Group 1 - Nanhua Futures (603093) plans to conduct an IPO from December 12 to December 17, 2025, offering 108 million H-shares globally, with approximately 10% for public offering in Hong Kong and 90% for international offering, including a 15% over-allotment option [1] - The expected price range for each share is between HKD 12 and HKD 16, with a median price of HKD 14, potentially raising about HKD 1.41 billion in net proceeds if the over-allotment option is not exercised [1] - According to a Frost & Sullivan report, the company ranks eighth among all futures companies in China by total revenue for 2024 and ranks first among non-financial institution-related futures companies [1] Group 2 - The company primarily provides futures and derivatives services in both domestic and international markets, offering customized derivatives and risk management services to industrial clients, financial institutions, and individual investors, while also focusing on diversified wealth management services [1] - The net proceeds from the IPO will be fully allocated to strengthen the capital base of its overseas subsidiaries in Hong Kong (30%), the UK (30%), the US (20%), and Singapore (10%), with the remaining 10% used for general corporate purposes and to supplement working capital [1]

Core Viewpoint - Nanhua Futures Co., Ltd. plans to conduct an initial public offering (IPO) of 108 million H-shares from December 12 to December 17, 2025, with an expected share price range of HKD 12-16, aiming to raise approximately HKD 1.41 billion in net proceeds assuming a mid-point price of HKD 14.00 per share [1][3]. Group 1: IPO Details - The IPO will consist of approximately 10% for public offering in Hong Kong and 90% for international offering, with an additional 15% over-allotment option [1][3]. - The shares are expected to commence trading on the Hong Kong Stock Exchange on December 22, 2025 [1][3]. Group 2: Company Overview - Nanhua Futures is recognized as a leading futures company in China, ranked eighth among all futures companies in China by total revenue for 2024, and first among non-financial related futures companies [1][3]. - The company focuses on providing futures and derivatives services in both domestic and international markets, catering to industrial clients, financial institutions, and individual investors [1][3]. Group 3: Use of Proceeds - The net proceeds from the IPO will be allocated entirely to enhance the capital base of Nanhua's overseas subsidiaries in Hong Kong, the UK, the US, and Singapore [2][4]. - Approximately 30% of the net proceeds will be used to strengthen operations in Hong Kong and East Asia, including establishing a subsidiary in Malaysia [2][4]. - Another 30% is earmarked for increasing the capital base in the UK to support potential growth in futures brokerage and clearing services [2][4]. - About 20% will be allocated to the US operations to support growth in North America and establish a local marketing network [2][4]. - 10% will be directed towards enhancing operations in Singapore and other Southeast Asian countries, focusing on futures brokerage, clearing services, and asset management [2][4][5]. - The remaining 10% will be used for general corporate purposes and to supplement working capital for overseas operations [2][4][5].

Core Viewpoint - Nanhua Futures Co., Ltd. plans to globally offer approximately 108 million H-shares, with a pricing range of HKD 12.00 to 16.00 per share, aiming to enhance its capital base for international operations and expand its global market competitiveness [1][2]. Group 1: Company Overview - Nanhua Futures is a leading futures company in China, ranked eighth among all futures companies in China by total revenue for 2024, and first among non-financial related futures companies [1]. - The company has evolved from a domestic futures brokerage service provider to a comprehensive global financial services platform, offering a range of services including futures brokerage, risk management, and wealth management [2]. Group 2: Fund Utilization - Approximately 30% of the net proceeds from the global offering will be allocated to enhance the capital base for operations in Hong Kong, supporting potential business growth in East Asia and establishing a subsidiary in Malaysia [3]. - Another 30% will be used to strengthen the capital base for operations in the UK, focusing on futures brokerage and clearing services to support growth in Europe [3]. - About 20% will be directed towards increasing the capital base for operations in the US, primarily for futures brokerage and establishing a local marketing network [3]. - Approximately 10% will be allocated to enhance operations in Singapore and other Southeast Asian countries, focusing on futures brokerage, clearing services, and asset management [3]. - The remaining 10% will be used for general corporate purposes and to supplement the working capital for overseas operations [3].

格隆汇12月12日丨南华期货股份(02691.HK)发布公告，公司拟全球发售约1.08亿股H股，中国香港发售 股份1076.6万股，国际发售股份9689.3万股(以上可予重新分配及视乎超额配股权行使与否而定)；2025 年12月12日至12月17日招股，预期定价日为12月18日；发售价将为每股发售股份12.00-16.00港元，H股 的每手买卖单位将为500股，中信证券为独家保荐人；预期股份将于2025年12月22日开始在联交所买 卖。 ...

