Core Viewpoint - Nanhua Futures has submitted its second listing application to the Hong Kong Stock Exchange, with CITIC Securities as its sole sponsor, indicating the company's growth and ambition in the financial services sector [1] Company Overview - Nanhua Futures, established in 1996 and headquartered in Hangzhou, China, is a leading futures company providing global financial services [1] - The company ranks second in China for ROE among futures companies and first for overseas income as of 2024 [1] Client Growth - The number of corporate clients in Nanhua's domestic futures brokerage business increased from 4,266 as of December 31, 2022, to 4,672 by December 31, 2023, representing a growth of 9.5% [1] - Financial institution clients grew from 1,140 as of December 31, 2022, to 1,488 by December 31, 2023, a 30.5% increase [1] Financial Performance - Client equity in Nanhua's domestic futures brokerage reached RMB 31.6 billion as of December 31, 2024, a 65.4% increase from RMB 19.1 billion on December 31, 2022 [2] - The company reported operating revenues of RMB 9.54 billion, RMB 12.93 billion, RMB 13.55 billion, and RMB 5.93 billion for the years ending in 2022, 2023, 2024, and the first half of 2025, respectively [2] Industry Landscape - The Chinese futures market is the largest globally, covering over 140 products across 41 industries, with a significant correlation between futures and spot prices [3] - The demand for Chinese companies to engage in global financial markets is increasing, with A-share listed companies achieving approximately RMB 3.8 trillion in overseas business revenue in the first half of 2024, a 12.8% year-on-year growth [3] Competitive Environment - The financial services industry is highly competitive, with over 150 futures companies operating in China as of August 31, 2025 [4] - Nanhua Futures faces competition from various financial institutions, including other futures companies, securities firms, and investment banks, impacting pricing and market share [4]