南华期货是中国领先的综合性期货公司，成立于1996年，总部位于杭州，业务涵盖境内期货经纪、风险 管理、财富管理及境外金融服务，并于2019年在上海证券交易所上市。此次在港IPO，公司拟将全球发 售募资净额约12.03亿港元全额拨付给香港子公司横华国际，用于强化境外资本基础并扩张海外业务。 此次南华期货香港上市为年内首家赴港上市的中资期货企业，其行业领先地位与国际化潜力有望引发资 本市场重新估值。 南华期货(2691.HK)公告，公司全球发售107,659,000股H股，每股H股12.00港元，所得款项净额12.03亿 港元。香港公开发售股份数目占全球发售股份数目15%，获认购1.91倍；国际发售股份数目占全球发售 股份85%，获认购倍0.99倍。该股预计即将于12月22日(周一)正式登陆港交所，将以每手500股股份为买 卖单位进行买卖。 ...

Core Viewpoint - Nanhua Futures has successfully passed the IPO hearing with the Hong Kong Stock Exchange, indicating that its H-share issuance is entering a substantive advancement phase [2][8]. Company Progress - Nanhua Futures announced its intention to issue H-shares and list on the Hong Kong Stock Exchange in January 2023 to enhance its global strategic layout [5]. - The company submitted its application and related materials to the Hong Kong Stock Exchange on April 17, 2023, and received confirmation from the China Securities Regulatory Commission on September 19, 2023 [6]. - On October 31, 2023, Nanhua Futures updated and resubmitted its application materials, completing an important step in the listing process [6]. - The listing hearing was held by the Hong Kong Stock Exchange Listing Committee on November 20, 2023 [7]. Financial Performance - Nanhua Futures reported operating revenues of 954 million yuan, 1.293 billion yuan, and 1.355 billion yuan for the years 2022, 2023, and 2024, respectively, with corresponding profits of 246 million yuan, 403 million yuan, and 458 million yuan [8]. - In the first half of 2025, the company achieved operating revenue of 593 million yuan and profit of 231 million yuan [8]. Opportunities and Challenges - The move to list in Hong Kong presents opportunities for Nanhua Futures to expand international financing channels and enhance its brand influence [10]. - Listing in Hong Kong could provide a broader financing platform and international perspective, allowing for more collaboration with international peers [11]. - Challenges include high listing costs, potential dilution of shares, stricter regulatory requirements, and the need for effective cross-border business integration [11]. - The differences in market rules and regulatory standards between Hong Kong and mainland China may require significant preparation from the company [11]. Industry Outlook - There is an expectation that more quality futures companies, especially leading firms, will follow the "A+H" model in the future [12]. - The futures industry is entering a new phase of capital dividends and international competition, with the "A+H" model helping companies meet capital needs and enhance global layouts [12]. - Leading firms are likely to consolidate their advantages, while smaller companies may focus on niche markets for differentiated development [12].

Investment Rating - The report maintains a "Recommendation" rating for Nanhua Futures, with a target price of 30.25 CNY [2][9]. Core Views - Nanhua Futures demonstrated resilience in its overseas business and secured additional clearing licenses, which is expected to enhance its competitive position [2][9]. - The company reported a total revenue of 1.1 billion CNY for H1 2025, a year-on-year decrease of 58.3%, while the net profit attributable to shareholders was 230 million CNY, reflecting a slight increase of 0.5% [2][9]. - The report highlights the impact of regulatory changes on revenue recognition, particularly in the context of net income reporting, which did not affect net profit [9]. Financial Performance Summary - For H1 2025, the company achieved total revenue of 1.1 billion CNY, with a net profit of 230 million CNY [2][9]. - The revenue breakdown shows a decline in net interest income and commission income, with significant drops of 27.8% and 13.9% respectively, while investment income saw a substantial increase of 570.7% [9]. - The domestic business faced challenges with a 29.0% decline in commission income, despite an increase in trading volume and value in the futures market [9]. - The overseas business reported a 9.3% increase in commission income, supported by a favorable high-interest environment and the expansion of clearing licenses [9]. Future Outlook - The company plans to list in Hong Kong, with the raised funds aimed at bolstering the capital of its overseas subsidiaries, which is expected to strengthen its international business [9]. - The report anticipates that Nanhua Futures will benefit from a more regulated industry environment, allowing it to expand its market share due to its established pricing system [9]. - Earnings per share (EPS) forecasts for 2025, 2026, and 2027 are adjusted to 0.86 CNY, 0.91 CNY, and 0.97 CNY respectively, reflecting a cautious outlook amid macroeconomic conditions [9].