Nanhua Futures(SH:603093) Zhi Tong Cai Jing·2025-12-11 22:32Core 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].