南华期货公告称，公司正推进境外上市股份（H股）发行上市工作。本次全球发售H股1.08亿股，其中 香港公开发售0.16亿股，国际发售0.92亿股。每股H股发售价12港元，扣除相关费用后，全球发售所得 款项净额估计约12.03亿港元。进一步详细配售结果可查询公司于2025年12月19日在香港联交所网站披 露的公告。 ...

南华期货公告称，近日，其境外全资孙公司NANHUASINGAPOREPTE.LTD.收到IFSG及ICSG通知，获 批成为IFSG的交易会员以及ICSG的清算会员，可交易和清算IFSG上市的相关产品。 ...

Core Viewpoint - The aluminum market is experiencing a slight increase in prices and a reduction in inventory levels, with expectations for continued demand despite potential short-term fluctuations due to seasonal factors [1][4][5] Group 1: Market Performance - As of December 19, 2025, the main contract for Shanghai aluminum futures closed at 22,185 CNY/ton, with a weekly increase in open interest by 290 contracts [1] - During the week of December 15-19, the aluminum futures opened at 22,085 CNY/ton, reaching a high of 22,240 CNY/ton and a low of 21,610 CNY/ton, resulting in a weekly change of 0.11% [1] Group 2: Supply and Demand Dynamics - In October 2025, global primary aluminum production was reported at 6.0154 million tons, while consumption was 6.1241 million tons, leading to a supply shortage of 108,700 tons [2] - From January to October 2025, global primary aluminum production totaled 61.2165 million tons, with consumption at 62.1720 million tons, resulting in a cumulative supply shortage of 955,500 tons [2] - Nimba Mining plans to restart mining operations with a target of exporting 10 million tons by 2026, having already exported 680,000 tons of bauxite [2] Group 3: Inventory Levels - As of December 18, 2025, the inventory of electrolytic aluminum ingots was 578,000 tons, a decrease of 18,000 tons, while aluminum rod inventory in major domestic consumption areas was 119,500 tons, down by 7,000 tons [2] Group 4: Institutional Insights - According to Shenwan Hongyuan Futures, the Federal Reserve has room for a 50 to 100 basis point rate cut, but no immediate action is necessary given the current economic outlook [4] - The short-term supply of electrolytic aluminum is stable, with limited production growth expected in December, while demand remains acceptable despite a slight decline in downstream operating rates [4] - Nanhua Futures notes that the core Consumer Price Index (CPI) rose by 2.6% year-on-year in November, which may increase the likelihood of a Federal Reserve rate cut, while the aluminum market is expected to maintain a strong outlook in the medium term [5]

Core Viewpoint - Nanhua Futures is set to list its H-shares on the Hong Kong Stock Exchange on December 22, 2025, marking a significant step in its internationalization strategy and highlighting its resilience and core investment value amid industry transformation [1][4]. Listing Progress - The preparation for Nanhua Futures' Hong Kong listing has been efficient and smooth, taking one year to complete [1]. - The company announced its intention to issue H-shares in January 2025, followed by the submission of listing application materials to the Hong Kong Stock Exchange in April [2]. - The China Securities Regulatory Commission confirmed the listing application in September 2025, and the company updated its application materials in October [2][3]. Internationalization Acceleration - Nanhua Futures is the first Chinese futures company to go public in Hong Kong this year, reflecting its industry-leading position and international potential [5]. - The H-share listing is a key move in the company's international strategy, having established a service network across major global financial centers since 2006 [5]. - The net proceeds from the H-share issuance will be used to enhance the scale and optimize the structure of its overseas business [5]. Performance Growth - Nanhua Futures has shown robust performance growth, with annual profits increasing from 246 million RMB in 2022 to 458 million RMB in 2024, representing a compound annual growth rate of 36.5% [7]. - Total assets grew from 34.189 billion RMB at the end of 2022 to 48.863 billion RMB by the end of 2024, with a compound annual growth rate of 19.5% [7]. - The company has expanded its client base significantly, with the number of registered clients in domestic futures brokerage increasing from 4,266 in 2022 to 5,279 by mid-2025 [7]. Future Outlook - The investment value of Nanhua Futures is expected to continue to be released as the company aligns with industry opportunities and strategic initiatives [8]. - The company is poised to benefit from the Belt and Road Initiative and the accelerated opening of the futures market, positioning itself as a benchmark enterprise in the global futures industry [8].

