香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Nanhua Futures Co., Ltd. 南華期貨股份有限公司 獲批成為NODAL EXCHANGE交易會員 本公司董事（「董事」）會（「董事會」）謹此宣佈，於二零二六年一月二十六日（美 國時間），Nanhua USA LLC（「Nanhua USA」）（即本公司間接全資附屬公司）收 到Nodal Exchange, LLC（「Nodal Exchange」）通知，獲批成為Nodal Exchange交 易會員。Nodal Exchange是一家領先的衍生品交易所，專注於北美電力、天然氣 和環境市場。目前，Nanhua USA已是Nodal Exchange 指定清算機構Nodal Clear, LLC的清算會員。本次獲批後，Nanhua USA可交易及清算在Nodal Exchange 上市 的相關產品。 本公司股東及有意投資者於買賣本公司證券時務請審慎行事。 承董事會命 南華期貨股份有限公司 ...

本报记者 田鹏 2026年开年以来，港股次新股迎来良好开局。Wind资讯数据显示，今年以来，截至1月13日收盘，121只次新股算术平均涨 幅达5.94%，其中有19只个股自上市以来股价涨幅超过100%。 接受《证券日报》记者采访的专家表示，这一轮港股次新股的良好表现并非短期市场情绪反弹，而是多重核心因素共振的 结果。从标的结构来看，硬科技成为核心主线，人工智能、半导体GPU、生物医药等赛道的优质企业集中上市，这些企业凭借 技术稀缺性与成长确定性，成为资金追捧的核心标的。 首先，标的结构持续优化，硬科技成为上市主力。近年来，赴港上市公司精准覆盖人工智能、半导体、生物医药等前沿领 域，普遍具备技术稀缺性与成长确定性。 其次，全球资本加速回流中国资产，为港股次新股股价走强提供了资金支撑。瑞银数据显示，2025年全球前四十大国际投 资人对中国资产配置较2024年显著回升，但与2017年至2021年的均值相比，仍有较大提升空间。 具体来看，材料行业11只个股中，8只股价年内上涨，其中南山铝业国际控股有限公司和容大合众（厦门）科技集团股份 公司涨幅超过20%。 5只金融类次新股股价年内全部实现上涨，轻松健康集团和南华期货 ...

香港交易及結算所有限公司、香港聯合交易所有限公司（「聯交所」）及香港中央結算有限公司 （「香港結算」）對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表 示不會就因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 本公告不會直接或間接於或向美國（包括美國的領土及屬地、美國任何州以及哥倫比亞特區或 任何其他法律禁止此類發佈的司法管轄區內）發佈、刊發或派發。本公告並不構成亦不屬於在 美國境內或於任何其他司法管轄區購買或認購證券的任何要約或招攬的一部分。本公告所述證 券並無亦不會根據《1933年美國證券法》（經不時修訂）（「美國證券法」）或美國任何州或其他司 法管轄區的證券法登記。證券不得在美國境內提呈發售、出售、質押或以其他方式轉讓，惟根 據美國證券法的登記規定及任何適用州證券法獲豁免者除外，或除非符合美國證券法項下的S 規例，否則不得於美國境外提呈發售、出售、質押或以其他方式轉讓。證券不會在美國公開發 售。 本公告僅作說明用途，並不構成收購、購買或認購任何證券的邀請或要約。本公告並非招股章 程。有意投資者於決定是否投資於發售股份前應閱覽招股章程，以獲得有關下文所述 ...

Group 1 - The enthusiasm for A-share companies to list in Hong Kong has surged since 2025, with a significant increase in the "A+H" dual listing model, as evidenced by 19 A-share companies successfully listing in Hong Kong by December 28, 2025, a 533% increase from 3 companies in 2024, accounting for over 50% of the total fundraising in the Hong Kong IPO market [1][3] - Over 160 A-share listed companies have disclosed plans to list in Hong Kong across various sectors, including renewable energy, healthcare, and smart home technology, with many achieving "announcement to listing" within the same year [2][3] - The total amount raised by 111 companies listed in Hong Kong in 2025 reached approximately 2786.78 million HKD, with A-share companies contributing about 1399.93 million HKD [3] Group 2 - The Hong Kong Stock Exchange has implemented significant reforms in 2025, enhancing its role as a capital hub connecting mainland China and global markets, which is crucial for A-share companies' globalization strategies [4] - Companies like Dize (Jiangsu) Pharmaceutical Co., Ltd. and Shenzhen Lulian Technology Co., Ltd. have announced plans to issue H-shares and list on the Hong Kong Stock Exchange, emphasizing the importance of this move for their global strategy and brand image [4] - A-share companies listing in Hong Kong can significantly broaden their financing channels, improve governance and transparency to meet international standards, and enhance their global brand recognition [5][6]

