-GAAP financial measures disclosed by the Company should not be considered a substitute for financial measures prepared in accordance with U.S. GAAP. The financial results reported in accordance with U.S. GAAP and reconciliation of GAAP to non-GAAP results should be carefully evaluated. The non-GAAP financial measures used by the Company may be prepared differently from and, therefore, may not be comparable to similarly titled measures used by other companies.

When evaluating the Company’s operating performance in the periods presented, management reviewed the foregoing non-GAAP net income attributable to Noah shareholders and per diluted ADS and non-GAAP net margin attributable to Noah shareholders to supplement U.S. GAAP financial data. As such, the Company’s management believes that the presentation of the non-GAAP financial measures provides important supplemental information to investors regarding financial and business trends relating to its results of operations in a manner consistent with that used by management.

ABOUT NOAH HOLDINGS LIMITED

Noah Holdings Limited (NYSE: NOAH and HKEX: 6686) is a leading and pioneer wealth management service provider offering comprehensive one-stop advisory services on global investment and asset allocation primarily for global Chinese high-net-worth investors. Noah’s American depositary shares, or ADSs, are listed on the New York Stock Exchange under the symbol “NOAH,” and its shares are listed on the Main Board of the Hong Kong Stock Exchange under the stock code “6686.” One ADS represents five ordinary shares, par value $0.00005 per share.

In the first half of 2026, Noah distributed RMB40.4 billion (US$6.0 billion) of investment products. Through Gopher Asset Management and Olive Asset Management, Noah had assets under management of RMB140.9 billion (US$20.8 billion) as of June 30, 2026.

Founded in 2005, the firm pioneered a business model combining wealth management and asset management and has continued to build its international platform over the years. As of June 30, 2026, Noah had 469,987 registered clients. The Company reports its operations under six business segments — Mainland China public securities (Noah Upright), Mainland China asset management (Gopher Asset Management), Mainland China insurance (Glory), International wealth management (ARK Wealth Management), International asset management (Olive Asset Management), and International insurance and comprehensive services (Glory Family Heritage) — plus headquarters. As of June 30, 2026, Noah had established branches and service capabilities across mainland China, Hong Kong, Singapore, Japan, and key U.S. markets, including New York, Los Angeles, and Silicon Valley, reflecting its international operating footprint.

For more information, please visit Noah’s investor relations website at ir.noahgroup.com.

FOREIGN CURRENCY TRANSLATION

In this announcement, the unaudited financial results for the second quarter of 2026 are stated in RMB. This announcement contains currency conversions of certain RMB amounts into US$ at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ are made at a rate of RMB6.7851 to US$1.00, the effective noon buying rate for June 30, 2026 as set forth in the H.10 statistical release of the Federal Reserve Board.

SAFE HARBOR STATEMENT

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Noah may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in announcements, circulars or other publications made on the website of The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Noah’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. These statements include, but are not limited to, estimates regarding the sufficiency of Noah’s cash and cash equivalents and liquidity risk. A number of factors could cause Noah’s actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: its goals and strategies; its future business development, financial condition and results of operations; the expected growth of the wealth management and asset management market in China and internationally; its expectations regarding demand for and market acceptance of the products it distributes; investment risks associated with investment products distributed to Noah’s investors, including the risk of default by counterparties or loss of value due to market or business conditions or misconduct by counterparties; its expectations regarding keeping and strengthening its relationships with key clients; relevant government policies and regulations relating to its industries; its ability to attract and retain qualified employees; its ability to stay abreast of market trends and technological advances; its plans to invest in research and development to enhance its product choices and service offerings; competition in its industries in China and internationally; general economic and business conditions in China; and its ability to effectively protect its intellectual property rights and not to infringe on the intellectual property rights of others. Further information regarding these and other risks is included in Noah’s filings with the U.S. Securities and Exchange Commission and the Hong Kong Stock Exchange. All information provided in this press release and in the attachments is as of the date of this press release, and Noah does not undertake any obligation to update any such information, including forward-looking statements, as a result of new information, future events or otherwise, except as required under the applicable law.

— FINANCIAL AND OPERATIONAL TABLES FOLLOW —

Noah Holdings Limited Condensed Consolidated Balance Sheets (unaudited)

	As of
	March 31, 2026		June 30, 2026		June 30, 2026
	RMB’000		RMB’000		USD’000
Assets
Current assets:
Cash and cash equivalents		4,280,733		4,322,663		637,082
Restricted cash		11,247		10,183		1,501
Short-term investments		833,752		711,704		104,892
Accounts receivable, net		334,686		323,537		47,683
Amounts due from related parties		680,951		826,165		121,762
Loans receivable, net		111,690		133,506		19,676
Other current assets		211,822		248,491		36,623
Total current assets		6,464,881		6,576,249		969,219
Long-term investments, net		1,160,937		1,051,622		154,990
Investment in affiliates		1,142,706		1,157,714		170,626
Property and equipment, net		2,325,755		2,299,705		338,935
Operating lease right-of-use assets, net		92,047		97,419		14,358
Deferred tax assets		310,049		315,333		46,474
Other non-current assets		115,565		138,862		20,466
Total Assets		11,611,940		11,636,904		1,715,068
Liabilities and Equity
Current liabilities:
Accrued payroll and welfare expenses		404,475		285,789		42,120
Income tax payable		146,668		101,738		14,994
Deferred revenues		58,961		63,086		9,298
Dividend payable		—		612,000		90,198
Contingent liabilities		504,920		454,531		66,990
Other current liabilities		244,855		306,986		45,244
Total current liabilities		1,359,879		1,824,130		268,844
Deferred tax liabilities		261,653		259,678		38,272
Operating lease liabilities, non-current		52,475		51,022		7,520
Other non-current liabilities		6,936		13,111		1,932
Total Liabilities		1,680,943		2,147,941		316,568
Equity		9,930,997		9,488,963		1,398,500
Total Liabilities and Equity		11,611,940		11,636,904		1,715,068

Noah Holdings Limited Condensed Consolidated Income Statements (unaudited)

	Three months ended
	June 30,		June 30,		June 30,
	2025		2026		2026		Change
	RMB’000		RMB’000		USD’000
Revenues:
Revenues from others:
One-time commissions		154,467		86,680		12,775		(43.9 %)
Recurring service fees		162,047		155,902		22,977		(3.8 %)
Performance-based income		13,892		96,578		14,234		595.2 %
Other service fees		48,736		35,716		5,264		(26.7 %)
Total revenues from others		379,142		374,876		55,250		(1.1 %)
Revenues from funds Gopher/Olive manages:
One-time commissions		1,431		632		93		(55.8 %)
Recurring service fees		244,753		207,584		30,594		(15.2 %)
Performance-based income		9,301		42,788		6,306		360.0 %
Total revenues from funds Gopher/Olive manages		255,485		251,004		36,993		(1.8 %)
Total revenues		634,627		625,880		92,243		(1.4 %)
Less: VAT related surcharges		(5,126)		(5,981)		(881)		16.7 %
Net revenues		629,501		619,899		91,362		(1.5 %)
Operating costs and expenses:
Compensation and benefits
Relationship manager compensation		(123,716)		(99,446)		(14,657)		(19.6 %)
Other compensations		(175,551)		(160,661)		(23,680)		(8.5 %)
Total compensation and benefits		(299,267)		(260,107)		(38,337)		(13.1 %)
Selling expenses		(62,311)		(56,082)		(8,265)		(10.0 %)
General and administrative expenses		(71,196)		(74,849)		(11,031)		5.1 %
Provision for credit losses		(41,228)		(7,669)		(1,130)		(81.4 %)
Other operating expenses		(8,576)		(22,530)		(3,321)		162.7 %
Government subsidies		14,103		17,143		2,527		21.6 %
Total operating costs and expenses		(468,475)		(404,094)		(59,557)		(13.7 %)
Income from operations		161,026		215,805		31,805		34.0 %
Other income:
Interest income		33,505		30,447		4,487		(9.1 %)
Investment (loss) income		(13,938)		41,800		6,161		N.A.
Reversal of contingent litigation expenses		—		7,682		1,132		N.A.
Other income (expense)		14,391		(23,843)		(3,514)		N.A.
Total other income		33,958		56,086		8,266		65.2 %
Income before taxes and income from equity in affiliates		194,984		271,891		40,071		39.4 %
Income tax expense		(63,690)		(89,944)		(13,256)		41.2 %
Income from equity in affiliates		47,243		54,917		8,094		16.2 %
Net income		178,537		236,864		34,909		32.7 %
Less: net (loss) income attributable to non-controlling interests		(39)		4,681		690		N.A.
Net income attributable to Noah shareholders		178,576		232,183		34,219		30.0 %

