Core Viewpoint - The domestic futures industry is accelerating its internationalization, with Nanhua Futures set to officially list on the Hong Kong Stock Exchange on December 22, enhancing its capital layout and expanding its overseas business opportunities [1] Industry Opportunities and Growth - The domestic futures market is transitioning towards high-quality development driven by policy support and market demand, with a compound annual growth rate of 9.1% in trading volume expected from 2020 to 2024, reaching 98.68 trillion yuan by 2029 [2] - The increasing demand for risk hedging in the real economy, particularly due to commodity price volatility, is providing significant opportunities for the futures industry [2] Company Development and Competitive Position - Nanhua Futures has established itself as a leading player in the industry since its inception in 1996, ranking eighth among all domestic futures companies by total revenue in 2024 and first among non-financial institutions [4] - The company's overseas business has become a core growth driver, benefiting from favorable changes in the overseas interest rate environment and increased trading activity [4] Fundraising and Global Market Positioning - The IPO proceeds will be allocated to enhance global business layout, with 30% for Hong Kong, 30% for the UK, 20% for the US, 10% for Singapore, and 10% for operational funds, aligning with its existing service network across major financial centers [5] - Nanhua Futures possesses 17 international exchange memberships and 14 clearing seats, enabling comprehensive cross-border trading and settlement services [5] Strategic Alignment and Future Potential - The listing aligns with the dual opportunities of the domestic futures industry's internationalization and growing cross-border demand, positioning Nanhua Futures to further leverage its existing business advantages and market foundation [6] - The company's internationalization journey is seen as a new starting point, potentially serving as a reference model for the global exploration of the domestic futures industry [6]