Core Insights - The enthusiasm for A-share companies to list in Hong Kong has surged since 2025, with a significant increase in the "A+H" dual listing model, as evidenced by 19 A-share companies successfully listing in Hong Kong by December 28, 2025, a 533% increase from 3 companies in 2024 [1][2][3] Group 1: Market Trends - Over 160 A-share listed companies have disclosed plans for Hong Kong listings in 2025, covering key sectors such as new energy, healthcare, and smart home technology [2][3] - The speed of companies listing in Hong Kong has accelerated, with some achieving "announcement to listing" within the same year, exemplified by Nanhua Futures, which took only 11 months from announcement to listing [2] - The total number of companies listed in Hong Kong reached 111 in 2025, raising a total of approximately 2,786.78 million HKD, with A-share companies contributing about 1,399.93 million HKD [3] Group 2: Strategic Implications - The Hong Kong Stock Exchange has implemented significant reforms in 2025, enhancing its role as a capital hub connecting mainland China and global markets, which supports A-share companies in their globalization strategies [4] - Companies are increasingly viewing Hong Kong listings as a key part of their global strategy, aiming for resource integration, brand enhancement, and competitive advantage [4] - The dual listing model is expected to broaden financing channels for companies, align governance and disclosure standards with international norms, and enhance global brand recognition [5]

Group 1: Frost & Sullivan's Market Position - Frost & Sullivan has been a leader in providing industry advisory services for companies going public in Hong Kong, achieving a market share of 72% by assisting 83 companies in 2025 [1] - The firm has a strong track record, having helped nearly 3,000 companies successfully list in Hong Kong and abroad, maintaining a leading position in the investment consulting sector for the past decade [11][13] - Frost & Sullivan's reports are widely referenced in IPO documents and market research reports for leading companies in A-shares and the Sci-Tech Innovation Board [11][13] Group 2: Client Services and Expertise - The company offers comprehensive advisory services, including market positioning, competitive advantage identification, and communication facilitation with investors and regulatory bodies [10] - Frost & Sullivan has established a robust platform for connecting investment needs, collaborating closely with top investment banks, audit firms, law firms, and industry leaders [11][12] - The firm focuses on various sectors, including digital infrastructure, healthcare, new energy, and consumer electronics, ensuring extensive coverage of China's economic landscape [12][13] Group 3: Specific Company Profiles - Nanhua Futures Co., Ltd. is recognized as a leading futures company in China, providing services based on deep understanding of client needs in both domestic and international markets [3] - Ming Kee Hospital Group is the largest private profit-oriented hospital group in East China, holding a market share of 1.0% in the region and ranking seventh nationally among similar groups [5] - Huazhan Biotechnology focuses on wound healing and tissue repair, developing drugs related to platelet-derived growth factors as part of its core research pipeline [8]

Core Viewpoint - Nanhua Futures has successfully listed on the Hong Kong Stock Exchange, marking its dual listing strategy and enhancing its internationalization efforts while providing a quality addition to the Hong Kong stock market [1] Fundraising Focus - The company raised HKD 12.03 billion by issuing 108 million shares at HKD 12 per share, with the proceeds allocated to strengthen its overseas subsidiaries in Hong Kong, the UK, the US, and Singapore [1][2] - The fundraising aims to enhance the company's capital base to support its international business expansion and optimize its business structure [2] Business Development - Nanhua Futures has established a diversified business system covering domestic futures brokerage, risk management services, wealth management, and overseas financial services [3] - The company's domestic futures brokerage business has seen a 65.4% growth in client equity from the end of 2022 to the end of 2024, reaching CNY 31.6 billion [3] - The overseas business has become a significant growth engine, with client equity in overseas futures, securities, and leveraged forex brokerage services reaching HKD 17.8 billion, a 49.6% increase from the end of 2022 [3] Financial Performance - From 2022 to 2024, the company's revenue grew from CNY 954 million to CNY 1.355 billion, while net profit increased from CNY 246 million to CNY 458 million [4] - In the first half of 2025, the company achieved revenue of CNY 593 million and a net profit of CNY 231 million, maintaining a high net profit margin of 39% [4] Future Growth Strategy - The dual listing coincides with a strategic upgrade in the domestic futures industry, driven by increasing demand for risk management solutions and supportive policy frameworks [5] - Nanhua Futures plans to deepen its international strategy by expanding its overseas market coverage and enhancing cross-border financial service capabilities [6] - The company aims to transition from a "brokerage" model to a "professional service" model, focusing on risk management services, OTC derivatives, and wealth management [6]