Core Viewpoint - The company, Nanhua Futures, is set to launch an initial public offering (IPO) of 108 million H-shares, with a price range of HKD 12-16 per share, aiming to raise approximately HKD 1.41 billion in net proceeds from the offering [1][2]. Group 1: IPO Details - The IPO will take place from December 12 to December 17, 2025, with 10% allocated for public offering in Hong Kong and 90% for international offering, including a 15% over-allotment option [1]. - The shares are expected to start trading on the Hong Kong Stock Exchange on December 22, 2025 [1]. Group 2: Use of Proceeds - Approximately 30% of the net proceeds will be allocated to strengthen the capital base of the company's operations in Hong Kong and East Asia, including establishing a subsidiary in Malaysia [2]. - Another 30% will be used to enhance the capital base for operations in the UK and Europe, focusing on futures brokerage and clearing services [2]. - About 20% is designated for increasing the capital base in the US, aimed at expanding the customer base and establishing a local marketing network [2]. - 10% will be allocated for operations in Singapore and Southeast Asia, enhancing futures brokerage, clearing services, and physical commodity delivery capabilities [2]. - The remaining 10% will be used for general corporate purposes and to supplement working capital for overseas operations [2]. Group 3: Financial Performance - The company's annual profit increased significantly from RMB 246 million in 2022 to RMB 458 million in 2024, reflecting a compound annual growth rate (CAGR) of 36.5% [3]. - Total assets grew from RMB 34.189 billion at the end of 2022 to RMB 48.863 billion by the end of 2024, with a CAGR of 19.5% [3]. - The weighted average return on equity improved steadily, recorded at 7.75%, 11.46%, and 11.71% for the years 2022, 2023, and 2024, respectively [3].

Core Viewpoint - Nanhua Futures Co., Ltd. plans to conduct a global offering of 108 million H-shares, with an expected price range of HKD 12-16 per share, aiming to raise approximately HKD 14.1 billion in net proceeds assuming a median price of HKD 14.00 [1][2] Group 1: Offering Details - The global offering will consist of approximately 10% for public sale in Hong Kong and 90% for international sale, with an additional 15% over-allotment option [1] - The shares are expected to commence trading on the Hong Kong Stock Exchange on December 22, 2025 [1] Group 2: Use of Proceeds - Approximately 30% of the net proceeds will be allocated to enhance the capital base for operations in Hong Kong and East Asia, including establishing a subsidiary in Malaysia [2] - Another 30% will be used to strengthen the capital base for operations in the UK and Europe, focusing on futures brokerage and clearing services [2] - About 20% will be directed towards increasing the capital base for operations in the US, aimed at expanding the customer base and establishing a local marketing network [2] - 10% will be allocated for operations in Singapore and Southeast Asia, primarily for futures brokerage, clearing services, and asset management [2] - The remaining 10% will be used for general corporate purposes and to supplement working capital for overseas operations [2] Group 3: Financial Performance - The company's annual profit increased significantly from RMB 246 million in 2022 to RMB 458 million in 2024, with a compound annual growth rate (CAGR) of 36.5% [3] - Total assets grew from RMB 34.189 billion at the end of 2022 to RMB 48.863 billion by the end of 2024, reflecting a CAGR of 19.5% [3] - The weighted average return on equity improved steadily, recorded at 7.75%, 11.46%, and 11.71% for the years 2022, 2023, and 2024, respectively [3]

从"不信"到"深信" 一份保单带来的心安 2017年，"保险+期货"还处于小规模试点阶段，但黑龙江省海伦市敏锐察觉到其蕴藏的巨大潜力。在大 商所的支持下，海伦市政府与南华期货决定合作推动"保险+期货"项目落地。 回忆起当年到海伦推广"保险+期货"项目的场景，南华期货董事总经理唐启军仍记忆犹新。"我们事先联 系的海伦市相关负责人家里突发变故，当时没办法到场。当地农户也没有理会我们，说这么陌生复杂的 玩意儿不用跟他们谈，他们不懂，带头人说行这事就行，会议直接散了场，我们只能铩羽而归。"唐启 军面对农民"你这玩意儿能行吗""推广这个对你有啥好处"的质疑，感到有些憋屈。 随后在与海伦市政府的共同走访中，贫困户的艰苦生活以及对稳收增收的渴望给唐启军留下了深刻的印 象，更坚定了他推广"保险+期货"的决心。 好在上述海伦市相关负责人十分有担当，不仅心里装着农户，还愿意接触新事物。唐启军拉着他了解村 里情况、参加期货培训，还请他到大连实地查看大商所。持续用心的交流使该负责人和村民逐渐理解了 唐启军的工作，并与他建立了信任。最终该村顺利参加了项目，海伦市首个"保险+期货"试点终于落 地。 编者按:从试点探索到多点开花，"保险+ ...