Income per ADS, basic		2.56		3.40		0.50		32.8 %
Income per ADS, diluted		2.54		3.37		0.50		32.7 %
Margin analysis:
Operating margin		25.6 %		34.8 %		34.8 %
Net margin		28.4 %		38.2 %		38.2 %
Weighted average ADS equivalent ^[1]:
Basic		69,778,574		68,339,431		68,339,431
Diluted		70,174,751		68,802,162		68,802,162
ADS equivalent outstanding at end of period		65,830,895		68,329,861		68,329,861

[1] Assumes all outstanding ordinary shares are represented by ADSs. Five ordinary shares represent one ADS.

Noah Holdings Limited Condensed Consolidated Income Statements (unaudited)

	Six months ended
	June 30,		June 30,		June 30,
	2025		2026		2026		Change
	RMB’000		RMB’000		USD’000
Revenues:
Revenues from others:
One-time commissions		309,458		199,745		29,439		(35.5 %)
Recurring service fees		313,643		303,427		44,720		(3.3 %)
Performance-based income		27,878		177,163		26,111		535.5 %
Other service fees		85,599		69,594		10,257		(18.7 %)
Total revenues from others		736,578		749,929		110,527		1.8 %
Revenues from funds Gopher/Olive manages:
One-time commissions		5,181		1,823		269		(64.8 %)
Recurring service fees		489,133		442,178		65,169		(9.6 %)
Performance-based income		23,830		62,862		9,265		163.8 %
Total revenues from funds Gopher/Olive manages		518,144		506,863		74,703		(2.2 %)
Total revenues		1,254,722		1,256,792		185,230		0.2 %
Less: VAT related surcharges		(10,627)		(11,142)		(1,642)		4.8 %
Net revenues		1,244,095		1,245,650		183,588		0.1 %
Operating costs and expenses:
Compensation and benefits
Relationship manager compensation		(246,284)		(201,908)		(29,758)		(18.0 %)
Other compensations		(356,878)		(324,941)		(47,890)		(8.9 %)
Total compensation and benefits		(603,162)		(526,849)		(77,648)		(12.7 %)
Selling expenses		(113,383)		(92,289)		(13,602)		(18.6 %)
General and administrative expenses		(135,637)		(141,684)		(20,882)		4.5 %
Provision for credit losses		(44,038)		(10,839)		(1,597)		(75.4 %)
Other operating expenses		(24,275)		(39,104)		(5,763)		61.1 %
Government subsidies		23,434		17,358		2,558		(25.9 %)
Total operating costs and expenses		(897,061)		(793,407)		(116,934)		(11.6 %)
Income from operations		347,034		452,243		66,654		30.3 %
Other income:
Interest income		66,306		62,495		9,211		(5.7 %)
Investment (loss) income		(7,668)		39,789		5,864		N.A.
Reversal of contingent litigation expenses		343		4,952		730		1343.7 %
Other income (expense)		10,967		(32,371)		(4,771)		N.A.
Total other income		69,948		74,865		11,034		7.0 %
Income before taxes and income from equity in affiliates		416,982		527,108		77,688		26.4 %
Income tax expense		(124,295)		(156,604)		(23,081)		26.0 %
Income (loss) from equity in affiliates		35,669		(10,426)		(1,537)		N.A.
Net income		328,356		360,078		53,070		9.7 %
Less: net income attributable to non-controlling interests		816		3,180		469		289.7 %
Net income attributable to Noah shareholders		327,540		356,898		52,601		9.0 %

Income per ADS, basic		4.69		5.20		0.77		10.9 %
Income per ADS, diluted		4.65		5.15		0.76		10.8 %
Margin analysis:
Operating margin		27.9 %		36.3 %		36.3 %
Net margin		26.4 %		28.9 %		28.9 %
Weighted average ADS equivalent ^[1]:
Basic		69,856,207		68,686,576		68,686,576
Diluted		70,387,492		69,311,742		69,311,742
ADS equivalent outstanding at end of period		65,830,895		68,329,861		68,329,861

[1] Assumes all outstanding ordinary shares are represented by ADSs. Five ordinary shares represent one ADS.

Noah Holdings Limited Condensed Comprehensive Income Statements (unaudited)

	Three months ended
	June 30,		June 30,		June 30,
	2025		2026		2026		Change
	RMB’000		RMB’000		USD’000
Net income		178,537		236,864		34,909		32.7 %
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments		(64,764)		(59,540)		(8,775)		(8.1 %)
Fair value fluctuation of available-for-sale investments (after tax)		236		121		18		(48.7 %)
Comprehensive income		114,009		177,445		26,152		55.6 %
Less: Comprehensive (loss) income attributable to non-controlling interests		(401)		5,048		744		N.A.
Comprehensive income attributable to Noah shareholders		114,410		172,397		25,408		50.7 %

Noah Holdings Limited Condensed Comprehensive Income Statements (unaudited)

	Six months ended
	June 30,		June 30,		June 30,
	2025		2026		2026		Change
	RMB’000		RMB’000		USD’000
Net income		328,356		360,078		53,070		9.7 %
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments		(87,598)		(117,904)		(17,377)		34.6 %
Fair value fluctuation of available-for-sale investments (after tax)		469		354		52		(24.5 %)
Comprehensive income		241,227		242,528		35,745		0.5 %
Less: Comprehensive income attributable to non- controlling interests		509		3,627		535		612.6 %
Comprehensive income attributable to Noah shareholders		240,718		238,901		35,210		(0.8 %)

Noah Holdings Limited Segment Condensed Income Statements (unaudited)

