Core Viewpoint - The number of futures companies listed on the New Third Board is expected to decrease again, reflecting challenges faced by small and medium-sized futures companies in securing effective financing and the concentration of resources among leading firms [4][10]. Group 1: Company Actions - Dongbei Securities announced that its subsidiary, Bohai Futures, plans to apply for termination of its listing on the New Third Board, ending over eight years of listing [3][5]. - Bohai Futures' decision is based on its development planning needs and is expected to have no significant impact on the company's normal operations [6]. Group 2: Industry Trends - In April 2023, two other futures companies, Jinyuan Futures and Funeng Futures, also withdrew from the New Third Board, reducing the number of listed futures companies from 13 to 11 [4][10]. - If Bohai Futures exits, the total will drop to 10, with all remaining companies having a market value of less than 10 billion yuan, and many experiencing low trading volumes [10]. Group 3: Financial Performance - Bohai Futures reported a significant decline in performance for 2024, with revenue of approximately 2.32 billion yuan, a year-on-year decrease of 17.79%, and a net loss of 29.38 million yuan [7]. - In contrast, the company had net profits exceeding 10 million yuan in both 2022 and 2023 [7]. Group 4: Market Challenges - The withdrawal of futures companies from the New Third Board indicates limited effective financing opportunities in the capital market for small and medium-sized firms, highlighting a pronounced "Matthew effect" where resources tend to concentrate among larger companies [4][10]. - Industry insiders suggest that small and medium-sized futures companies must seek breakthroughs in differentiated development, business innovation, mergers and acquisitions, internal management, and policy support to survive in a competitive market [10].