南华期货赴港上市 近日，南华期货获得中国证监会赴港上市备案通知书，拟发行不超过1.24亿H股在香港联交所（下称港 交所）主板上市。作为A股首家上市期货公司，南华期货此次迈向"A+H"双平台上市，不仅是企业自身 发展的里程碑，更是中国期货行业加速国际化布局的缩影。这一举措不仅对南华期货发展产生深远影 响，同时也折射出国内期货公司不断壮大背后的多重驱动力。 提升国际形象： 从"内卷"到"外拓"的必然选择 南华期货赴港上市反映了国内期货行业的发展趋势。目前，境内期货经纪业务同质化竞争激烈，利润空 间收窄，头部期货公司纷纷通过海外布局寻找新增量。中期协数据显示，截至2025年6月，国内期货公 司已在全球设立67家境外子公司，业务覆盖期货、证券、资管等领域。海外业务不仅缓解了国内期货行 业的"内卷式"竞争，还成为期货公司业绩增长的新引擎。 从"本土先行者"到"全球玩家" 南华期货的国际化布局并非一朝一夕之功。公司成立于1996年，根植浙江近30年，得益于浙江深厚的商 业传统和浙商"重视商业、敢于冒险"的精神。早在2006年，作为CEPA3框架下第一批"走出去"的内资期 货公司，南华期货就在香港设立了第一家境外子公司，迈 ...

Group 1 - Nanhua Futures has received approval from the China Securities Regulatory Commission for its plan to issue up to 124 million shares for overseas listing on the Hong Kong Stock Exchange, marking a significant step in its "A+H" listing strategy [1][4] - The company aims to deepen its global strategic layout, expand financing channels, and strengthen its overseas business advantages through this listing [1][4] - Nanhua Futures' overseas business has shown impressive growth, with revenue from international operations increasing from 231 million yuan to 654 million yuan from 2022 to 2024, representing a compound annual growth rate of 68.26% [4][5] Group 2 - The expansion of Nanhua Futures into international markets reflects a broader trend among Chinese futures companies, with 22 overseas primary subsidiaries and 39 secondary subsidiaries established as of June 2025 [2] - The internationalization of futures companies is driven by the need to diversify income sources and reduce competition in the domestic market, with many firms establishing overseas subsidiaries to offer a range of financial services [2][6] - The successful completion of Nanhua Futures' Hong Kong listing would make it the second "A+H" listed futures company in China, providing a reference point for the industry's international development [7]

Core Viewpoint - Nanhua Futures is accelerating its H-share listing plan to become the second "A+H" futures company in China, aiming to expand financing channels and enhance its international presence, particularly in overseas business operations [1][3]. Company Overview - Nanhua Futures, established in 1996, is the first listed futures company in A-shares, focusing on futures brokerage, wealth management, risk management, overseas financial services, and futures investment consulting [2]. - The company has made significant strides in its overseas business, with its subsidiary, Honghua International, becoming a major profit source [2][3]. Financial Performance - Nanhua Futures reported operating revenues of approximately 68.23 billion yuan, 62.47 billion yuan, and 57.12 billion yuan for the years 2022, 2023, and 2024, respectively, with net profits of about 2.46 billion yuan, 4.03 billion yuan, and 4.58 billion yuan [2]. - Honghua International's revenues and net profits have also shown steady growth, indicating its importance to Nanhua's overall financial health [3]. Strategic Goals - The H-share listing is intended to deepen global strategic layout, enhance financing capabilities, and solidify the company's competitive edge in overseas markets [3][4]. - Nanhua Futures aims to integrate its clearing license layout and build a comprehensive financial service platform through the H-share listing [4]. Industry Context - The futures industry in China is experiencing increased competition, with leading companies innovating and differentiating themselves to capture market share [1][12]. - The overall performance of the futures industry has been under pressure, with a decline in revenues and profits for many companies, highlighting the need for strategic transformation [12][14].