	Three months ended June 30, 2026
	Mainland China public securities		Mainland China asset management		Mainland China insurance		International wealth management		International asset management		International insurance and comprehensive services		Headquarters		Total
	RMB’000		RMB’000		RMB’000		RMB’000		RMB’000		RMB’000		RMB’000		RMB’000
Revenues:
Revenues from others
One-time commissions		11,777		201		2,032		40,020		8,763		23,887		—		86,680
Recurring service fees		91,332		29,342		—		15,000		20,228		—		—		155,902
Performance-based income		95,716		861		—		—		1		—		—		96,578
Other service fees		—		—		—		4,549		—		16,794		14,373		35,716
Total revenues from others		198,825		30,404		2,032		59,569		28,992		40,681		14,373		374,876
Revenues from funds Gopher/Olive manages
One-time commissions		632		—		—		—		—		—		—		632
Recurring service fees		8,049		101,616		—		29,376		68,543		—		—		207,584
Performance-based income		366		33,600		—		—		8,822		—		—		42,788
Total revenues from funds Gopher/Olive manages		9,047		135,216		—		29,376		77,365		—		—		251,004
Total revenues		207,872		165,620		2,032		88,945		106,357		40,681		14,373		625,880
Less: VAT related surcharges		(1,426)		(181)		(7)		—		—		—		(4,367)		(5,981)
Net revenues		206,446		165,439		2,025		88,945		106,357		40,681		10,006		619,899
Operating costs and expenses:
Compensation and benefits Relationship manager compensation		(26,742)		(5,621)		(520)		(53,007)		(10,933)		(2,622)		(1)		(99,446)
Other compensations		(4,547)		(15,204)		(2,540)		(22,846)		(22,569)		(10,184)		(82,771)		(160,661)
Total compensation and benefits		(31,289)		(20,825)		(3,060)		(75,853)		(33,502)		(12,806)		(82,772)		(260,107)
Selling expenses		(2,627)		(1,575)		(76)		(14,093)		(9,501)		(2,275)		(25,935)		(56,082)
General and administrative expenses		(56)		(2,156)		(2,481)		(1,044)		(1,541)		(951)		(66,620)		(74,849)
Provision for credit losses		—		—		—		—		—		(813)		(6,856)		(7,669)
Other operating expenses		(422)		(2,753)		—		(1,252)		(205)		(9,782)		(8,116)		(22,530)
Government subsidies		6,500		4,608		—		—		—		21		6,014		17,143
Total operating costs and expenses		(27,894)		(22,701)		(5,617)		(92,242)		(44,749)		(26,606)		(184,285)		(404,094)
Income (loss) from operations		178,552		142,738		(3,592)		(3,297)		61,608		14,075		(174,279)		215,805

Noah Holdings Limited Segment Condensed Income Statements (unaudited)

	Three months ended June 30, 2025
	Mainland China public securities		Mainland China asset management		Mainland China insurance		International wealth management		International asset management		International insurance and comprehensive services		Headquarters		Total
	RMB’000		RMB’000		RMB’000		RMB’000		RMB’000		RMB’000		RMB’000		RMB’000
Revenues:
Revenues from others
One-time commissions		16,884		125		7,199		70,715		8,662		50,882		—		154,467
Recurring service fees		85,443		43,427		—		9,954		23,223		—		—		162,047
Performance-based income		13,889		—		—		—		3		—		—		13,892
Other service fees		—		—		—		19,088		—		8,180		21,468		48,736
Total revenues from others		116,216		43,552		7,199		99,757		31,888		59,062		21,468		379,142
Revenues from funds Gopher/Olive manages
One-time commissions		1,243		188		—		—		—		—		—		1,431
Recurring service fees		13,886		132,139		—		29,618		69,110		—		—		244,753
Performance-based income		722		1,308		—		—		7,271		—		—		9,301
Total revenues from funds Gopher/Olive manages		15,851		133,635		—		29,618		76,381		—		—		255,485
Total revenues		132,067		177,187		7,199		129,375		108,269		59,062		21,468		634,627
Less: VAT related surcharges		(281)		(30)		(35)		—		—		—		(4,780)		(5,126)
Net revenues		131,786		177,157		7,164		129,375		108,269		59,062		16,688		629,501
Operating costs and expenses:
Compensation and benefits Relationship manager compensation		(26,417)		(10,746)		(3,914)		(62,873)		(13,763)		(6,003)		—		(123,716)
Other compensations		(6,671)		(16,209)		(7,722)		(20,830)		(12,476)		(12,540)		(99,103)		(175,551)
Total compensation and benefits		(33,088)		(26,955)		(11,636)		(83,703)		(26,239)		(18,543)		(99,103)		(299,267)
Selling expenses		(2,200)		(1,807)		(782)		(15,888)		(8,698)		(2,713)		(30,223)		(62,311)
General and administrative expenses		(53)		(1,735)		(2,358)		(2,010)		(731)		(1,576)		(62,733)		(71,196)
(Reversal of) provision for credit losses		119		77		—		—		—		1,710		(43,134)		(41,228)
Other operating expenses		(632)		8,067		—		—		—		(8,174)		(7,837)		(8,576)
Government subsidies		11,931		327		—		—		11		22		1,812		14,103
Total operating costs and expenses		(23,923)		(22,026)		(14,776)		(101,601)		(35,657)		(29,274)		(241,218)		(468,475)
Income (loss) from operations		107,863		155,131		(7,612)		27,774		72,612		29,788		(224,530)		161,026

Noah Holdings Limited Supplemental Revenue Information by Geography (unaudited)

	Three months ended
	June 30, 2025		June 30, 2026		Change
	(in thousands of RMB, except percentages)
Revenues:
Mainland China		337,921		389,897		15.4 %
Hong Kong		231,608		172,922		(25.3 %)
Others		65,098		63,061		(3.1 %)
Total revenues		634,627		625,880		(1.4 %)

Noah Holdings Limited Supplemental Business Information by Product Types (unaudited)

	Three months ended
	June 30, 2025		June 30, 2026		Change
	(in thousands of RMB, except percentages)
Mainland China:
Public securities products [1]		132,068		207,872		57.4 %
Private equity products		176,876		165,620		(6.4 %)
Insurance products		7,199		2,032		(71.8 %)
Others		21,778		14,373		(34.0 %)
Subtotal		337,921		389,897		15.4 %

International:
Investment products [2]		160,393		164,626		2.6 %
Insurance products		101,387		43,461		(57.1 %)
Online business [3]		10,459		10,097		(3.5 %)
Others		24,467		17,799		(27.3 %)
Subtotal		296,706		235,983		(20.5 %)
Total revenues		634,627		625,880		(1.4 %)


[1] Includes mutual funds and private secondary products. [2] Includes non-money market mutual fund products, discretionary products, private secondary products, private equity products, real estate products and private credit products. [3] Includes money market mutual fund products, securities brokerage business.

Noah Holdings Limited Supplemental Operational Information (unaudited)

	As of
	June 30, 2025		June 30, 2026		Change
Number of registered clients		464,631		469,987		1.2 %

	Three months ended
	June 30, 2025		June 30, 2026		Change
	(in millions of RMB, except number of active clients and percentages)
Number of active clients		9,160		10,296		12.4 %
Transaction value:
Private equity products		1,000		1,620		62.0 %
Private secondary products		5,975		5,806		(2.8 %)
Mutual fund products		9,264		9,122		(1.5 %)
Other products		736		619		(15.9 %)
Total transaction value		16,975		17,167		1.1 %

Noah Holdings Limited Supplemental Information of International Business (unaudited)

	Three months ended
	June 30, 2025		June 30, 2026		Change
Net Revenues from International (RMB, million)		296.7		236.0		(20.5 %)
Number of International Registered Clients		18,967		21,059		11.0 %
Number of International Active Clients		3,650		3,494		(4.3 %)
Transaction Value of International Investment Products (RMB, billion)		8.3		8.7		4.8 %
Number of International Relationship Managers		152		97		(36.2 %)
International Assets Under Management (RMB, billion)		41.4		43.8		5.8 %
International Assets Under Advisory (RMB, billion)		65.2		66.3		1.8 %

