Nanhua Futures(SH:603093) Ge Long Hui·2025-12-19 15:54Core 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]