Core Viewpoint - Nanhua Futures Co., Ltd. is progressing towards its H-share listing on the Hong Kong Stock Exchange after passing the IPO hearing, with Citic Securities as the sole sponsor [2][3]. Company Overview - Nanhua Futures, established in 1996, has a registered capital of 610 million RMB and is primarily owned by Hengdian Group Holding Co., Ltd. with a 69.68% stake [3]. - The company is recognized as a leading futures firm in China, ranking eighth among all futures companies by total revenue in 2024, and first among non-financial related futures companies [2][3]. Financial Performance - The operating revenues for Nanhua Futures from 2022 to 2025 (first half) are as follows: approximately 954 million RMB in 2022, 1.29 billion RMB in 2023, 1.35 billion RMB in 2024, and 593 million RMB in the first half of 2025 [4][5]. - The net profits for the same periods are approximately 246 million RMB in 2022, 403 million RMB in 2023, 458 million RMB in 2024, and 231 million RMB in the first half of 2025 [4][5]. Revenue Breakdown - The revenue from domestic futures brokerage for 2022, 2023, 2024, and the first half of 2025 is 536 million RMB, 571 million RMB, 494 million RMB, and 190 million RMB, respectively, showing a declining trend in operating profit margins [5][6]. - Conversely, revenue from overseas financial services has shown a steady increase, with figures of 231 million RMB in 2022, 567 million RMB in 2023, 654 million RMB in 2024, and 327 million RMB in the first half of 2025, along with high operating profit margins [6]. Future Plans - Nanhua Futures plans to issue up to 12.38 million shares for its overseas listing, with the proceeds aimed at strengthening the capital base of its subsidiaries in Hong Kong, the UK, the US, and Singapore [3].

Core Viewpoint - Nanhua Futures Co., Ltd. is preparing for an IPO on the Hong Kong Stock Exchange, having submitted its prospectus after hearing, with a total market capitalization of approximately RMB 11.5 billion as of December 2, 2025 [1][2]. Company Overview - Nanhua Futures, established in 1996, is a leading futures company in China, providing a range of financial services including domestic futures brokerage, risk management, wealth management, and overseas financial services [2]. - The company was the first futures company to be listed on the A-share market in China on August 30, 2019 [1]. Business Performance - As of June 30, 2025, Nanhua Futures had 5,279 corporate clients and 1,872 financial institution clients in its domestic futures brokerage business, showing growth rates of 3.7% and 5.8% respectively [3]. - The total client equity in the domestic futures brokerage business reached RMB 31.6 billion, a 65.4% increase from December 31, 2022 [3]. - The company's overseas futures, securities, and leveraged foreign exchange brokerage services had client equity totaling approximately HKD 17.8 billion as of June 30, 2025 [3]. Financial Highlights - Nanhua Futures reported operating revenues of RMB 9.54 billion, RMB 12.93 billion, and RMB 13.55 billion for the years 2022, 2023, and 2024 respectively, with net profits of RMB 2.46 billion, RMB 4.03 billion, and RMB 4.58 billion [13]. - For the first half of 2025, the company recorded operating revenue of RMB 593.1 million [14]. - The net interest income for 2024 was RMB 681.8 million, while the net investment income was RMB 70.3 million [14]. Market Position - In 2024, Nanhua Futures ranked 8th among all futures companies in China by total revenue and 1st among non-financial institution-related futures companies [2]. - The company also ranked 1st in overseas income among all futures companies in China for the same year [5]. Shareholder Structure - Prior to its listing in Hong Kong, Nanhua Futures was primarily controlled by Hengdian Holdings, which held approximately 76.97% of the shares [9]. Management Team - The board of directors consists of 9 members, including 1 executive director and 5 non-executive directors, with a mix of experienced professionals from Hengdian Holdings [11][12].

Core Viewpoint - The domestic futures market for fuel oil is experiencing a downward trend, with the main contract showing weak performance and a decline of 2.07% as of midday trading [1][2]. Group 1: Market Performance - The main contract for fuel oil opened at 2462.00 CNY/ton and fluctuated between a high of 2477.00 CNY and a low of 2394.00 CNY during the day [1]. - The overall sentiment in the fuel oil market is bearish, with expectations of continued weak pricing due to ample supply [2]. Group 2: Supply and Demand Dynamics - According to Everbright Futures, the closure of the East-West arbitrage window is expected to reduce the inflow of low-sulfur fuel oil to Singapore in December, despite sufficient inventory levels in the region [2]. - Nanhua Futures noted an increase in high-sulfur fuel oil exports from Russia, with flows shifting towards Saudi Arabia and Egypt, which has alleviated previous supply tightness [2]. - Southwest Futures indicated that the deepening of the spot discount for Asian fuel oil could support prices, while the slow progress of new U.S. plans may also be a positive factor for fuel oil prices [3].

