At the "AI Together · Co-Generating the Future" 2025 18th Noah Holdings Global Black Diamond Summit held today, Jingbo Wang, Founder and Chairwoman of Noah Holdings, delivered the keynote speech, "Befriend Time, Dance with the Future."

For her, this was not just a regular annual meeting, but a "homecoming." At this moment, Jingbo Wang is overseas, discussing "the next stop for wealth allocation" with long-term partners from global family offices. Utilizing AI technology, she was able to transcend space and gather with over 1,500 Noah Black Diamond Clients at the Shanghai Noah Wealth Center (NWC) to express gratitude and share progress.

Unlike previous years, this year's Noah Black Diamond Summit integrated AI technology and art deeply into the experience. This positions AI not merely as a trend but as the underlying driving force for wealth management and future lifestyles. Noah responded to the future of wealth with a "mobile annual meeting" that focused on "stronger connections, greater AI interaction, and a deeper mission." This truly marked the start of "AI Together · Co-Generating the Future" for Noah clients. In Jingbo Wang's words: "Every time we meet again, you have changed, and Noah has changed; the only constant is the trust between us that can withstand the test of time."

In response to overwhelming client interest, we have specially refined and shared Jingbo Wang's core insights from this speech. May these powerful perspectives serve as our foundation and direction for transcending cycles and dancing with the future.

The Tumultuous Past Four Years, 

Navigating the Storm with Cognition

The years 2022 to 2025 were tumultuous and saw rapid global changes: geopolitical conflicts, inflation, interest rate hikes, supply chain restructuring, technological leaps—behind every word were real asset fluctuations, sleepless nights, and countless phone calls and video meetings between us.

Someone asked me, "What is your deepest feeling about these past few years?" I believe it is this: we must maintain rational judgment, because reality can be cruel, while also preserving humanistic warmth; the former is the steering wheel, and the latter is the engine.

These titles mark key stages in an evolving framework, beginning with "Protection Before Growth," moving through "Anti-Fragility" and "Define the Present with the Future," to the current focus on "Technological Deflation and Overall Optimization."

Four years, ten reports, one simple conclusion: true certainty does not come from prediction, but from cognition. Cognition shapes allocation, and judgment is the protector of wealth. In the storm, cognition keeps the ship upright; in the cycle, judgment delivers peace of mind.

Glory Succession—Love is the Starting Point, Direction is the Destination

The end of wealth is succession; the starting point of succession is love.

Eleven years ago, Glory Succession set sail from Hong Kong. To date, it has helped over a thousand Chinese families establish a stable order of wealth and spiritual succession.

The significance of Glory is to write certainty into structure, love into time, and freedom onto the map:

-Insurance: Using the certainty of compounding to hedge against market uncertainty, and using life insurance and medical solutions to defend the family's safety net.

-Trusts: Allowing the will to outlive life itself. Whether it’s a Reserved Powers Trust, an Insurance Trust, or a High-tax-jurisdiction Beneficiary Trust, the goal is consistent — to turn "ideas" into "structure" and "wishes" into "algorithms."

-Global Lifestyle Planning: We help clients reconstruct a lifestyle that is mobile, compliant, and transferable across four dimensions — legal, tax, financial, and emotional.

Succession was never about extending wealth alone; it has always been about extending direction. When I work with clients, we explore fundamental questions about family values: What principles does your family stand for? What defines success beyond monetary terms? What responsibility do you have to society?

Olive Asset Management—

The Ability to Invest in the Future, 

Turning a Complex Future 

into a Present of Peace of Mind

If Glory is the "Power of Stewardship," then Olive is the "Engine of Growth."

When we established our research and investment network in Silicon Valley in 2016, many questioned why a China-focused wealth management firm would expand into venture capital. The answer is clear: our clients require the capability to invest in the future.

Over eight years, Olive has been deeply involved in core sectors like AI infrastructure, models and applications, data centers, advanced manufacturing, biotechnology, and clean energy. We have partnered with over 30 top-tier fund partners, directly or indirectly covering thousands of underlying technology companies. Our focus is not chasing trends but positioning ourselves at the source of productivity.

Why emphasize Tech Deflation in 2025? Because AI is changing the operating system of the economy:

·From cost reduction to the release of technology dividends.

·From efficiency improvement to the elevation of profit margins.

·The attractiveness of fixed-income products declines, while the importance of equity and innovative assets rises.

We divide family assets into three layers:

·The safety cushion (which includes trust structure, tax and identity planning, insurance, bonds, and cash management).

·The foundation layer (the source of stable cash flow, including alternative credit, real estate, infrastructure, and structured notes, which can all be sources of stable income).

