Core Viewpoint - Nanhua Futures has successfully completed its IPO on the Hong Kong Stock Exchange, raising HKD1.29 billion to support its international growth strategy [1][5][6] Company Overview - Nanhua Futures is a subsidiary of Hengdian Group and is recognized as China's first publicly listed futures firm, having previously listed in Shanghai in 2019 [3][6] - The company aims to enhance its global competitiveness and influence through this dual listing [7] IPO Details - The IPO involved the issuance of 107.65 million shares, raising approximately USD165.8 million [5] - The shares opened at HKD8.70, below the listing price of HKD12, and closed at HKD9.53, reflecting a 20% decrease from the listing price [5] Use of Proceeds - Proceeds from the IPO will be allocated to HGNH International Financial, Nanhua's Hong Kong subsidiary, to strengthen its capital base and increase liquidity for overseas operations in Hong Kong, the UK, the US, and Singapore [9][10] Financial Performance - In 2024, Nanhua Futures ranked first among non-financial institution-affiliated futures companies in China and eighth among all domestic futures companies based on total revenue [11] - The company's overseas business has shown significant growth, with customer equity for overseas services reaching HKD17.8 billion, a 50% increase from 2022, and AUM for overseas asset management growing by 70% to HKD3.4 billion [12] - Operating income increased from RMB954 million in 2022 to RMB1.35 billion in 2024, with net profit rising from RMB246 million to RMB458 million during the same period [13]

Report Summary 1. Index Performance - The Nanhua Comprehensive Index rose 1.42% to 2584.69, with an annualized return of 2.01% and an annualized volatility of 11.58% [1][3] - Among the sector indices, the Nanhua Precious Metals Index had the largest increase of 3.45%, reaching 1826.04, while the Nanhua Black Index had the smallest increase of 0.28%, at 2527.31 [1][3] - Among the theme indices, the Energy Index rose 2.05% to 972.56, and the Economic Crop Index had the smallest increase of 0.14% at 903.49. The Building Materials Index had the largest decline of -0.28% to 679.92 [1][3] - In the single - variety commodity futures indices, the Silver index had the largest increase of 5.42%, and the Polypropylene index had the largest decline [1][4] 2. Index Data Details | Index Name | Today Close | Pre. Close | Points | Daily Change | Annualized Return | Annualized Volatility | Sharpe Ratio | | --- | --- | --- | --- | --- | --- | --- | --- | | Comprehensive Index NHCI | 2584.69 | 2548.39 | 36.30 | 1.42% | 2.01% | 11.58% | 0.17 | | Precious Metals Index NHPMI | 1826.04 | 1765.15 | 60.89 | 3.45% | 74.65% | 19.20% | 3.89 | | Industrial Products Index NHII | 3493.62 | 3460.46 | 33.16 | 0.96% | - 8.14% | 13.81% | -0.59 | | Metal Index NHMI | 6723.72 | 6672.06 | 51.66 | 0.77% | 4.58% | 11.97% | 0.38 | | Energy and Chemical Index NHECI | 1513.23 | 1497.21 | 16.02 | 1.07% | -16.78% | 16.60% | -1.01 | | Non - ferrous Metals Index NHNF | 1851.85 | 1831.17 | 20.68 | 1.13% | 11.83% | 12.67% | 0.93 | | Black Index NHFI | 2527.31 | 2520.31 | 7.00 | 0.28% | -7.98% | 16.36% | -0.49 | | Agricultural Products Index NHAI | 1030.32 | 1024.66 | 5.66 | 0.55% | -3.64% | 8.19% | -0.44 | | Mini Comprehensive Index NHCIMi | 1161.70 | 1146.24 | 15.46 | 1.35% | -1.31% | 9.70% | -0.14 | | Energy Index NHEI | 972.56 | 953.02 | 19.53 | 2.05% | -1.10% | 18.01% | -0.06 | | Petrochemical Index NHPCI | 872.46 | 862.93 | 9.53 | 1.10% | -0.81% | 9.56% | -0.08 | | Coal - based Chemical Index NHCCI | 886.96 | 889.22 | -2.27 | -0.25% | -3.37% | 10.33% | -0.33 | | Black Raw Materials Index NHEM | 1064.11 | 1061.85 | 2.27 | 0.21% | 0.54% | 15.68% | 0.03 | | Building Materials Index NHBMI | 679.92 | 681.80 | -1.88 | -0.28% | -1.85% | 11.78% | -0.16 | | Oilseeds and Oils Index NHOOI | 1195.55 | 1185.56 | 9.99 | 0.84% | -1.57% | 7.80% | -0.20 | | Economic Crop Index NHAECI | 903.49 | 902.24 | 1.25 | 0.14% | 0.58% | 7.43% | 0.08% [3] 3. Other Information - The calculation method of the contribution degree in the report is the product of the daily increase/decrease and the weight. The Nanhua Commodity Index eliminates the price difference when the commodity contract changes months, reflecting the real return of investing in commodity futures [9] - The report provides the industrial chain diagrams and the daily increase/decrease of single - variety indices of some varieties in the agricultural products, energy and chemical, and black sectors [7][13]