Core Viewpoint - Nanhua Futures (603093) has passed the listing hearing on the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor, indicating its growth as a comprehensive global financial services platform [1] Group 1: Company Overview - Nanhua Futures has developed into a comprehensive global financial services platform, offering services that include domestic futures brokerage, risk management, wealth management, and overseas financial services [1] - The company has actively implemented an internationalization strategy since 2006, establishing a network of overseas branches in major global financial centers to provide around-the-clock cross-market trading services across Asia, North America, and Europe [1] Group 2: Market Position - According to a report by Frost & Sullivan, Nanhua Futures ranks eighth among all futures companies in China by total revenue in 2024 and ranks first among all non-financial institution-related futures companies [1] Group 3: Client Growth - The number of registered corporate clients in the domestic futures brokerage business increased from 4,266 at the end of 2022 to 5,089 by the end of 2024 [1] - The number of registered financial institution clients grew from 1,140 at the end of 2022 to 1,770 by the end of 2024 [1]

Core Viewpoint - Nanhua Futures Co., Ltd. is in the process of applying for the issuance of overseas listed shares (H-shares) and listing on the main board of the Hong Kong Stock Exchange, with the application submitted on April 17, 2025, and updated on October 31, 2025 [1][2]. Group 1 - The company has received confirmation from the China Securities Regulatory Commission regarding the filing for the overseas issuance and listing [1]. - The Hong Kong Stock Exchange Listing Committee held a hearing on November 20, 2025, to review the company's application for issuance and listing [2]. - The company has published a post-hearing information set on the Hong Kong Stock Exchange website, which is intended to provide information to the public and qualified investors [2]. Group 2 - The issuance and listing are subject to final approval from relevant regulatory bodies, including the Hong Kong Securities and Futures Commission and the Hong Kong Stock Exchange, indicating uncertainty in the process [3]. - The company will fulfill its information disclosure obligations in accordance with the progress of the matter [3].

Core Viewpoint - Nanhua Futures (603093.SH) is undergoing a listing hearing on the Hong Kong Stock Exchange, with Citic Securities as the sole sponsor [1]. Company Overview - Nanhua Futures is a leading futures company in China, ranked eighth among all futures companies in terms of total revenue for 2024, and first among non-financial related futures companies [4]. - Established in 1996 and headquartered in Hangzhou, China, the company has evolved from a domestic futures brokerage to a comprehensive global financial services platform [4]. - The company offers a wide range of services including domestic futures brokerage, risk management, wealth management, and overseas financial services, covering the entire value chain of futures and derivatives [5]. Business Strategy - Since 2006, Nanhua Futures has been one of the first domestic futures companies to actively implement internationalization strategies, establishing a network of overseas branches in major financial centers [4]. - The company has successfully integrated its domestic and overseas platforms, reducing the impact of any single market on its operations [4]. Client Growth - The number of registered corporate clients in Nanhua Futures' domestic futures brokerage business increased from 4,266 as of December 31, 2022, to 4,672 as of December 31, 2023, representing a growth of 9.5% [5][6]. - The number of registered financial institution clients grew from 1,140 to 1,488 during the same period, marking a 30.5% increase [6]. Financial Performance - For the fiscal years 2022, 2023, and 2024, Nanhua Futures reported operating revenues of approximately RMB 954 million, RMB 1.293 billion, and RMB 1.355 billion, respectively [7]. - The net profit for the same years was approximately RMB 246 million, RMB 403 million, and RMB 458 million [7]. - The company's client equity in its domestic futures brokerage business reached RMB 31.6 billion as of December 31, 2024, a 65.4% increase from December 31, 2022 [6].