·The growth layer (global selection of hedge funds, as well as investments in VC/PE funds and innovative companies in areas like AI and robotics).

The safety cushion safeguards clients' peace of mind, the foundation layer provides cash flow for the quality of life, and the growth layer creates generational leaps.

Olive may not spark excitement, but it instills composure. Its purpose is to preserve cash flow amid inflation and capture future deflationary dividends. 

True long-termism lies in patient compounding in the right direction.

ARK Wealth—Giving Global Chinese Their Own Private Bank—AI Makes People More Human

ARK Wealth is the heart of Noah, the place where we and our clients "recognize each other."

Today, ARK has established four booking centers in mainland China and Hong Kong, Singapore, and the US, connecting account opening, investment, insurance, trusts, Global Lifestyle Planning, and philanthropy into a cross-border collaborative service network.

The integration of AI has catalyzed a transformative shift in ARK's service model. We are more confident than ever in our ability to deliver exceptional value to our high-net-worth clients. Our philosophy is clear: AI is not a replacement for talent, but an enabler that allows our advisors to be 'more human'. 

AI handles profiling, analysis, reports, and reminders, allowing us to spend more time on "listening, understanding, and companionship." I've always believed that the ultimate goal of technology is the warmth of the human heart. A good wealth advisor is not measured by the amount of data they have, but by whether they can make the client "sleep soundly"; a good institution is not judged by the number of products sold, but by whether it can provide clear, actionable, and mutually shared solutions during complex times.

"Better than having a family office." We aim to prove our professionalism through efficiency, quality, and cost, and then prove our worth through warmth, trust, and commitment.

Noah Token Program—Digitalizing Trust, 

Allowing Time to Accumulate Value for Wealth

This year, I spent a lot of time designing and preparing for the comprehensive launch of the Noah Token Program overseas. Please allow me to explain it in plain language: it is not a reward, but respect; not marketing, but connection; not points, but a heartfelt commitment.

Every action a client takes at Noah will "leave a trace": account opening and funding; first investment and top-up; product and service allocation across Noah's BUs; completing a trust or identity planning; recommending a friend to become a Noah client; participating in Noah and various activities... All these will generate Noah Tokens, which can be used for airport transfer services when traveling globally, offsetting product fees, trust/identity planning services, tax consultation, Yinuo Education courses, and more.

Every redemption is an opportunity for deeper partnership. More importantly, we hope this "heartfelt commitment" can also compound:

·In 2025, we will distribute 80 million Noah Tokens to existing clients.

·Starting in 2026, we will issue Noah Tokens for every documented moment of the client's life journey at Noah.

·We plan to allocate a certain percentage of our revenue to clients as Noah Tokens in 2027, issuing Tokenized Points, allowing every bit of trust to create visible value for the client and society.

Thank You for Always Being There—

A New Decade, A New Journey

Our generation of Chinese individuals has experienced the first half of globalization: moving from domestic to overseas, from a single market to multiple currencies and jurisdictions. We are now experiencing the second half: reimagining the "order" of our families, businesses, and assets in an increasingly fragmented world.

For the next decade, I would like to use four points as our mutual "Action Map":

1.Establish a robust "safety cushion" as the prerequisite for the "growth layer."

 The "safety cushion" is the wealth structure, trust and tax planning, and the management of insurance, bonds, and cash flow. The "growth layer" is equity, innovation, and long-term capability building. Do not reverse this sequence.

2.Prioritize overall optimization over local optimization. 

The goal of family wealth is optimization over a lifetime, not optimization for a single year. It is about surviving resolutely, not "betting to make a quick buck."

3.Preserve cash flow in the real-world cycle and capture the deflationary dividends in the future cycle.

 Real-world inflation and geopolitics dictate the need for "visible returns" from sectors like defense, energy, infrastructure, and credit. The future world of AI and data dictates that we must stake a claim at the fountainhead of productivity.

4.Add "values" into the structure. 

Family values, wealth philosophy, philanthropic charter, equity arrangements, and succession plans, these seemingly "intangible" elements are precisely the key to whether wealth can cross three generations. structure is the engineered expression of values.

For the next decade, I want to achieve three things:

·Build deeper collaborations with clients globally: from allocation to co-investment, from education to philanthropy, from enterprise global expansion to the gradual formation of family values.

·Ensure AI truly becomes an "extension of judgment power": not a gimmick, but a capability.

·Write the phrase, "Wisdom Beyond Wealth," into the life story of every one of our clients.

Finally, thank you, dear clients, for firmly bonding the name "Noah" with the word "trust."

 May we walk with AI, be friends with time, and dance with the future; and may all Noah clients enjoy a life of abundance and generational security. 

Thank you!