Group 1 - The State Council emphasizes the need for all departments to align their actions with the central government's economic work requirements for the upcoming year, enhancing responsibility and urgency in implementing tasks [1] - The Ministry of Commerce highlights the importance of high-quality business development and international trade coordination, aiming to boost domestic and international economic cycles [2] - Researchers at Shanghai Jiao Tong University have achieved a breakthrough in all-optical computing chips, which could significantly enhance computational efficiency for AI and large-scale data processing [3] Group 2 - The National Internet Information Office and the China Securities Regulatory Commission have taken action against 17 accounts spreading rumors and illegal stock recommendations, emphasizing the need for accurate financial information dissemination [4] - Fujian Province has introduced a comprehensive financial support plan for technology innovation, aiming for a 10% annual growth in loans to technology-related industries by 2025-2027 [5] - The world's first commercial supercritical carbon dioxide power generation unit has successfully commenced operations, marking a significant advancement in energy technology [6] Group 3 - Moore Threads has launched a new GPU architecture, "Huagang," which boasts a 50% increase in computing density and a tenfold improvement in energy efficiency [7][8] - The first L3-level autonomous driving license has been issued to Changan Automobile, marking a significant milestone in the development of autonomous driving technology [9] - Nine U.S. pharmaceutical companies have reached agreements with the government to lower drug prices, indicating a shift towards more affordable healthcare solutions [10] Group 4 - The market has shown signs of recovery with a three-day rebound, although caution is advised as the overall trend has not yet confirmed a sustained upward movement [11] - Samsung has unveiled the world's first 2nm smartphone chip, which is expected to enhance performance significantly, indicating advancements in semiconductor technology [12]

格隆汇12月22日丨南华期货(603093.SH)公布,经香港联交所批准，公司本次发行的 107,659,000 股 H 股 股票于2025年12月22日在香港联交所主板挂牌并上市交易。公司 H 股股票中文简称为"南华期货股 份"，英文简称为"NANHUA FUTURES"，股份代号为"2691"。 ...

一、信息披露义务人及其一致行动人的基本信息 证券代码：603093 证券简称：南华期货 公告编号：2025-077 南华期货股份有限公司 关于控股股东及其一致行动人持股比例被动稀释 触及 1%及 5%整数倍的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 权益变动方向 | 比例增加□ | | 比例减少√ | | --- | --- | --- | --- | | 权益变动前合计比例 | 76.97% | | | | 权益变动后合计比例 | 65.42% | | | | 本次变动是否违反已作出的承 | 是□ | 否√ | | | 诺、意向、计划 | | | | | 是否触发强制要约收购义务 | 是□ | 否√ | | 注：变动后比例按公司于 2025 年 12 月 22 日发行境外上市股份（H 股）并在香港联 合交易所有限公司主板挂牌上市后的总股本 717,724,893 股计算。 本次发行上市后，公司总股本由 610,065,893 股增加至 717,724,893 股。公 司控股股东横店集团控 ...

南华期货股份有限公司 关于 H 股挂牌并上市交易的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 南华期货股份有限公司（以下简称"公司"）正在进行发行境外上市股份（H 股）并在香港联合交易所有限公司（以下简称"香港联交所"）主板挂牌上市（以 下简称"本次发行上市"）的相关工作。 公司本次全球发售 H 股发行股数为 107,659,000 股（整体协调人同意不行使 超额配售权，无论全部行使或部分行使），其中，香港公开发售 16,148,500 股； 国际发售 91,510,500 股。根据每股 H 股发售价 12 港元计算，经扣除全球发售相 关承销佣金及其他估计费用后，公司将收取的全球发售所得款项净额估计约为 12.03 亿港元。 经香港联交所批准，公司本次发行的 107,659,000 股 H 股股票于 2025 年 12 月 22 日在香港联交所主板挂牌并上市交易。公司 H 股股票中文简称为"南华期 货股份"，英文简称为"NANHUA FUTURES"，股份代号为"2691"。 | 股份类别 | 本次发行上市前 | | ...

