Core Viewpoint - Nanhua Futures has successfully listed on the Hong Kong Stock Exchange, achieving an "A+H" dual listing, marking a significant milestone in its capital market strategy [1] Group 1: Listing Details - Nanhua Futures raised a total of HKD 1.203 billion through this listing [1] - The listing follows the precedent set by Hongye Futures, making Nanhua Futures the second futures company to achieve an "A+H" dual capital platform [1] Group 2: Fund Utilization - The net proceeds from the global offering will be allocated entirely to Henghua International [1] - The company aims to use the funds to expand its overseas business, optimize its business structure, and enhance its competitiveness and risk management capabilities in the global market [1]

Group 1 - Four newly listed stocks in the Hong Kong market experienced significant declines on their debut, with drops of 49.46%, 29.32%, 24.17%, and 35.28% respectively, marking a record low for first-day performance in 2025 [1][8] - Among these, Ming Kee Hospital saw the largest drop, nearly halving its value, which is attributed to its high issuance price-to-earnings (PE) ratio of approximately 29.8 times, significantly above the industry average of about 17 times [5][10] - Impression Da Hong Pao, despite being oversubscribed by 3,397 times, still faced a drop of over 35% on its first day, indicating a decline in its shareholder profits [5][14] Group 2 - The collective failure of these new stocks is linked to tightening market liquidity, with southbound capital inflows significantly reduced in December and average daily trading volume on the Hong Kong Stock Exchange falling below HKD 200 billion [4][12] - Concerns regarding the valuation and fundamental performance of the new stocks have emerged, particularly for Ming Kee Hospital, which has seen a profit decrease of 34.95% year-on-year for 2024 [5][11] - The new IPO pricing mechanism introduced by the Hong Kong Stock Exchange in August, which allows a minimum public subscription ratio of 10%, has been criticized for potentially exacerbating the situation for companies with high valuations and low institutional interest [6][12] Group 3 - The Hong Kong IPO market has cooled significantly since November, with a 50% first-day drop rate among newly listed stocks, compared to 30.23% in the first half of the year and 35.71% for the entire year of 2024 [7][12] - Analysts suggest that the misalignment between primary market pricing and secondary market risk appetite, along with a heavy reliance on southbound capital, has made new stocks particularly vulnerable to sell-offs [13] - The recent performance of these four new stocks serves as a warning to investors that the era of easy profits from IPOs may be over, emphasizing the importance of fundamental quality and reasonable pricing in determining future performance [13]

Group 1 - International gold and silver prices reached historical highs, with spot gold at $4,412.62 per ounce, up 1.33% in a day, and silver showing an annual increase of over 139% [2][7] - Four main factors driving the rise in gold prices include the depreciation of the dollar due to the interest rate cut cycle, expectations of further rate cuts by the Federal Reserve, the appeal of gold as a hedge against inflation, and increased demand for gold as a risk hedge amid international tensions [2][7] - The Hong Kong Stock Exchange saw four new stocks debut and all experienced price declines, indicating a cooling market for new listings [2][7] Group 2 - The former Bank of Japan official warned that aggressive fiscal stimulus could lead to interest rate hikes exceeding expectations, with potential increases of up to three times to 1.5% [2][7] - The Japanese inflation rate has exceeded the central bank's 2% target for nearly four years, with companies passing costs onto consumers [2][7] Group 3 - The control of Xusheng Group is set to change, with Guangzhou Industrial Control Group and its associates acquiring shares to hold a total of 27.05%, making the Guangzhou Municipal Government the actual controller [3][8] - Xusheng Group is focusing on precision aluminum alloy components and expanding into energy storage and robotics [3][8] Group 4 - The Hainan Free Trade Zone concept saw a surge, with 29 stocks rising and 22 hitting the daily limit, driven by themes like autonomous driving and a rebound in technology stocks [3][9] - The market is reacting positively to the full closure of the Hainan Free Trade Port, with a booming duty-free consumption market in Sanya [3][9] Group 5 - The computing power industry is seeing multiple companies announce capital increases and acquisitions, indicating active market movements [3][9] - Notable announcements include Yongding's subsidiary seeking to introduce investors through capital expansion and Lingyi's plan to acquire a 35% stake in Limin Da for 875 million yuan [3][9] Group 6 - Over 66,000 individuals faced liquidation in the cryptocurrency market as global interest rate cuts influenced market dynamics [4][10] - The People's Bank of China announced a one-time credit repair policy to assist individuals in restoring their credit status [4][10] Group 7 - Major institutions have differing views on the A-share market outlook, with some predicting a cross-year rally and others focusing on structural activity in the market [5][10] - Citic Securities highlights factors supporting the appreciation of the renminbi, while Everbright Securities notes the potential for a cross-year market rally [5][10] Group 8 - Elon Musk became the first person in history to surpass a net worth of $700 billion, with his wealth increasing to $749 billion due to the restoration of Tesla stock options valued at $139 billion [5][10] - The wealth gap between Musk and the second richest individual is nearly $500 billion [5][10]