Noah Holdings Limited Reconciliation of GAAP to Non-GAAP Results (In RMB, except for per ADS data and percentages) (unaudited)

	Three months ended
	June 30,		June 30,
	2025		2026		Change
	RMB’000		RMB’000
Net income attributable to Noah shareholders		178,576		232,183		30.0 %
Adjustment for share-based compensation		13,008		7,242		(44.3 %)
Less: tax effect of adjustments		2,602		1,404		(46.0 %)
Adjusted net income attributable to Noah shareholders (non-GAAP)		188,982		238,021		25.9 %

Net margin attributable to Noah shareholders		28.4 %		37.5 %
Non-GAAP net margin attributable to Noah shareholders		30.0 %		38.4 %

Net income attributable to Noah shareholders per ADS, diluted		2.54		3.37		32.7 %
Non-GAAP net income attributable to Noah shareholders per ADS, diluted		2.69		3.46		28.6 %

Noah Holdings Limited Reconciliation of GAAP to Non-GAAP Results (In RMB, except for per ADS data and percentages) (unaudited)

	Six months ended
	June 30,		June 30,
	2025		2026		Change
	RMB’000		RMB’000
Net income attributable to Noah shareholders		327,540		356,898		9.0 %
Adjustment for share-based compensation		37,788		18,591		(50.8 %)
Less: tax effect of adjustments		7,558		3,604		(52.3 %)
Adjusted net income attributable to Noah shareholders (non-GAAP)		357,770		371,885		3.9 %

Net margin attributable to Noah shareholders		26.3 %		28.7 %
Non-GAAP net margin attributable to Noah shareholders		28.8 %		29.9 %

Net income attributable to Noah shareholders per ADS, diluted		4.65		5.15		10.8 %
Non-GAAP net income attributable to Noah shareholders per ADS, diluted		5.08		5.37		5.7 %

ZOOPUNK Makes Its Opening Night Live Debut at gamescom 2026

By

Advertorial Desk

-

August 26, 2026

TiGames brings its F.I.S.T. prequel to one of gaming’s biggest stages, showcasing the combat styles of three playable heroes, striking new worlds, and a first glimpse of a mysterious fourth character

SHANGHAI, Aug. 26, 2026 /PRNewswire/ — TiGames today unveiled a brand new trailer for its third-person Action RPG ZOOPUNK during gamescom Opening Night Live, one of the industry’s most-watched showcases. The trailer gave a global audience an early look at this ambitious prequel to F.I.S.T.: Forged in Shadow Torch, introducing its three playable heroes, showcasing a range of striking environments from lush forests to flying airships, and teasing a mysterious fourth character for the very first time. ZOOPUNK will launch on PC and console.

Set decades before the events of F.I.S.T.: Forged In Shadow Torch, ZOOPUNK expands the beloved Animal Punk universe, chronicling the turbulent origins of Torch City, an animal metropolis on the brink of revolution. There’s nostalgia for F.I.S.T. fans and plenty of discovery for everyone else, as this new video highlights key moves for the three playable heroes, offers a look at ZOOPUNK’s worldbuilding, and more.

See the new trailer here for a deeper look at the characters, combat, and worlds of Torch City.

TiGames will also release an additional five-minute gameplay video on the IGN Show, Wednesday 26th.

The World of ZOOPUNK

Join a diverse cast of animal heroes on a journey through a world where untamed wilderness, advanced machinery, and civilizations shaped by conflict collide. At the center of this changing world is the Spark, a mysterious power that continues to shape its technology, civilizations, and conflicts. The Machine Legion has emerged as a major enemy force, but the struggle in Zoopunk is more complicated than a simple war between animals and machines. Rival animal factions, shifting alliances, and different understandings of life, consciousness, and the soul all contribute to a deeper conflict.

The trailer captures the breadth of these war-torn landscapes, sweeping from lush forests to high-flying airships – a first taste of the environments players will battle their way through.

Dynamic Combat and Character Diversity

Combat remains at the heart of ZOOPUNK, with gameplay built around distinct fighting styles inspired by animal traits. Each playable character brings a unique approach to battle, letting players craft their own signature combat experience:

Rayton the Rabbit: Agile and fast-paced, specialising in melee combat he uses aerial combos to build energy before unleashing devastating electrically charged attacks.
Braton the Rhino: A powerhouse brawler wielding a massive chainsaw, and offering powerful defensive abilities, making him the team’s frontline anchor.
Trixie the Chipmunk: Nimble and precise, relying on acrobatics and hit-and-run tactics, she combines stylish gun-fu with ammo management.

The gamescom trailer offers a first glimpse of a mysterious fourth protagonist, a serval whose identity is left for fans to speculate on. Fans can also see the first animal enemy bosses of ZOOPUNK, a departure from the previous animal vs. machine conflict of the first game.

ZOOPUNK is at gamescom 2026

Beyond the Opening Night Live reveal, ZOOPUNK is on the ground in Cologne throughout gamescom, where TiGames is being supported by backer Tencent Games with a dedicated space at its booth in the business area (Hall 4.2 – B035). From there, the team is sharing the game’s latest build with media through behind-closed-doors demos.

To showcase the game at its best and deliver a smooth, immersive demo, the stations in the Business Area are powered by GeForce RTX 5080 PCs built by ALTERNATE and NVIDIA, and completed with premium Razer gaming peripherals, including the Razer Wolverine controller and Razer BlackShark headset.

ZOOPUNK will launch on PC and Console, with additional details set to be announced in the near future.

Check out the new trailer from Opening Night Live here, and for more information about ZOOPUNK, visit playzoopunk.com. Follow the game on social channels: Discord, TikTok, Instagram, X, YouTube.

About TiGames

Shanghai TiGames Co., Ltd. is a premier game developer founded in 2016 by a group of dedicated creators, committed to delivering exceptional and unforgettable gaming experiences. We have successfully launched multiple high-quality titles, including our acclaimed VR debut Ancient Amuletor VR and the critically praised breakout hit F.I.S.T.: Forged In Shadow Torch. F.I.S.T. has been widely celebrated by players and critics alike for its deep combat, immersive diesel-punk world, and high polish, establishing it as a fan favorite and solidifying our diverse and respected portfolio.

Guided by our passion for pushing the boundaries of interactive entertainment, we continuously strive for technological excellence. Headquartered in Shanghai, China, TiGames is building a global presence to connect with players worldwide. Our team is composed of passionate and talented individuals, united by a core mission: to create deeply engaging and high-quality games.

YY Group Eliminates $5.94 Million Second Financing Tranche and Cancels All Outstanding Warrants

By

Advertorial Desk

-

August 26, 2026

$5.94 million second tranche and all 11,284 outstanding warrants cancelled, reducing potential dilution

Capital structure simplified, with remaining approximately $1.37 million balance to be repaid by year-end and no convertible debt or warrants outstanding thereafter

SINGAPORE, Aug. 26, 2026 /PRNewswire/ — YY Group Holding Limited (NASDAQ: YYGH) (“YY Group” or the “Company”), an AI-enabled workforce management platform and integrated facility management (IFM) provider operating across Asia and beyond, today announced that it entered into a Supplemental Agreement with the holder of its outstanding convertible promissory note (the “Holder”), effective August 20, 2026.