Core Insights - The Chinese futures market is reshaping global commodity pricing logic and increasingly integrating into global industrial risk management [1] - The number of tradable products for qualified foreign investors has exceeded 100, enhancing the influence of "Chinese prices" in global markets [2] Group 1: Expansion of Market Access - The number of futures and options products available for qualified foreign investors reached 107 by the end of October 2023, with 24 internationalized products [2] - The Shanghai Futures Exchange has opened 6 specific products to foreign investors, with over 70% of listed products now accessible [2] - The Dalian Commodity Exchange has increased its tradable products for qualified foreign investors to 27, with nearly 400 foreign clients participating in trading [3] Group 2: International Influence of "Chinese Prices" - "Chinese prices" are becoming essential references in international commodity markets, with Shanghai copper and oil futures recognized as significant pricing benchmarks [6][9] - The introduction of settlement price authorization for futures contracts, such as the Shanghai natural rubber futures listed on the Osaka Exchange, enhances the international pricing influence of Chinese commodities [7] Group 3: Innovation in Cross-Border Services - Futures companies are innovating business strategies to meet the needs of both domestic and international clients, effectively translating the advantages of the open market into tangible benefits for the real economy [10] - Companies like UBS Futures and Nanhua Futures are expanding their international business, providing tailored risk management solutions for cross-border trade [11][12] Group 4: Future Development Plans - The Shanghai Futures Exchange plans to expand the range of specific products and increase the number of tradable products for qualified foreign investors [13] - The Zhengzhou Commodity Exchange aims to enhance its service quality and expand its product offerings to better serve the modern economy [14] - The Guangxi Futures Exchange is focused on building a green futures market aligned with low-carbon transformation goals [15]

特此公告。 美国Coinbase Derivatives交易会员资格的公告 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。 美国时间2025年12月8日，公司境外全资孙公司Nanhua USA LLC收到Coinbase Derivatives，LLC交易所 （以下简称"Coinbase Derivatives"）通知，获批成为其交易会员。目前，Nanhua USA LLC已是Coinbase Derivatives指定清算机构Nodal Clear,LLC的清算会员。本次获批后，Nanhua USA LLC可交易及清算在 Coinbase Derivatives上市的相关产品。 证券代码：603093 证券简称：南华期货 公告编号：2025-071 南华期货股份有限公司关于境外孙公司获得 南华期货股份有限公司董事会 2025年12月10日 ...

