Nanhua Futures(SH:603093) Xin Hua Cai Jing·2025-12-22 01:46Core Viewpoint - Nanhua Futures has officially listed on the Hong Kong Stock Exchange, achieving a dual listing in both A and H shares, marking a significant milestone in its internationalization strategy [1][3]. Group 1: Listing and Financial Details - The global offering of H shares consisted of 108 million shares, with 16.15 million shares allocated for public offering in Hong Kong and 91.51 million shares for international offering. The estimated net proceeds from the global offering are approximately HKD 1.203 billion after deducting related underwriting commissions and other estimated expenses [1]. Group 2: Internationalization Strategy - The listing is a result of Nanhua Futures' long-term commitment to internationalization, with subsidiaries established in key global markets such as Hong Kong, the United States, Singapore, and the United Kingdom, creating a diversified overseas business matrix covering futures, securities, and asset management [2]. - As of June 30, 2025, the overseas financial services segment has become a core growth engine, contributing 48.3% of total operating revenue in 2024 and increasing to 55.1% in the first half of 2025. The company has accumulated approximately 2,077 registered enterprise clients in its overseas business [2]. Group 3: Industry Impact and Competitive Advantage - The dual listing addresses the long-standing issue of homogeneous competition in the domestic futures industry, positioning Nanhua Futures for differentiated development and serving as a replicable model for leading futures companies expanding internationally [3]. - This strategic move is expected to accelerate the concentration of industry resources towards high-quality entities, enhancing industry concentration and driving the sector into a new phase characterized by "service deepening + capital empowerment" [3]. Group 4: Compliance and Risk Management - Nanhua Futures prioritizes compliance and risk management as its core operational foundation, holding the highest AA rating in domestic regulatory assessments, reflecting strong recognition from regulatory bodies for its stable operations and governance [4]. - The company has a comprehensive licensing system, including being one of the first full clearing members of the China Financial Futures Exchange, which supports its ability to navigate complex market environments [4]. Group 5: Financial Performance - In 2024, the company achieved operating revenue of CNY 5.712 billion and a net profit attributable to shareholders of CNY 458 million, representing a year-on-year growth of 13.96%, demonstrating resilience amid an overall decline in industry net profits [5]. - For the first half of 2025, the company reported a net profit of CNY 231 million, showcasing strong operational resilience despite market volatility, and maintained a net profit of CNY 351 million for the first nine months of 2025, remaining stable compared to the previous year [5].