Under the Supplemental Agreement, the parties have cancelled the second tranche of the convertible note offering contemplated under the Securities Purchase Agreement entered into on February 27, 2026. The Supplemental Agreement also cancels, effective immediately and for no separate consideration, the Holder’s outstanding warrants to purchase up to 11,284 Class A ordinary shares issued in connection with the first tranche, eliminating the potential dilution associated with those warrants. Together, these actions reduce potential dilution and simplify the Company’s capital structure.

Under the Securities Purchase Agreement, the financing consisted of two tranches of convertible promissory notes with an aggregate principal face amount of up to $11,880,000. The initial tranche, consisting of notes with an aggregate principal amount of $5,940,000, closed on March 2, 2026, while the remaining $5,940,000 second tranche and related warrants will no longer be issued under the amended agreement.

The majority of the first tranche has been repaid. Under the Supplemental Agreement, the Company has agreed to repay the remaining approximately $1.37 million balance no later than December 31, 2026. No further interest will accrue on that amount from the effective date of the Supplemental Agreement, subject to the agreement’s default provisions.

Upon repayment in full of the remaining amount, all obligations of the parties under the convertible note will terminate and the parties will exchange mutual releases in accordance with the Supplemental Agreement. Following such repayment, the Company will have no convertible debt or warrants outstanding. The Supplemental Agreement also contains certain restrictions on the Company’s ability to conduct future equity financings.

“Strengthening our capital structure and reducing potential dilution are important steps in creating long-term value for our shareholders,” said Mike Fu, Chief Executive Officer of YY Group. “We have repaid the majority of the initial tranche and expect to settle the remaining balance by the year-end deadline. Eliminating the second tranche and cancelling all outstanding warrants further simplifies our capital structure and reduces potential dilution. We remain focused on executing our growth strategy and creating long-term shareholder value.”

The foregoing description of the Supplemental Agreement is qualified in its entirety by reference to the full text of the agreement, which will be furnished as an exhibit to a Report of Foreign Private Issuer on Form 6-K to be filed with the Securities and Exchange Commission.

About YY Group Holding

YY Group Holding Limited (Nasdaq: YYGH) is an AI-enabled workforce management platform and integrated facility management (IFM) provider, headquartered in Singapore and operating across Asia and beyond. The Company’s intelligent workforce solutions platform, YY Circle, helps clients across hospitality, food and beverage, retail, and other service sectors predict, plan, and optimize workforce deployment. In YY Group’s IFM business, its 24IFM software platform and comprehensive IFM subsidiary portfolio support clients across hospitality, transportation, banking, retail, and mixed-use facilities.

As both business lines scale, the Company is systematically embedding AI and automation capabilities, progressing from intelligent decision support toward increasingly autonomous workforce management, to improve service quality, reduce deployment costs, and drive long-term margin expansion. Listed on the Nasdaq Capital Market, YY Group is committed to infrastructure innovation, measurable client outcomes, and long-term value creation.

Forward-Looking Statement

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company bases these forward-looking statements on its expectations and projections about future events, which the Company derives from the information currently available to it. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. Forward-looking statements involve inherent risks and uncertainties, and the forward-looking events discussed in this press release may not occur, and actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about the Company and a number of factors. These factors include, but are not limited to, the Company’s goals and strategies; the Company’s future business development, financial condition and results of operations, including the introduction of new products and services, expected changes in the Company’s revenues, costs and expenditures, anticipated customer growth, and demand for and market acceptance of the Company’s products and services; and industry, market and regulatory conditions, including competition, government policies and regulations affecting the Company’s industry, and other factors that may affect the Company’s financial condition, liquidity and results of operations. For a more detailed discussion of risk factors, please refer to the Company’s filings with the Securities and Exchange Commission, including the “Risk Factors” section of the Company’s most recent annual report on Form 20-F, as amended.

Investor Contact

Jason Zhi Yong Phua, Chief Financial Officer
YY Group
enquiries@yygroupholding.com

CLERIVY Brings a K-Beauty Take on Pimple Patches to Amazon.com

By

Advertorial Desk

-

August 25, 2026

CLERIVY’s U.S. debut includes a hydrocolloid patch and a water-soluble microdart patch featuring niacinamide, tranexamic acid and a vitamin C derivative. A separate OTC acne patch with 2% salicylic acid is scheduled for release in October 2026.

SEOUL, South Korea, , Aug. 26, 2026 /PRNewswire/ — Korean skincare brand CLERIVY, founded by Guhada Co., Ltd., announced its U.S. debut on Amazon.com today with two cosmetic patches now available: the Hydrocolloid Pimple Patch and the Microdart Spot Patch.

Its third product, the Microdart Acne Patch, will be available in October 2026. It is listed with the FDA as an OTC monograph drug for acne and contains 2% salicylic acid as its sole active ingredient. Its full Drug Facts label has been public on DailyMed since August 12, 2026.

CLERIVY Hydrocolloid Pimple Patch and Microdart Spot Patch, now available on Amazon.com

CLERIVY’s U.S. distribution and marketing are led by Kglowing, Guhada’s global accelerator platform, which has supported the overseas expansion of approximately 30 K-beauty brands.

Two Patch Formats for Different Stages

The Microdart Spot Patch is designed for the kind of bump you can feel before you can see it. Its water-soluble microdarts contain 7% niacinamide, 3% tranexamic acid and 2.7% sodium ascorbyl phosphate, a vitamin C derivative used as a cosmetic antioxidant. The formula also includes less than 0.5% salicylic acid for cosmetic purposes only. Niacinamide and tranexamic acid are familiar ingredients in tone-focused skincare, while panthenol and madecassoside round out the formula as skin-conditioning agents. CLERIVY describes the formula as a three-part cosmetic approach: early spot care, skin conditioning and targeted care for the look of post-blemish marks.

Once a blemish reaches the surface, the Hydrocolloid Pimple Patch covers the area. It contains less than 0.5% salicylic acid for cosmetic purposes. Salicylic acid is a beta hydroxy acid commonly used in exfoliating skincare. Phytosphingosine, a lipid naturally found in the skin, is included with panthenol and allantoin as skin-conditioning ingredients. The patch can stay in place for four to eight hours; if it turns opaque sooner, that is the visual cue to gently remove it.

Both products launching today are cosmetics, not drugs. All three patches are manufactured in South Korea: Y&K Biocos produces the Hydrocolloid Pimple Patch, while Raphas Co., Ltd. manufactures the Microdart Spot Patch and the upcoming OTC product. Raphas Co., Ltd. states that its Droplet Extension (DEN) process uses the formulation’s viscosity and air to form microneedles at room temperature.

Tested for Sensitive and Acne-Prone Skin

The Hydrocolloid Pimple Patch has completed human clinical testing at Cutis Biomedical Research Center Co., Ltd., where it was rated suitable for sensitive skin and non-comedogenic for acne-prone skin. In a one-week use test involving 22 participants with acne-prone skin, instrumental measurements recorded a statistically significant 14.5% decrease in a* values, an indicator of the look of redness (p<0.001). In a self-assessment survey, participants with sensitive skin rated overall usability 4.4 out of 5 on average, with all respondents reporting a positive experience.

CLERIVY’s initial two-patch lineup for the U.S. market

Drug Facts Published Ahead of October Release

The upcoming Microdart Acne Patch is listed under OTC Monograph M006. Its Drug Facts label identifies salicylic acid 2% (2 g in 100 g) as the sole active ingredient and “Acne Treatment” as the purpose. Under “Uses,” the label states it is intended “for the treatment of acne” and that it “penetrates pores to eliminate most acne blemishes.”