Report Information - Report Title: Oilseed Industry Risk Management Daily Report - Date: December 9, 2025 - Analyst: Jin Wandong (Investment Consulting License Number: Z0022725) - Investment Consulting Business Qualification: CSRC License [2011] No. 1290 [1][2] Industry Investment Rating - Not provided in the report Core Views - The outer - market US soybeans focus on whether the yield of 53 bushels per acre in the December supply - demand report will continue to be reduced. The US claims 12 million tons of Chinese purchases, but less than 40% has been completed, and the completion date may be postponed. If the inventory remains around 300 million bushels, the US soybean price will fluctuate around the cost - line. The inner - market soybean meal lacks a unilateral driver and will follow the outer - market in the short - term. In the medium - term, the shipping schedule of Chinese purchases of US soybeans and the scale of the state reserve release will determine the supply in the first quarter. [4] - Recently, US soybeans have fallen below key levels, and the inner - market has followed suit with a larger decline due to the news of state reserve release. The profit of soybean purchases has decreased. The scale of the state reserve release is estimated to be between 5 - 6 million tons, and a weekly release of 500,000 tons may continue until the end of February. When trading the profit of US soybean purchases, the supply scale should be used to judge the trend. [4] - Rapeseed meal is in a state of weak supply and demand. The rapeseed inventory and crushing have been exhausted, and the rapeseed meal inventory is also declining rapidly. However, due to the expected arrival of Australian rapeseed and subsequent imports, the supply is expected to recover, so the rapeseed meal market is weak. Currently in the off - season of aquatic consumption, the demand growth is limited, and the rapeseed meal inventory is expected to rise. [4][5] - The cost of previous soybean purchases supports the near - month contracts, and the outer - market balance sheet valuation range is moving up. However, the current high inventory of imported soybeans at ports and oil mills in China, the smooth planting in Brazil, and the expected South American bumper harvest are suppressing the far - month prices. The supply gap in the far - month is expected to be filled under the background of China - US trade talks. [8][9] Summary by Relevant Catalogs 1. Oilseed Price Forecast | Commodity | Price Range (Monthly) | Current Volatility (20 - day Rolling) | Current Volatility Historical Percentile (3 - year) | | --- | --- | --- | --- | | Soybean Meal | 2800 - 3300 | 8.5% | 3.1% | | Rapeseed Meal | 2250 - 2750 | 9.8% | 0.9% | [3] | 2. Oilseed Hedging Strategy | Behavior Orientation | Scenario Analysis | Spot Exposure | Strategy Recommendation | Hedging Tool | Buying/Selling Direction | Hedging Ratio (%) | Suggested Entry Interval | | --- | --- | --- | --- | --- | --- | --- | --- | | Trader Inventory Management | High protein inventory, worried about the decline in meal prices | Long | Short soybean meal futures to lock in profits and cover production costs according to inventory | M2605 | Sell | 25% | 2850 - 2900 | | Feed Mill Procurement Management | Low regular procurement inventory, want to purchase according to orders | Short | Buy soybean meal futures at present to lock in procurement costs | M2605 | Buy | 50% | 2700 - 2750 | | Oil Mill Inventory Management | Worried about excessive imported soybeans and low soybean meal selling prices | Long | Short soybean meal futures to lock in profits and cover production costs according to the situation | M2605 | Sell | 50% | 2850 - 2950 | [3] | 3. Oilseed Futures Prices | Commodity | Closing Price | Today's Change | Change Rate | | --- | --- | --- | --- | | Soybean Meal 01 | 3008 | - 22 | - 0.73% | | Soybean Meal 05 | 2763 | - 15 | - 0.54% | | Soybean Meal 09 | 2936 | - 9 | - 0.31% | | Rapeseed Meal 01 | 2397 | - 25 | - 1.03% | | Rapeseed Meal 05 | 2317 | - 25 | - 1.07% | | Rapeseed Meal 09 | 2446 | - 18 | - 0.73% | | CBOT Yellow Soybeans | 1093.75 | 0 | 0% | | Off - shore RMB | 7.0723 | 0.0036 | 0.05% | [9] | 4. Soybean and Rapeseed Meal Price Spreads | Spread | Price | Today's Change | Spread | Price | Today's Change | | --- | --- | --- | --- | --- | --- | | M01 - 05 | 252 | 37 | RM01 - 05 | 20 | - 7 | | M05 - 09 | - 115 | - 3 | RM05 - 09 | - 69 | 0 | | M09 - 01 | - 100 | - 5 | RM09 - 01 | 49 | 7 | | Soybean Meal Rizhao Spot | 3020 | 0 | Soybean Meal Rizhao Basis | 199 | 12 | | Rapeseed Meal Fujian Spot | 2580 | 0 | Rapeseed Meal Fujian Basis | 38 | 35 | | Soybean - Rapeseed Meal Spot Spread | 640 | 20 | Soybean - Rapeseed Meal Futures Spread | 436 | - 8 | [10] | 5. Oilseed Import Costs and Crushing Profits | Import Item | Price (Yuan/ton) | Daily Change | Weekly Change | | --- | --- | --- | --- | | US Gulf Soybean Import Cost (23%) | 4716.1059 | - 40.415 | 0.0773 | | Brazilian Soybean Import Cost | 3763.46 | - 32.42 | - 73.19 | | US Gulf (3%) - US Gulf (23%) Cost Difference | - 766.8465 | - 2.2244 | 6.6552 | | US Gulf Soybean Import Profit (23%) | - 1011.6253 | - 40.415 | - 138.5985 | | Brazilian Soybean Import Profit | 67.7677 | 0.2112 | - 0.708 | | Canadian Rapeseed Import Futures Profit | 687 | - 51 | 23 | | Canadian Rapeseed Import Spot Profit | 913 | - 55 | 13 | [11] |