南华期货公告称，公司本次全球发售H股1.08亿股，香港公开发售0.16亿股，国际发售0.92亿股。每股发 售价12港元，所得款项净额估计约12.03亿港元。1.08亿股H股于2025年12月22日在香港联交所主板挂牌 上市，股票中文简称"南华期货股份"，代码"2691"。发行后，公司股份总数增至7.18亿股，A股股东持 股比例降至85%，H股股东占比15%。持股5%以上股东横店集团控股等持股数量不变，但比例均有下 降。 ...

| 發 售 股 份 及 股 本 | | | --- | --- | | 發售股份數目 | 107,659,000 | | 香港公開發 售的最終發 舊 股 份 數 目 | 16,148,500 | | 國際發售的最終發售股份數目 | 91,510,500 | | 於上市時已發行的股份數目腳註 | 717.724.893 | 南华期货股份的独家保荐人、保荐人兼整体协调人、独家全球协调人、联席账簿管理人及联席牵头经办 人是中信证券。 中国经济网北京12月22日讯南华期货（603093）股份有限公司(简称"南华期货股份"，02691.HK)今日在 港交所上市，开盘报9.130港元。截至今日收盘，南华期货股份报9.100港元，跌幅24.167%，南华期货 股份首日已跌破港股发售价12.00港元。 最终发售价及配发公告显示，南华期货股份发售股份数目107,659,000股，其中，香港公开发售的发售股 份数目16,148,500股，国际发售的发售股份数目91,510,500股。 | 所得 款 項 | | | --- | --- | | 所得款項總額(附註) | 1,291.91 百 萬 港元 | | 減:按最終發售價計算之 ...

Core Viewpoint - Nanhua Futures has successfully listed on the Hong Kong Stock Exchange, marking its dual listing and enhancing its international strategy and business innovation [1] Group 1: Listing Process and Fundraising - The listing process for Nanhua Futures was orderly, with the company submitting its application on April 17, 2025, and successfully completing its listing on December 22, 2025 [2] - The global offering consisted of 108 million shares at an issue price of HKD 12 per share, raising a total of HKD 1.203 billion [2] - The net proceeds will be allocated to strengthen the capital base of its overseas subsidiaries in Hong Kong, the UK, the US, and Singapore, enhancing its global competitiveness [2] Group 2: Industry Position and Business Development - Nanhua Futures ranks eighth among all domestic futures companies by total revenue in 2024 and first among non-financial institution-related futures companies, showcasing its core competitiveness [3] - The company has established a diversified business system covering domestic futures brokerage, risk management services, wealth management, and overseas financial services [3] - The 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] Group 3: International Business Growth - Nanhua Futures has become a significant growth engine through its international business, 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 [4] - The company's assets under management (AUM) in overseas asset management have grown by 70%, reaching HKD 3.4 billion [4] - The company has built a service bridge connecting domestic and international markets, providing cross-market and multi-variety financial services [4] Group 4: Financial Performance - From 2022 to 2024, Nanhua Futures' operating income increased from CNY 954 million to CNY 1.355 billion, while net profit rose from CNY 246 million to CNY 458 million [4] - In the first half of 2025, the company achieved operating income of CNY 593 million and a net profit of CNY 231 million, with a net profit margin of 39% [4] Group 5: Industry Opportunities and Challenges - The domestic futures industry is at a critical stage of strategic upgrade and high-quality transformation, driven by increasing demand for risk management solutions and supportive policy guidance [5] - The industry faces challenges such as homogenized competition and capital pressure, necessitating a shift towards comprehensive risk management services [6] - Nanhua Futures' dual listing aligns with industry trends and supports its transformation, enhancing its capital strength and international layout [6] Group 6: Future Development - Nanhua Futures aims to deepen its international strategy by expanding its overseas market coverage and optimizing its service network [6] - The company plans to invest in risk management services, OTC derivatives, and wealth management, transitioning from a brokerage model to a professional service model [6] - The dual capital market platform will help attract high-quality talent and drive technological innovation, creating a collaborative ecosystem [6] Group 7: Contribution to Industry Development - Nanhua Futures' listing provides a new space for its development and serves as a beneficial reference for the internationalization of the domestic futures industry [7] - The company is positioned to leverage its dual listing to enhance its role in national strategy, support risk management for the real economy, and promote high-quality industry development [7]

南华期货股份有限公司于12月22日在香港联合交易所主板挂牌上市，成为国内第二家实现"A+H"两地上 市的期货公司。 作者：观察君 近年来，境外金融服务业务已成为南华期货的核心增长引擎。根据公司财报，该业务板块收入占总经营 收入的比例从2024年的48.3%进一步攀升至2025年上半年的55.1%。截至2025年6月30日，公司境外业务 约2077家登记企业客户。2025年以来，其境外子公司陆续获得了包括芝加哥期权交易所清算所、欧洲洲 际交易所在内的多个国际交易所的清算会员资格。 在上市前夕，南华期货的境外全资孙公司NANHUA SINGAPORE PTE. LTD. 于12月21日公告称，已获 批成为ICE Futures Singapore的交易会员及ICE Clear Singapore的清算会员，可以交易和清算该交易所上 市的相关产品。 此前，国内已有一家"A+H"上市的期货公司为弘业期货。（市场有风险，投资需谨慎。本文为AI基于第 三方数据生成，仅供参考，不构成个人投资建议。） 本文源自：市场资讯 根据公司披露的配发结果，此次全球发售H股1.08亿股，发行价格为每股12港元。在扣除相关费用后， 公司预 ...