Its 13 inactive ingredients include niacinamide, tranexamic acid and phytosphingosine HCl. The package lists 6% niacinamide, 3% tranexamic acid and 2% panthenol.

FDA listing records identify Guhada Co., Ltd. as the labeler and Raphas Co., Ltd. as the drug establishment. This listing does not constitute FDA approval or endorsement of the product.

Together, these three products make up CLERIVY’s initial U.S. patch lineup. The two cosmetic patches are now available on Amazon.com. The hydrocolloid patch is offered in 10 mm and 12 mm sizes in 30-, 72- and 96-count boxes. The cosmetic microdart patch comes in 6-, 12- and 18-patch kits, and the 18-patch kit includes 12 Blemish Clearing Pads. Four- and eight-patch packs are planned for the October OTC release.

Amazon serves as the brand’s first U.S. sales channel. After the October launch, CLERIVY plans to add serums and creams before expanding into other U.S. retail channels. More information is available at clerivy.com.

“CLERIVY is what happens when we extend our value chain all the way to the shelf. Kglowing’s data showed us the demand that no one was serving, and we built products to meet it,” said Yoon Jae-sub, CEO of Guhada. “With our recent selection for Global TIPS behind us, we intend to grow this first patch lineup — built on manufacturing technology proven in pharmaceuticals — into a leading brand in U.S. blemish care.”

About CLERIVY

CLERIVY is a Korean skincare brand operated by Guhada Co., Ltd. Its name connects “CLEAR” with “VALIDITY” through the letter “I,” which stands for both “Individual” and “Ingredients.” “CLEAR” represents the focus on what skin actually needs; “Individual” recognizes that those needs differ from person to person; and “Ingredients” promises thoughtfully selected elements, each chosen for a proven, well-defined purpose. “VALIDITY” is the brand’s commitment to documenting the basis for product claims and communicating that information clearly. Catch it early. Keep it covered. Visit clerivy.com to learn more.

About Guhada

Guhada Co., Ltd. is a South Korean cross-border commerce company. Through Kglowing, a global accelerator platform for K-brands, Guhada has supported the overseas expansion of approximately 30 K-beauty brands and now develops and operates its own brands, including CLERIVY.

Media Contact
CLERIVY (Guhada Co., Ltd.)
info@clerivy.com

Required notices

CLERIVY MICRODART ACNE (salicylic acid 2%) is listed with the U.S. Food and Drug Administration as an over-the-counter monograph drug under OTC Monograph M006, Topical Acne Drug Products. The 4-patch and 8-patch packs carry NDC 87934-111-04 and NDC 87934-111-08, respectively. The marketing start date is August 11, 2026. The listing names Guhada Co., Ltd. as the labeler and Raphas Co., Ltd. (FEI 695914964) as the drug establishment. Its complete Drug Facts labeling is published by the U.S. National Library of Medicine under SPL Set ID 555e0963-025e-3731-e063-6394a90a679d at DailyMed: https://dailymed.nlm.nih.gov/dailymed/lookup.cfm?setid=555e0963-025e-3731-e063-6394a90a679d

Listing of a drug with FDA does not constitute FDA approval or endorsement of the product.

CLERIVY Hydrocolloid Pimple Patch and CLERIVY Microdart Spot Patch are cosmetic products and are not drugs. Both cosmetic packages state: “This product contains less than 0.5% Salicylic Acid for cosmetic purposes only. It is not intended to treat, prevent, or cure acne or any other medical condition.” Blemish Clearing Pads included with the Microdart Spot Patch are not intended for sanitizing or antiseptic use.

CLERIVY Microdart Acne Patch is scheduled for U.S. release in October 2026.

MINISH USA Highlights a Tooth-Preserving Approach Amid Growing Conversations Around Cosmetic Dentistry

By

Advertorial Desk

-

August 25, 2026

MINISH USA highlights a restorative approach centered on preserving natural tooth structure.

LOS ANGELES, Aug. 26, 2026 /PRNewswire/ — Conversations around cosmetic dentistry are evolving as patients become more informed about treatment options, tooth preparation, and long-term outcomes. Recent social media and consumer discussions reflect growing interest in how aesthetic dental treatment may affect natural teeth over time. More broadly, these conversations are placing greater emphasis on informed decision-making, appropriate case selection, and treatment approaches tailored to individual needs.

MINISH applies a tooth-preserving restorative approach that considers aesthetics, function, and preservation of natural tooth structure.

For MINISH USA, this growing awareness aligns with a restorative philosophy that considers tooth preservation alongside aesthetic and functional outcomes.

Why Tooth Preservation Matters

Because natural enamel does not regenerate once removed, preserving healthy tooth structure is an important factor when evaluating restorative options. As patients look beyond immediate cosmetic results, the long-term impact of treatment on their natural teeth is also becoming a greater consideration.

How MINISH Approaches Tooth Restoration

Developed around a biomimetic restorative philosophy, the MINISH Protocol focuses on preserving healthy natural tooth structure while restoring the form, appearance, and function of teeth.

Rather than following a fixed amount of tooth reduction, treatment is planned according to each tooth’s condition, position, shape, and restorative needs. The protocol combines conservative preparation with digital workflows, precision manufacturing, biomimetic restorative materials, and collaboration between clinicians and dental technicians.

Within the broader treatment spectrum, MINISH provides a restorative approach for cases in which preserving healthy tooth structure is an important clinical consideration. The approach emphasizes balancing aesthetics, function, and preservation according to individual clinical needs.

A Broader Conversation Around Aesthetic Dentistry

As patients become more informed, expectations around aesthetic and restorative dentistry are expanding beyond immediate cosmetic improvement. Tooth preservation, natural-looking outcomes, and long-term oral health are becoming increasingly relevant when patients evaluate treatment options.

For MINISH USA, this changing conversation reinforces the importance of considering aesthetic improvement and preservation of natural tooth structure together as part of a comprehensive restorative philosophy.

This philosophy is also reflected in MINISH’s efforts in the U.S. market. Through MINISH Courses, standardized treatment protocols, advanced dental technology, and the growing MINISH Provider Network, MINISH USA is introducing its tooth-preserving restorative approach to more dental professionals across the United States.

As conversations around cosmetic dentistry continue to evolve, the question is no longer only, “How will my smile look?” An equally important question is: “How much of my natural tooth can be preserved?” Together, these considerations point toward a more comprehensive approach that balances aesthetics, function, and preservation of natural tooth structure.

About MINISH USA Inc.

MINISH USA Inc. represents MINISH Technology in the North American market and supports the expansion of the MINISH ecosystem through clinical education, Provider development, advanced dental technology, and collaboration with dental professionals. MINISH is built around a biomimetic restorative philosophy focused on preserving natural tooth structure while restoring the appearance and function of teeth.

The Entertainment Industry’s Biggest Names Back Stability AI in Latest Funding Round

By

Advertorial Desk

-

August 25, 2026

Total funding reaches $232M under new leadership with investor group comprised of Electronic Arts, Sony Music Group, Universal Music Group, Warner Music Group, and more

LOS ANGELES, Aug. 25, 2026 /PRNewswire/ — Stability AI, the leader in purpose-built AI products for professional creatives across music, gaming, and entertainment, today announced a Series B fundraise of $76M in new capital. The news brings total funding to $232M, inclusive of two equity rounds and convertible notes, under CEO Prem Akkaraju since his appointment in June 2024. The capital will fuel the development of its product suite for creative production, deepen its applied research discipline, and expand its professional services arm.

