打造期货业国际化标杆 南华期货开启“A+H”双资本平台新征程

Core Viewpoint - Nanhua Futures is set to officially list on the Hong Kong Stock Exchange, marking a significant milestone in its nearly two-decade internationalization strategy, with a clear development logic aimed at reshaping industry value innovation paths [1] Group 1: Business Performance and Structure - Nanhua Futures has established a diversified business system covering domestic futures brokerage, risk management, wealth management, and overseas financial services, ranking eighth among domestic futures companies by total revenue in 2024 and first among non-financial institution-backed futures companies [2] - The company's operating income is projected to grow from 954 million yuan in 2022 to 1.355 billion yuan in 2024, with profits increasing from 246 million yuan to 458 million yuan during the same period, demonstrating strong resilience [2] - The optimization of business structure is a key support, with client equity in traditional domestic futures brokerage increasing by 65.4% to 31.6 billion yuan from the end of 2022 to the end of 2024, while overseas financial services have become a core growth engine [2] Group 2: Client Structure and Fundraising - The number of corporate clients reached 5,279 and financial institution clients reached 1,872 by the first half of 2025, with revenue contribution from institutional clients continuously increasing, reducing reliance on individual investors and enhancing business resilience [3] - The global offering of H-shares is set at 108 million shares, with a net fundraising expected to be nearly 1.3 billion HKD, which will be fully injected into the core platform of Nanhua Futures' overseas business [3] Group 3: Internationalization Strategy - Nanhua Futures began its internationalization journey in 2006 and has established a presence in major financial centers including Hong Kong, Chicago, Singapore, and London, creating a 24-hour global financial service network [4] - The company has obtained 18 trading memberships and 15 clearing memberships from major global exchanges, with several qualifications unique to Chinese institutions, enhancing its competitive edge in international markets [4] Group 4: Industry Trends and Future Outlook - The increasing homogenization of the domestic futures industry has intensified competition, making overseas expansion a necessary choice for leading companies, with Nanhua Futures setting a benchmark for transformation from channel services to comprehensive solutions [5] - The establishment of the "A+H" dual capital platform enhances corporate governance and brand internationalization, driving the dual-wheel growth of domestic and overseas businesses [6] - Long-term, the scarcity of licenses, a global customer base, and innovative business layouts are core to Nanhua Futures' valuation reconstruction, with expectations for high growth in overseas business driven by the internationalization of Chinese enterprises and rising demand for risk management [6]