Core Viewpoint - Nanhua Futures officially listed on the Hong Kong Stock Exchange, completing its "A+H" dual listing, but its H-shares experienced a weak debut, opening significantly lower than the IPO price [1][9]. Group 1: Stock Performance - The H-shares opened at HKD 9.13, down 23.92% from the IPO price of HKD 12, and fell as much as 27.5% to HKD 8.70 during trading [1][9]. - By the time of reporting, the H-share price slightly recovered to HKD 9.55, while the A-shares showed a positive trend, increasing by 2.18% [1][9]. - The trading volume for H-shares was 6.4315 million, with a total turnover of HKD 64.2482 million [2][10]. Group 2: Financial Highlights - Nanhua Futures reported a steady growth in annual profits, increasing from RMB 246 million in 2022 to RMB 458 million in 2024, reflecting a compound annual growth rate of 36.5% [6][13]. - The company ranked eighth among all futures companies in China by total revenue for 2024 and first among non-financial institution-backed futures companies [5][12]. - The net income from commissions and fees for 2022 was RMB 498 million, projected to rise to RMB 542 million in 2024 [14]. Group 3: IPO Details - The global offering included both Hong Kong public and international offerings, with a total of 16.1485 million shares allocated in the public offering, representing about 15% of the total shares offered [5][12]. - The public offering was oversubscribed by 1.91 times, while the international placement was 0.99 times oversubscribed [5][12]. - The company plans to use the funds raised for capital replenishment, expanding overseas business, and general corporate purposes [5][12].