The round welcomes a new group of investors across entertainment and technology, including interactive entertainment innovator Electronic Arts, global leaders in music entertainment Sony Music Group, Universal Music Group and Warner Music Group, and investment firms AMD Ventures and Pacific Alliance Ventures.

They join an already stacked roster of the who’s who across the entertainment and technology industries backing Stability AI: Coatue, Greycroft, Kadmos Capital, Lightspeed Venture Partners, Mantis Capital, Sound Ventures, and WPP, alongside individual investors Sean Parker, Eric Schmidt, James Cameron, Kevin Mayer, Mark Burnett, Patrick Whitesell, Prem Akkaraju, and Robert Nelsen.

Coatue, Greycroft, Kadmos Capital, Sean Parker, and Eric Schmidt are also participating in the Series B, investing for a second consecutive round under new leadership.

“This unmatched group of investors is an affirmation of our vision where generative AI empowers every producer, musician, and storyteller,” said Prem Akkaraju, CEO of Stability AI. “Stability is unique in the AI field because we are creative people making tools for creatives. Developing industry-defining technology means assembling a team of industry-defining titans, and that’s what we have done here.” Akkaraju added, “Our investors set us up for long-term success because they provide not only capital, but expertise, credibility, and direct connection to artists.”

This round includes investments from existing strategic partners Electronic Arts, Universal Music Group, and Warner Music Group. WPP, a global leader in marketing services, has been a strategic partner and investor throughout Stability AI’s growth under new leadership.

The announcement comes on the heels of the launch of Stable Audio 3.0, a family of open-weight music models trained on fully licensed data. Artists can now bring Stable Audio 3.0 into their workflow through a new DAW (Digital Audio Workstation) plugin or directly on StableAudio.com.

Additionally, Stability AI has announced that Coatue Co-Founder Thomas Laffont has joined its Board of Directors.

“While others are building generalized AI, Stability AI is building creative tools and doing it alongside the artists, studios, and rights holders whose work defines the field,” said Thomas Laffont, Co-Founder of Coatue. “I’m glad to be joining Prem and the team.”

Laffont rounds out a board that includes Academy Award-winning filmmaker James Cameron, entrepreneur, philanthropist, and former President of Facebook Sean Parker, Greycroft Co-Founder and Managing Partner Dana Settle, and Stability AI CEO and former CEO of Weta Digital Prem Akkaraju. With this new funding, Stability AI will continue to build creative tools designed around the artist’s process, across music, gaming, and entertainment.

About Stability AI

Stability AI is the leader in purpose-built AI products for professional creatives across music, gaming, and entertainment.

Stability AI sparked the generative AI revolution with the release of Stable Diffusion in August 2022, putting generative technology in the hands of millions of creators globally and cementing its position as a leader in the field. Stable Diffusion models have since been downloaded more than 350 million times, serving as the technical foundation for an entire ecosystem of work.

We build for creatives first. Our work expands beyond the models themselves into products and solutions designed for specific production workflows. This artist-centric approach is why Electronic Arts, Universal Music Group, Warner Music Group, WPP, and others have chosen us as their strategic partner.

Stability AI is recognized among Fortune’s 50 AI Innovators and TIME’s Most Influential Companies, with Stable Audio named to TIME’s Best Inventions list. In June 2024, Stability AI entered a new phase of growth with a leadership team that included CEO Prem Akkaraju, Executive Chairman Sean Parker, and Board Member James Cameron, as well as board members Dana Settle and Thomas Laffont.

The company is backed by world-class investors including interactive entertainment innovator Electronic Arts; global leaders in music entertainment Sony Music Group, Universal Music Group, and Warner Music Group; investment firms Greycroft, Coatue, WPP, Lightspeed Venture Partners, Sound Ventures, AMD Ventures, and Mantis Capital; and individual investors Sean Parker, Eric Schmidt, and James Cameron.

You can learn more at stability.ai.

Media Contact:
press@stability.ai

Mantle Vault Expands to DeFi, Bringing Institutional-Grade RWA Yield On-chain with Grove, CIAN, and Fluxion

By

Advertorial Desk

-

August 25, 2026

DUBAI, UAE, Aug. 25, 2026 /PRNewswire/ — Mantle, the open financial network connecting global market participants to institutional-grade capital market assets on-chain, today announced the expansion of Mantle Vault into decentralised finance, built with Grove infrastructure, CIAN, and accessible through Fluxion. The launch extends Mantle Vault beyond its existing centralised finance footprint on Bybit, where it has already crossed $200 million in assets under management, into a new deposit-and-earn product open to any stablecoin holder.

Mantle Vault Expands to DeFi, Bringing Institutional-Grade RWA Yield On-chain with Grove, CIAN, and Fluxion

From CeFi to DeFi: Mantle Vault Opens to All

The expansion follows Mantle’s continued momentum in real-world assets, with RWA TVL growing from $22 million to $257 million in a year and DeFi TVL exceeding $755 million. This marks the next stage of Mantle’s thesis that institutional-grade assets should be reachable by any market participant, not only the institutions and exchanges that first brought them on-chain.

The expanded Mantle Vault allows users to deposit $USDC and $USDT0 on Mantle to access variable yield generated by the underlying strategy. The strategy includes exposure to sUSDS, Sky Protocol’s yield-bearing token, alongside Fluxion Points. Built by CIAN in coordination with Grove, the vault follows a conservative, non-leveraged structure with transparency into the underlying strategy.

Mantle is also introducing a dedicated incentive programme of 5.14 million GROVE tokens, targeting up to 6.5% APY. Programme terms, duration and rates may vary based on market conditions, and incentives are not guaranteed.

“Mantle Vault started as a product built for Bybit’s user base. Its expansion into DeFi through Grove, CIAN, and Fluxion shows what an open financial network is meant to do: connect global market participants to institutional-grade capital market assets, wherever they are,” said Emily Bao, Key Advisor at Mantle and Spot Executive at Bybit.

Grove: Bringing Institutional Grade Economy onto Mantle

Within Mantle Vault, Grove provides the capital foundation through Grove Savings, the on-chain interface to the Sky Savings Rate. The Sky Savings Rate is set by Sky governance and delivered by the Sky Agent Network, an independent network of capital allocators competing across diversified, governance-approved yield strategies through Sky Protocol.

“We’re happy to bring Grove to Mantle. Grove supports the ecosystem by bringing Grove Savings, the on-chain interface to the Sky Savings Rate, a rate set by Sky governance. Partners like Mantle, CIAN, and Fluxion help make institutional-grade on-chain strategies accessible to more users.” said Kevin Chan, Co-Founder of Grove.

CIAN: Translating Institutional Portfolio Construction into a Non-Custodial Product

CIAN built the original Mantle Vault on Bybit. That track record now extends into DeFi, with CIAN translating institutional-grade portfolio construction into a single, non-custodial product on top of the sUSDS exposure provided by Grove.

“At CIAN, we translate institutional-grade portfolio construction into transparent, non-custodial yield infrastructure. Together with Grove, Mantle, and Fluxion, we are making capital-preservation-first strategies easier for stablecoin holders to access,” said Luffy, Founder of CIAN.