● 本报记者 马爽 12月22日，国内期货行业先行者南华期货（603093）股份有限公司正式在香港联合交易所主板鸣锣挂 牌，成功登陆香港资本市场，实现"A+H"双上市。 业内人士表示，此次上市标志着南华期货完成境内外资本市场多重布局，为其国际化战略推进与业务创 新发展注入强劲动力，也为港股市场增添了优质期货行业标的。 上市募资聚焦核心业务 南华期货的港股上市之路历经多轮筹备，进程有序推进。南华期货于2025年4月17日首次向香港联合交 易所递交上市申请，10月31日更新申请材料，11月20日顺利通过港交所上市聆讯，12月2日正式刊发聆 讯后资料集，12月22日成功完成挂牌交易。 本次发行由中信证券担任独家保荐人，全球发售共计1.08亿股境外上市普通股，发行价格为每股12港 元，共募资12.03亿港元，获得境内外投资者的广泛关注与认可。 南华期货表示，计划将全球发售所得款项净额全部划拨横华国际，用于加强公司于中国香港、英国、美 国及新加坡的境外附属公司的资本基础，以持续拓展境外业务，优化业务构架，提升公司在全球市场的 竞争力和风险应对能力。在期货行业资本消耗型业务日益重要的背景下，本次募资将有效增强南华期货 的 ...

Core Viewpoint - The globalization of financial integration is accelerating, and the demand for cross-border risk management from Chinese enterprises is rising, creating a golden opportunity for futures companies like Nanhua Futures to expand globally [1] Group 1: Company Overview - Nanhua Futures has officially listed on the Hong Kong Stock Exchange, marking a significant milestone in its 20-year internationalization journey, with the "A+H" dual capital platform strategy fully implemented [1] - The company has developed into a comprehensive global financial service platform, offering a range of products including domestic futures brokerage, risk management, wealth management, and overseas financial services [2] - Nanhua Futures has established a global service network with a presence in major financial centers such as Hong Kong, Chicago, Singapore, and London, holding 18 trading memberships and 15 clearing memberships from major global exchanges [2] Group 2: Market Demand and Growth - The demand for cross-border risk management is increasing as Chinese companies expand internationally, with overseas business revenue for A-share listed companies reaching 3.8 trillion yuan in the first half of 2024, a year-on-year increase of 12.8% [3] - Nanhua Futures provides customized cross-border risk management solutions and all-weather trading channels, addressing the complex price fluctuations and exchange rate risks faced by Chinese enterprises in international trade and infrastructure [3] Group 3: Technological Support - The company has developed a customer-centric app and proprietary trading systems that ensure efficient risk management and high-frequency monitoring, supported by a global data center network [4] - The technology systems enable coordinated risk management across domestic and international operations, providing essential support for cross-market business activities [4] Group 4: Financial Performance - Nanhua Futures has shown strong financial resilience, with profits increasing from 246 million yuan in 2022 to 458 million yuan in 2024, representing a compound annual growth rate (CAGR) of 36.5% [5] - The company's return on equity (ROE) improved from 7.75% in 2022 to 11.71% in 2024, indicating effective capital management [5] - The overseas financial services segment has become a key growth driver, with revenues increasing from 231 million yuan in 2022 to 654 million yuan in 2024, achieving a CAGR of 68% [6] Group 5: Strategic Upgrades - The net proceeds from the H-share listing will be primarily allocated to enhance overseas business, with specific investments planned for various regions including Hong Kong, Malaysia, the UK, Europe, and North America [7] - The fundraising strategy aligns with the company's licensing advantages and targets high-potential global markets, creating a positive cycle of qualification, funding, and business expansion [7] Group 6: Long-term Development Advantages - The establishment of the "A+H" dual capital platform provides Nanhua Futures with unique long-term development advantages, allowing access to international capital and enhancing its global presence [8] - The company's strategic focus on cross-border risk management aligns with the growing industry demand, positioning it for sustained growth and value creation for investors [9]

