南华期货港股上市在即，国际化战略落地迈入新阶段

Core Viewpoint - Nanhua Futures is set to list its H-shares on the Hong Kong Stock Exchange on December 22, 2025, marking a significant step in its internationalization strategy and highlighting its resilience and core investment value amid industry transformation [1][4]. Listing Progress - The preparation for Nanhua Futures' Hong Kong listing has been efficient and smooth, taking one year to complete [1]. - The company announced its intention to issue H-shares in January 2025, followed by the submission of listing application materials to the Hong Kong Stock Exchange in April [2]. - The China Securities Regulatory Commission confirmed the listing application in September 2025, and the company updated its application materials in October [2][3]. Internationalization Acceleration - Nanhua Futures is the first Chinese futures company to go public in Hong Kong this year, reflecting its industry-leading position and international potential [5]. - The H-share listing is a key move in the company's international strategy, having established a service network across major global financial centers since 2006 [5]. - The net proceeds from the H-share issuance will be used to enhance the scale and optimize the structure of its overseas business [5]. Performance Growth - Nanhua Futures has shown robust performance growth, with annual profits increasing from 246 million RMB in 2022 to 458 million RMB in 2024, representing a compound annual growth rate of 36.5% [7]. - Total assets grew from 34.189 billion RMB at the end of 2022 to 48.863 billion RMB by the end of 2024, with a compound annual growth rate of 19.5% [7]. - The company has expanded its client base significantly, with the number of registered clients in domestic futures brokerage increasing from 4,266 in 2022 to 5,279 by mid-2025 [7]. Future Outlook - The investment value of Nanhua Futures is expected to continue to be released as the company aligns with industry opportunities and strategic initiatives [8]. - The company is poised to benefit from the Belt and Road Initiative and the accelerated opening of the futures market, positioning itself as a benchmark enterprise in the global futures industry [8].