Fluxion: The Liquidity Layer for Stablecoin Holders on Mantle

Fluxion provides the liquidity layer for the expanded Mantle Vault, giving stablecoin holders on Mantle access to the product and connecting deposits to Fluxion Points as an added benefit.

As the Mantle-native DEX for RWA distribution, Fluxion combines hybrid AMM/RFQ trading with xStocks’ xChange, giving users direct access to tokenized equity trading and supporting liquidity across Mantle’s RWA ecosystem.

Fluxion previously expanded its Earn offering with RWAIpha and now adds Mantle Vault to the lineup, giving users access not only to RWA token trading but also to the underlying infrastructure supporting these assets.

“Partnering with Grove and CIAN to introduce a stablecoin vault on Mantle marks a strong start for our Earn product. Together, we look forward to making Mantle the leading hub for real-world assets,” said Sham, CMO at Fluxion.

Borderless Access to Institutional-Grade Yield

The expansion of Mantle Vault from CeFi into DeFi brings together four organisations around a single objective: making institutional-grade yield accessible to any stablecoin holder, without geographic restrictions or intermediary gatekeeping. Grove provides the capital foundation, CIAN the yield infrastructure, and Fluxion the liquidity layer, each composable within Mantle’s open financial network. As Mantle continues to expand the range of institutional-grade assets and strategies accessible on-chain, Mantle Vault represents the clearest demonstration yet of what an open financial network is built to deliver.

About Mantle

Mantle is the open financial network powering borderless access to global capital markets, connecting global market participants to institutional-grade capital market assets on-chain. Mantle brings the full lifecycle of real-world assets on-chain, from issuance and liquidity to distribution and settlement, spanning tokenized equities, treasury yield, private credit, commodities, and money markets. Anchored by one of the largest community-owned treasuries in the industry, Mantle combines credibility, deep liquidity, and institutional-grade infrastructure to support real-world finance on-chain.

For more information visit mantle.xyz.
For more social updates, please follow: Mantle Official X & Mantle Community Channel

About Grove

Grove is capitalizing the stablecoin economy. Through institutional-grade allocation, financing, and liquidity, Grove brings real-world assets and real-world use cases onchain to help build the next generation of global financial markets. Grove’s flagship product, Basin, is programmable credit infrastructure designed to provide eligible investors with real-time stablecoin liquidity in connection with approved sale, redemption, transfer, or other liquidity transactions for tokenized real-world assets. Grove is issuer-agnostic, product-conflict-free, and designed to serve as a neutral infrastructure layer for the tokenized asset ecosystem.

To learn more, visit grove.finance, X, and LinkedIn.

About Cian

CIAN Yield Layer is a leading on-chain yield strategy platform, offering users one-click access to advanced strategies while driving sustainable growth for emerging assets—both crypto-native and real-world —by generating extra on-chain yield for holders.

Standing at $1.4B in TVL, CIAN collaborates with top-tier protocols—including Mantle, Lido, Binance, Maple, USD1, Superstate, Renzo, Kernel, Horizon, pyUSD, cbBTC, fBTC, solvBTC, and Bedrock, etc. — to fuel asset growth. Beyond crypto-native assets, CIAN is expanding access to institutional-grade, interest-bearing RWAs issued by leading Wall Street and London institutions, partnering with RWA pioneers like Chainlink, Midas etc., which effectively bridges the gap between DeFi and TradFi.

For more information about CIAN, please visit: Cian.app
For documentation, please visit: Docs.Cian.app
For updates, please follow: X CIAN_protocol &DC Cian Discord

About Fluxion

Fluxion is a native DEX which is also a RWA distribution hub on Mantle. Fluxion adopts a hybrid trading model- AMM/RFQ. Now you can buy all xStock assets on Fluxion via RFQ. And for the Fluxion AMM model, users can trade and manage liquidity with a borderless access experience. Until now, accumulated trading volume across 1B+ USD, weekly high is 100M+USD.

Now, trade xStock assets on Fluxion can both earn Fluxion Points and xStock’s xPoints.

Please come to visit: fluxion.network

For more social info: https://x.com/Fluxion_network

For media enquiries, please contact: contact@mantle.xyz

ANNOUNCEMENT BY JINGYE STEEL CO., LTD.

By

Advertorial Desk

-

August 25, 2026

SHIJIAZHUANG, China, Aug. 25, 2026 /PRNewswire/ — Jingye Steel Co., Ltd. (hereinafter referred to as “Jingye”) hereby issues the following announcement regarding the full nationalisation of British Steel by the UK Government:

Five years ago, when British Steel stood on the brink of insolvency, Jingye decisively stepped in. Within a single year, it brought nine consecutive years of losses to an end. Over the past five years, Jingye has invested heavily in upgrading production lines, bringing previously outsourced operations back in-house and restoring blast furnaces. At its peak, it employed 4,887 workers, supported roughly 30,000 jobs upstream and downstream, and paid a cumulative total of £1.025 billion in wages and pensions, alongside £180 million in taxes. Despite the relentless headwinds of the COVID-19 pandemic, Brexit, the Russia–Ukraine war and the energy crisis, Jingye has remained true to its word, consistently creating value for British Steel and British society through concrete actions, thereby demonstrating the responsibility and commitment of a Chinese enterprise.

In July 2026, citing “public interest”, the UK Government enacted emergency legislation to bring Jingye’s UK assets entirely into state ownership, without providing fair compensation to date.

At 22:27 Beijing time on 21 July, Jingye released an official statement globally, setting out the facts and its unequivocal position. Within mere hours, over 1,200 mainstream media outlets worldwide republished the statement in full, spanning more than 45 countries including the US, the UK, France, Germany and Japan, drawing unprecedented international attention.

Jingye respects the exercise of national rights by all countries in accordance with the law. However, it must be pointed out that the UK Government’s action of placing lawful foreign investment under state ownership via emergency legislation—without prior consultation or compensation—is inconsistent with the broad international consensus on compensation for expropriation, and undermines the fundamental fairness and mutual trust inherent in international investment relations. Such practices may have a long-term impact on global investor confidence in the UK’s investment climate.

Jingye hereby once again urges the UK Government to face up to its obligations under international law, respect objective facts, honour its commitments to the rule of law and provide prompt, adequate and effective compensation for all of Jingye’s losses. This is the minimum that is owed to a responsible enterprise, and more importantly, a necessary defence of the basic standards underpinning the international legal order.

Jingye will resolutely take all necessary legal avenues to safeguard its lawful investment rights and interests.

Jingye Steel Co., Ltd.
25 August 2026

(Note: In the event of any discrepancy or inconsistency between the original Chinese text and this English translation, the original Chinese text shall prevail.)

NOAH HOLDINGS LIMITED ANNOUNCES UNAUDITED FINANCIAL RESULTS FOR THE SECOND QUARTER OF 2026

ZOOPUNK Makes Its Opening Night Live Debut at gamescom 2026

YY Group Eliminates $5.94 Million Second Financing Tranche and Cancels All Outstanding Warrants

CLERIVY Brings a K-Beauty Take on Pimple Patches to Amazon.com

MINISH USA Highlights a Tooth-Preserving Approach Amid Growing Conversations Around Cosmetic Dentistry

The Entertainment Industry’s Biggest Names Back Stability AI in Latest Funding Round

Mantle Vault Expands to DeFi, Bringing Institutional-Grade RWA Yield On-chain with Grove, CIAN, and Fluxion

ANNOUNCEMENT BY JINGYE STEEL CO., LTD.

ABOUT US

FOLLOW US