Core Viewpoint - Nanhua Futures has successfully listed on the Hong Kong Stock Exchange, marking its dual listing strategy and enhancing its internationalization efforts while providing a quality addition to the Hong Kong stock market [1] Fundraising Focus - The company raised HKD 12.03 billion by issuing 108 million shares at HKD 12 per share, with the proceeds allocated to strengthen its overseas subsidiaries in Hong Kong, the UK, the US, and Singapore [1][2] - The fundraising aims to enhance the company's capital base to support its international business expansion and optimize its business structure [2] Business Development - Nanhua Futures has established a diversified business system covering domestic futures brokerage, risk management services, wealth management, and overseas financial services [3] - The company's domestic futures brokerage business has seen a 65.4% growth in client equity from the end of 2022 to the end of 2024, reaching CNY 31.6 billion [3] - The overseas business has become a significant growth engine, with client equity in overseas futures, securities, and leveraged forex brokerage services reaching HKD 17.8 billion, a 49.6% increase from the end of 2022 [3] Financial Performance - From 2022 to 2024, the company's revenue grew from CNY 954 million to CNY 1.355 billion, while net profit increased from CNY 246 million to CNY 458 million [4] - In the first half of 2025, the company achieved revenue of CNY 593 million and a net profit of CNY 231 million, maintaining a high net profit margin of 39% [4] Future Growth Strategy - The dual listing coincides with a strategic upgrade in the domestic futures industry, driven by increasing demand for risk management solutions and supportive policy frameworks [5] - Nanhua Futures plans to deepen its international strategy by expanding its overseas market coverage and enhancing cross-border financial service capabilities [6] - The company aims to transition from a "brokerage" model to a "professional service" model, focusing on risk management services, OTC derivatives, and wealth management [6]

Core Viewpoint - The globalization of financial integration is accelerating, and the demand for cross-border risk management from Chinese enterprises is rising, creating a golden opportunity for futures companies like Nanhua Futures to expand globally [1] Group 1: Company Overview - Nanhua Futures has officially listed on the Hong Kong Stock Exchange, marking a significant milestone in its 20-year internationalization journey and the full implementation of its "A+H" dual capital platform strategy [1] - The company has developed into a comprehensive global financial service platform, offering services including domestic futures brokerage, risk management, wealth management, and overseas financial services [2] Group 2: Competitive Advantages - Nanhua Futures possesses a unique competitive edge due to its early internationalization strategy, establishing a global service network and a cross-border qualification barrier [2] - The company has built a business presence in major international financial centers such as Hong Kong, Chicago, Singapore, and London, holding 18 trading memberships and 15 clearing memberships from major global exchanges [2] Group 3: Market Demand and Growth - The demand for cross-border risk management is increasing as Chinese companies expand internationally, with overseas business revenue for A-share listed companies reaching 3.8 trillion yuan in the first half of 2024, a year-on-year increase of 12.8% [3] - Nanhua Futures can provide customized cross-border risk management solutions, covering various categories such as agricultural products, industrial products, energy, and metals [3] Group 4: Technological Support - The company has developed a customer-centric app and proprietary trading and risk management systems, ensuring efficient and secure trading operations [4] - Nanhua Futures' global data center network supports its cross-border business operations, enhancing its risk management capabilities [4] Group 5: Financial Performance - Nanhua Futures has demonstrated strong financial resilience, with net profit increasing from 246 million yuan in 2022 to 458 million yuan in 2024, representing a compound annual growth rate of 36.5% [5] - The company's total assets grew from 34.189 billion yuan at the end of 2022 to 48.863 billion yuan by the end of 2024, with a compound annual growth rate of 19.5% [5] Group 6: Strategic Initiatives - The net proceeds from the H-share listing will be primarily allocated to enhance overseas business, with specific percentages designated for various regional expansions [7] - The dual capital platform allows Nanhua Futures to attract global capital and optimize its shareholder structure, enhancing its international presence [8] Group 7: Conclusion - The H-share listing is a critical step in Nanhua Futures' globalization strategy, supported by its unique barriers of "network + qualifications + technology" [9] - The ongoing demand for cross-border risk management and the company's strategic initiatives position it for sustained growth and value creation for investors [9]