Core Viewpoint - The domestic futures industry in China is accelerating its internationalization and moving towards high-quality development, driven by policy guidance and market demand [1] Group 1: Industry Trends - The Chinese futures market is the largest commodity futures market globally, covering over 140 products across 41 industries, with a projected CAGR of 9.1% from 2020 to 2024, expected to reach 986.8 trillion yuan by 2029 [1] - The demand for risk hedging in the real economy is increasing, particularly due to heightened volatility in commodity prices and rising hedging needs among industrial chain enterprises [1] - The cross-border risk management demand remains strong as Chinese companies accelerate their internationalization, with A-share listed companies' overseas business revenue growing by 12.8% year-on-year in the first half of 2024 [1] Group 2: Company Overview - Nanhua Futures is set to officially list on the Hong Kong Stock Exchange on December 22, becoming a pioneer in the internationalization of the domestic futures industry [1] - According to Frost & Sullivan, Nanhua Futures ranks eighth among all domestic futures companies in total revenue for 2024 and first among non-financial institution-related futures companies, with the highest overseas revenue among domestic futures firms [1] Group 3: Financial Performance - Nanhua Futures' overseas financial services revenue is expected to double from 2022 to 2024, with over 50% of total revenue coming from this segment by the first half of 2025, contributing over 90% of operating profit [2] - The company plans to issue 108 million H-shares at a price range of 12-16 HKD, aiming to raise approximately 1.41 billion HKD, with funds allocated to enhance global business layout [2] Group 4: Strategic Initiatives - The company aims to establish an "A+H" dual listing structure to optimize its capital layout and enhance cross-border financial services, which is expected to boost its international brand influence and accelerate overseas business expansion [3] - Nanhua Futures is focusing on increasing investments in risk management, OTC derivatives, and wealth management to capitalize on global derivatives market opportunities [3] Group 5: Profit Forecast and Valuation - Revenue projections indicate a decline in total revenue from 6.247 billion yuan in 2023 to 2.256 billion yuan in 2025, followed by a recovery to 2.738 billion yuan by 2027, with a significant year-on-year decrease of 60.5% in 2025 [4] - The net profit attributable to the parent company is forecasted to grow from 402 million yuan in 2023 to 587 million yuan in 2027, reflecting a steady growth trajectory [4] Group 6: Market Insights - Analysts believe that Nanhua Futures' internationalization strategy, high-margin business structure, and solid customer base will not only create long-term value for investors but also provide valuable insights for the internationalization of the domestic futures industry [5]

Core Viewpoint - Nanhua Futures (2691.HK) is set to raise approximately HKD 1.203 billion through its global offering of 107,659,000 H-shares priced at HKD 12.00 each, marking a significant step in its international expansion strategy [1] Group 1: IPO Details - The Hong Kong public offering accounted for 15% of the total shares, with a subscription rate of 1.91 times, while the international offering made up 85% with a subscription rate of 0.99 times [1] - The shares are expected to officially list on the Hong Kong Stock Exchange on December 22, 2023, with a trading unit of 500 shares [1] Group 2: Company Background - Nanhua Futures is a leading comprehensive futures company in China, established in 1996 and headquartered in Hangzhou, offering services in domestic futures brokerage, risk management, wealth management, and overseas financial services [1] - The company was listed on the Shanghai Stock Exchange in 2019 and aims to use the net proceeds from the Hong Kong IPO to strengthen its overseas capital base and expand its international business [1] Group 3: Market Implications - As the first Chinese futures company to list in Hong Kong this year, Nanhua Futures' industry-leading position and international potential may lead to a re-evaluation of its valuation in the capital markets [1]

来源：新浪港股-好仓工作室 南华期货股份有限公司（股份代号：2691，简称"南华期货"）今日公布全球发售结果，最终发售价厘定 为每股12.00港元，处于12.00港元至16.00港元发行价区间的下限。本次全球发售共计107,659,000股H 股，无超额配售安排，预计募集资金总额约12.9亿港元，扣除上市开支后净额约12.0亿港元。 本次发行的独家保荐人为中信证券。根据安排，南华期货H股预计将于2025年12月22日在香港联合交易 所开始买卖，每手交易单位为500股。 点击查看公告原文>> 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 公告显示，本次全球发售中，香港公开发售部分最终获配股份16,148,500股，国际配售部分最终获配股 份91, ...

Core Viewpoint - Nanhua Futures Co., Ltd. has successfully completed its global offering of approximately 108 million H-shares, raising a net amount of approximately HKD 1.203 billion [1] Group 1: Offering Details - The global offering consists of 15% allocated for public offering in Hong Kong and 85% for international offering [1] - The offering price is set at HKD 12 per share, with trading expected to commence on December 22, 2025, at 9:00 AM Hong Kong time [1] Group 2: Subscription Results - The Hong Kong public offering was oversubscribed by 1.91 times, while the international offering was subscribed at a rate of 0.99 times [1]

其中，香港公开发售获1.91倍认购，国际发售获0.99倍认购。 南华期货（603093）股份(02691)公布配发结果，公司全球发售约1.08亿股H股，香港公开发售占15%， 国际发售占85%。每股发售价12港元，全球发售净筹约12.03亿港元。每手500股H股，预期股份将于 2025年12月22日上午九时正(香港时间)开始在联交所买卖。 ...

Group 1 - The company, Nanhua Futures Co., Ltd. (02691.HK), announced a global offering of 107,659,000 H-shares at a price of HKD 12.00 per share, with a net proceeds of HKD 1.203 billion [1] - The public offering in Hong Kong accounted for 15% of the total global offering and was oversubscribed by 1.91 times, while the international offering, which made up 85% of the total, was subscribed at a rate of 0.99 times [1] - If the global offering becomes unconditional by December 22, 2025, trading of the H-shares is expected to commence on the Hong Kong Stock Exchange at 9:00 AM on the same day, with a trading unit of 500 shares [1]