最大跌幅27.5%，南华期货港交所上市遇冷，年内港股IPO超30只首日破发

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) has seen the listing of South China Futures Co., marking the first new futures stock in ten years, but the debut was disappointing with a significant drop in share price on the first day [2][5]. Company Overview - South China Futures Co. is the second futures company to achieve a dual listing (A+H) after Hongye Futures, with its A-shares listed in August 2019 [5]. - The company was established in 1996 and is headquartered in Hangzhou, Zhejiang, with the largest shareholder being Hengdian Group Holding Co., which owns 69.68% of the shares [5]. - The IPO price was set at HKD 12, raising a net amount of HKD 1.203 billion [5]. Market Performance - On its first trading day, South China Futures opened with a significant decline, reaching a maximum drop of 27.5%, and closing down 24.17%, resulting in a total market capitalization of HKD 6.531 billion [6]. - The performance of South China Futures was part of a broader trend in the HKEX, where 31 out of 108 new listings this year faced a drop on their debut, indicating a nearly 30% failure rate [3][11]. Comparison with A-shares - In contrast, the A-share market had no new listings that experienced a drop on their first day, highlighting a stark difference in investor behavior and market dynamics between the two exchanges [3][11]. - The A-share market benefits from protective policies and higher investor enthusiasm, leading to initial price increases for new listings [3]. Strategic Intent - The listing of South China Futures is part of a strategy to deepen its global footprint and enhance its brand while diversifying financing risks [8]. - The company aims to leverage the raised funds to expand its business and improve performance, despite the initial market challenges [9]. Industry Context - According to Frost & Sullivan, South China Futures ranks eighth among all domestic futures companies by total revenue for 2024 and first among non-financial institution-related futures companies [10]. - The company reported a revenue of CNY 941 million for the first three quarters of the year, reflecting a year-on-year decline of 8.27%, with a net profit of CNY 351 million, down 1.92% [9].