北京商报讯(记者刘宇阳实习生姚榕琰)12月22日，南华期货（603093）股份有限公司(以下简称"南华期货")发布公告称，公司发行的境外上市股份(H股)已在 香港联交所主板挂牌并上市交易。 本次全球共计发售H股10765.9万股，发售价为每股12港元。经扣除相关承销佣金及其他费用后，本次发行所得款项净额约为12.03亿港元。根据公告，公司H 股股票自2025年12月22日起于香港联交所主板开始买卖，股票中文简称为"南华期货股份"，股份代号为"2691"。 ...

12月22日，南华期货（603093）正式在香港联合交易所主板挂牌，成功登陆香港资本市场，实 现"A+H"上市。此次上市标志着南华期货完成境内外资本市场多重布局，为其国际化战略推进与业务创 新发展注入强劲动力。同时，这也是继弘业期货（001236）之后，国内第二家期货公司实现"A+H"布 局。 南华期货本次全球发售共计1.08亿股境外上市普通股，发行价格为每股12港元，共募资12.03亿港元。截 至当日收盘，南华期货H股股价报9.10港元/股；南华期货A股股价报19.61元/股，涨幅为1.82%。 对于本次全球发售所得款项净额，南华期货表示，计划全部划拨境外全资子公司横华国际，用于加强公 司于中国香港、英国、美国及新加坡的境外附属公司的资本基础，以持续拓展境外业务，优化业务架 构，提升公司在全球市场的竞争力和风险应对能力。 西安交大客座教授景川认为，南华期货实现"A+H"上市，将进一步拓宽融资渠道，增强资本实力。同 时，南华期货在境外资本市场亮相，有助于吸引全球投资者和机构客户，提升其在全球衍生品市场的知 名度与公信力，加快其全球布局。目前，期货行业正从传统"通道经纪"向"专业服务"转型，南华期货借 助双平台 ...

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) has seen the listing of South China Futures Co., marking the first new futures stock in ten years, but the debut was disappointing with a significant drop in share price on the first day [2][5]. Company Overview - South China Futures Co. is the second futures company to achieve a dual listing (A+H) after Hongye Futures, with its A-shares listed in August 2019 [5]. - The company was established in 1996 and is headquartered in Hangzhou, Zhejiang, with the largest shareholder being Hengdian Group Holding Co., which owns 69.68% of the shares [5]. - The IPO price was set at HKD 12, raising a net amount of HKD 1.203 billion [5]. Market Performance - On its first trading day, South China Futures opened with a significant decline, reaching a maximum drop of 27.5%, and closing down 24.17%, resulting in a total market capitalization of HKD 6.531 billion [6]. - The performance of South China Futures was part of a broader trend in the HKEX, where 31 out of 108 new listings this year faced a drop on their debut, indicating a nearly 30% failure rate [3][11]. Comparison with A-shares - In contrast, the A-share market had no new listings that experienced a drop on their first day, highlighting a stark difference in investor behavior and market dynamics between the two exchanges [3][11]. - The A-share market benefits from protective policies and higher investor enthusiasm, leading to initial price increases for new listings [3]. Strategic Intent - The listing of South China Futures is part of a strategy to deepen its global footprint and enhance its brand while diversifying financing risks [8]. - The company aims to leverage the raised funds to expand its business and improve performance, despite the initial market challenges [9]. Industry Context - According to Frost & Sullivan, South China Futures ranks eighth among all domestic futures companies by total revenue for 2024 and first among non-financial institution-related futures companies [10]. - The company reported a revenue of CNY 941 million for the first three quarters of the year, reflecting a year-on-year decline of 8.27%, with a net profit of CNY 351 million, down 1.92% [9].