南华期货(603093)

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].