G&A expenses for the fourth quarter of 2010 were US$1.8 million, a year-over-year increase of 45.3% from US$1.3 million in the fourth quarter of 2009. G&A expenses as a percentage of net revenues for the quarter were 13.1%, representing a decrease from 23.2% in the fourth quarter of 2009. G&A expenses for the full year 2010 were US$7.3 million, up 64.4% from US$4.4 million in the full year 2009. The year-over-year increases in G&A expenses for the fourth quarter of 2010 and fiscal year 2010 were primarily due to an increase in employee compensation expenses contributable to G&A expenses as a result of the expansion of the Company. An increase in share-based compensation expenses also contributed to the increase in G&A expenses in the full year 2010.Gain (Loss) on Change in Fair Value of Derivative Liabilities
Noah Holdings Limited Announces 2010 Fourth Quarter And Fiscal Year 2010 Financial Results
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