Core Viewpoint - Nanhua Futures Co., Ltd. is progressing towards its H-share listing on the Hong Kong Stock Exchange after passing the IPO hearing, with Citic Securities as the sole sponsor [2][3]. Company Overview - Nanhua Futures, established in 1996, has a registered capital of 610 million RMB and is primarily owned by Hengdian Group Holding Co., Ltd. with a 69.68% stake [3]. - The company is recognized as a leading futures firm in China, ranking eighth among all futures companies by total revenue in 2024, and first among non-financial related futures companies [2][3]. Financial Performance - The operating revenues for Nanhua Futures from 2022 to 2025 (first half) are as follows: approximately 954 million RMB in 2022, 1.29 billion RMB in 2023, 1.35 billion RMB in 2024, and 593 million RMB in the first half of 2025 [4][5]. - The net profits for the same periods are approximately 246 million RMB in 2022, 403 million RMB in 2023, 458 million RMB in 2024, and 231 million RMB in the first half of 2025 [4][5]. Revenue Breakdown - The revenue from domestic futures brokerage for 2022, 2023, 2024, and the first half of 2025 is 536 million RMB, 571 million RMB, 494 million RMB, and 190 million RMB, respectively, showing a declining trend in operating profit margins [5][6]. - Conversely, revenue from overseas financial services has shown a steady increase, with figures of 231 million RMB in 2022, 567 million RMB in 2023, 654 million RMB in 2024, and 327 million RMB in the first half of 2025, along with high operating profit margins [6]. Future Plans - Nanhua Futures plans to issue up to 12.38 million shares for its overseas listing, with the proceeds aimed at strengthening the capital base of its subsidiaries in Hong Kong, the UK, the US, and Singapore [3].

Core Viewpoint - Nanhua Futures Co., Ltd. is progressing with its application for a Hong Kong listing, with the listing hearing scheduled for November 20, 2025, by the Hong Kong Stock Exchange's listing committee [1]. Group 1: Listing Progress - Nanhua Futures announced its application for a Hong Kong listing, with the listing hearing held on November 20, 2025 [1]. - The exclusive sponsor received a letter from the Hong Kong Stock Exchange on November 21, 2025, indicating that the listing application has been reviewed, but this does not constitute formal approval [1]. - The company still requires final approval from the Hong Kong Securities and Futures Commission and the Hong Kong Stock Exchange, indicating uncertainty in the listing process [1]. Group 2: Company Ranking and Services - Nanhua Futures is recognized as a leading futures company in China, providing global financial services, including domestic futures brokerage, risk management, and wealth management [2]. - According to a Frost & Sullivan report, in 2024, Nanhua Futures ranked 8th among all futures companies in China by total revenue and 1st among non-financial institution-related futures companies [2]. - The company ranked 1st in overseas income among all futures companies in China in 2024 and 3rd in return on equity (ROE) among all 53 listed securities and futures companies [2].