Core Viewpoint - Nanhua Futures Co., Ltd. is set to list on the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor, highlighting its growth and strategic internationalization efforts in the financial services sector [1]. Company Overview - Nanhua Futures is a leading futures company in China, ranked eighth among all futures companies by total revenue in 2024, and first among non-financial institution-related futures companies [5]. - Established in 1996 and headquartered in Hangzhou, China, the company has evolved from a domestic futures brokerage to a comprehensive global financial services platform [5]. - The company offers a wide range of services, including domestic futures brokerage, risk management, wealth management, and overseas financial services, covering the entire value chain of futures and derivatives [6]. Business Growth - Nanhua Futures has maintained a diversified business layout, covering major value chains in the futures and derivatives markets, with a product portfolio that includes various asset classes such as commodities, stocks, and fixed-income securities [6]. - The number of registered corporate clients in its domestic futures brokerage business increased from 4,266 as of December 31, 2022, to 4,672 as of December 31, 2023, representing a year-on-year growth of 9.5% [6]. - The number of registered financial institution clients grew from 1,140 as of December 22, 2022, to 1,488 as of December 31, 2023, a year-on-year increase of 30.5% [8]. Financial Performance - For the fiscal years 2022, 2023, and 2024, Nanhua Futures reported operating revenues of approximately RMB 954 million, RMB 1.293 billion, and RMB 1.355 billion, respectively [9]. - The net profit for the same periods was approximately RMB 246 million, RMB 403 million, and RMB 458 million [9]. - As of December 31, 2024, the company's client equity in its domestic futures brokerage business reached RMB 31.6 billion, a 65.4% increase from December 31, 2022 [8].

Core Viewpoint - Nanhua Futures Co., Ltd. is set to list on the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor, highlighting its growth and strategic internationalization efforts in the financial services sector [1][4]. Company Overview - Nanhua Futures is a leading futures company in China, ranked eighth among all futures companies by total revenue in 2024, and first among non-financial institution-related futures companies [4]. - Established in 1996 and headquartered in Hangzhou, China, the company has evolved from a domestic futures brokerage to a comprehensive global financial services platform [4]. - The company offers a wide range of services, including domestic futures brokerage, risk management, wealth management, and overseas financial services, covering the entire value chain of futures and derivatives [5]. Business Development - Since 2006, Nanhua Futures has actively pursued internationalization, establishing a network of overseas branches in major financial centers, which allows it to provide cross-market trading services [4]. - The company has maintained a diversified business layout, covering major value chains in the futures and derivatives markets, with a product portfolio that includes various asset classes such as commodities, stocks, and fixed-income securities [5]. Client Growth - The number of registered corporate clients in Nanhua's domestic futures brokerage business increased from 4,266 as of December 31, 2022, to 4,672 by December 31, 2023, representing a growth of 9.5% [6]. - Financial institution clients also grew significantly, from 1,140 as of December 22, 2022, to 1,488 by December 31, 2023, a 30.5% increase [6]. Financial Performance - For the fiscal years 2022, 2023, and 2024, Nanhua Futures reported operating revenues of approximately RMB 954 million, RMB 1.29 billion, and RMB 1.36 billion, respectively [7]. - The net profit for the same periods was approximately RMB 246 million, RMB 403 million, and RMB 458 million [7]. - The company's client equity in its domestic futures brokerage business reached RMB 31.6 billion as of December 31, 2024, a 65.4% increase from December 31, 2022 [6].

Core Viewpoint - Nanhua Futures (603093.SH) is in the process of applying for the issuance of overseas listed shares (H-shares) and plans to list on the main board of the Hong Kong Stock Exchange [1] Group 1: Company Actions - The company announced that it is working on the application for H-share issuance and listing on the Hong Kong Stock Exchange [1] - A listing hearing was held by the Hong Kong Stock Exchange Listing Committee on November 20, 2025, to review the company's application for this issuance and listing [1] - Following the hearing, the company published a post-hearing information package on the Hong Kong Stock Exchange website, which is intended to provide information to the public and qualified investors [1] Group 2: Regulatory Compliance - The post-hearing information package was published in accordance with the requirements of the Hong Kong Stock Exchange and the Securities and Futures Commission of Hong Kong [1] - The information contained in the package is a draft version and may be subject to updates and changes [1]

Core Viewpoint - Nanhua Futures (603093.SH) is in the process of applying for the issuance of overseas listed shares (H-shares) and listing on the main board of the Hong Kong Stock Exchange [1] Group 1 - The Hong Kong Stock Exchange Listing Committee held a listing hearing on November 20, 2025, to review the company's application for issuance and listing [1] - Following the hearing, the company published a post-hearing information package on the Hong Kong Stock Exchange website, as required by the Hong Kong Stock Exchange and the Securities and Futures Commission of Hong Kong [1] - The post-hearing information package is a draft version, and the information contained may be updated and changed as necessary [1]