Core Viewpoint - The Hong Kong Stock Exchange welcomed four companies, including Impression Dahongpao Co., Ltd., Huashan Biotechnology (Qingdao) Co., Ltd., Mingki Hospital Group Co., Ltd., and Nanhua Futures Co., Ltd., to list simultaneously, showcasing the growing interest in the market [1] Group 1: Company Listings - Impression Dahongpao issued 36.1 million shares at an offering price of HKD 3.6 per share, raising approximately HKD 130 million, which will be used for upgrading its signature performance and expanding its business influence [1] - Huashan Biotechnology offered around 17.65 million shares at an issue price of HKD 38.2 per share, raising about HKD 670 million, aimed at supporting the clinical development and commercialization of its products [1] Group 2: Role of Huafu International - Huafu International acted as the joint bookrunner and lead underwriter for the successful issuance of Impression Dahongpao and Huashan Biotechnology, highlighting its cross-border service capabilities and professional execution as a Chinese securities firm in Hong Kong [1]

New IPOs - Nanhua Futures (02691) received 1.91 times subscription in the Hong Kong public offering with a share price of HKD 12 [1] - Mindray Hospital (02581) received 6.28 times subscription in the Hong Kong public offering with a share price of HKD 9.34 [1] - Huazhang Biotech-B (02396) had a limited price offering with 791.95 times subscription in the Hong Kong public offering [1] - Impression Dahongpao (02695) received 3397.48 times subscription in the Hong Kong public offering with a share price of HKD 3.6 [1] Major Events - China Shenhua (01088) plans to acquire assets from its controlling shareholder for approximately CNY 133.598 billion and raise up to CNY 20 billion in supporting funds, upgrading its full industry chain layout [1] - China Shenhua (01088) intends to increase capital by CNY 6 billion to the State Energy Group Financial Company [1] - Sichuan Chengyu Expressway (00107) subsidiary plans to acquire 85% equity of Hubei Jingyi Expressway Co., Ltd. for CNY 2.409 billion [1] - Chongqing Steel (01053) plans to issue shares worth CNY 1 billion to Huabao Investment [1] - China Nonferrous Mining (01258) further acquires 55% equity of Kazakhstan's SM Minerals, increasing its stake to 70% [1] - Qingdao Port (06198) plans to invest CNY 6.615 billion in the construction of Dongjiakou General Terminal Project [1] - Qingdao Port (06198) also plans to invest approximately CNY 9.097 billion in the first phase of the Dongjiakou Container Terminal Project [1] - Yanda Pharmaceutical (00512) successfully achieved the primary clinical endpoint in the Phase III clinical study of the innovative radioactive nuclide conjugate drug TLX591-CDx for prostate cancer diagnosis [1] Financial Data - SF Express (06936) reported a total revenue of CNY 27.173 billion from its express logistics, supply chain, and international business in November, representing a year-on-year growth of 7.85% [2] Share Buybacks - Tencent Holdings (00700) repurchased 1.038 million shares for HKD 636 million on December 19 [2] - Xiaomi Group-W (01810) repurchased 3.75 million shares for HKD 152 million on December 19 [2] - COSCO Shipping Holdings (01919) repurchased 396.55 thousand shares for HKD 53.6689 million on December 19 [2] - Kuaishou-W (01024) repurchased 75.5 thousand shares for HKD 49.9509 million on December 19 [2]

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]