Core Viewpoint - Nanhua Futures has successfully listed on the Hong Kong Stock Exchange, marking a significant milestone in the internationalization of China's futures industry and establishing a dual capital platform with A+H shares [1][2][3] Group 1: Company Overview and Market Position - Nanhua Futures is the second domestic futures company to achieve dual listing (A+H) after Hongye Futures, expanding the A+H futures company landscape to two [2] - The company has a market capitalization of approximately 120 billion RMB for A-shares and about 10 billion HKD for H-shares, totaling nearly 130 billion RMB, positioning it among the top in the domestic futures industry [2] - Nanhua Futures' H-share listing fills the gap for Chinese futures companies in the Hong Kong market in 2025, serving as a benchmark for cross-border IPOs in the non-bank financial sector [2][3] Group 2: Internationalization Strategy - Nanhua Futures has a 19-year history of internationalization, establishing its first overseas subsidiary in Hong Kong in 2006 and expanding to major financial centers including the US, Singapore, and the UK [4][5] - The company has developed a 24-hour trading service system across Asia, North America, and Europe, providing comprehensive derivatives trading, clearing, and risk management services [4] - Nanhua Futures has obtained membership qualifications from 18 major global exchanges and 15 clearing member qualifications, creating a competitive barrier that is difficult for domestic peers to replicate [5] Group 3: Financial Performance - In 2024, Nanhua Futures' overseas business revenue reached 654 million RMB, accounting for approximately 48.3% of total revenue, with a compound annual growth rate of 68.26% from 2022 to 2024 [6] - The gross profit margin of overseas business has consistently increased, reaching 71.26% in 2024, significantly higher than domestic business margins [6] - For the first three quarters of 2025, the company achieved revenue of 941 million RMB and a net profit of 351 million RMB, showing a slight decline of 1.92% year-on-year, outperforming the industry average [7] Group 4: Capital and Growth Potential - The net fundraising amount of 1.203 billion HKD from the H-share listing will enhance the capital strength of overseas subsidiaries, crucial for expanding international business and managing risks [8][9] - The dual capital platform provides flexible financing options, allowing the company to optimize financing methods based on market conditions, thereby reducing costs and enhancing risk resilience [9] - The internationalization of the futures industry is becoming essential for survival, driven by the increasing demand for cross-border risk management services as Chinese enterprises expand globally [10][11] Group 5: Future Outlook - Nanhua Futures is positioned to leverage its dual platform for significant growth in capital strength, brand influence, and business scale, potentially becoming a benchmark for the global futures industry [12][13] - The ongoing policy support for the opening of the futures market and the increasing demand for risk management services will provide long-term growth momentum for the company's overseas business [12][13]

较早系统布局海外市场的南华期货已构建起覆盖全球主要衍生品市场的完整清算网络，成为行业国际化 进程中的标杆企业。 此外，南华期货深耕境外清算领域多年，通过持续投入与长期主义坚守，已取得18个全球主流交易所的 会员资质及15个清算会员席位，覆盖面远超大部分国内期货公司，实现了亚、欧、美三大时区主流交易 所的有效覆盖。其中，南华美国今年新获得CBOEClearUS清算会员及NodalClear清算会员资质，累计拥 有10个清算席位，作为美国期货行业唯一具备中资背景且持有多项清算会员资格的机构，其品牌认知度 与市场优势正逐步提升。在核心市场布局上，美国市场方面，南华已斩获芝加哥商业交易所集团 （CMEGroup）、洲际交易所（ICE）等顶级交易所的清算会员资格，能够承接黄金、白银、铜等中资 企业高频需求品种的清算业务；欧洲市场方面，通过伦敦金属交易所（LME）清算资质覆盖工业金属 全品类清算，并依托南华英国拿下欧洲洲际交易所（ICEEurope）会员资质，精准对接原油等能源品种 的跨境清算需求，成为连接国内与国际市场的核心枢纽。 中国期货行业先行者南华期货(2691.HK)昨日正式在港交所挂牌，成功登陆香港资本市场， ...

Core Viewpoint - Nanhua Futures has successfully listed on the Hong Kong Stock Exchange, marking its dual listing and enhancing its international strategy and business innovation [1] Group 1: Listing Process and Fundraising - The listing process for Nanhua Futures was orderly, with the company submitting its application on April 17, 2025, and successfully completing its listing on December 22, 2025 [2] - The global offering consisted of 108 million shares at an issue price of HKD 12 per share, raising a total of HKD 1.203 billion [2] - The net proceeds will be allocated to strengthen the capital base of its overseas subsidiaries in Hong Kong, the UK, the US, and Singapore, enhancing its global competitiveness [2] Group 2: Industry Position and Business Development - Nanhua Futures ranks eighth among all domestic futures companies by total revenue in 2024 and first among non-financial institution-related futures companies, showcasing its core competitiveness [3] - The company has established a diversified business system covering domestic futures brokerage, risk management services, wealth management, and overseas financial services [3] - The domestic futures brokerage business has seen a 65.4% growth in client equity from the end of 2022 to the end of 2024, reaching CNY 31.6 billion [3] Group 3: International Business Growth - Nanhua Futures has become a significant growth engine through its international business, with client equity in overseas futures, securities, and leveraged forex brokerage services reaching HKD 17.8 billion, a 49.6% increase from the end of 2022 [4] - The company's assets under management (AUM) in overseas asset management have grown by 70%, reaching HKD 3.4 billion [4] - The company has built a service bridge connecting domestic and international markets, providing cross-market and multi-variety financial services [4] Group 4: Financial Performance - From 2022 to 2024, Nanhua Futures' operating income increased from CNY 954 million to CNY 1.355 billion, while net profit rose from CNY 246 million to CNY 458 million [4] - In the first half of 2025, the company achieved operating income of CNY 593 million and a net profit of CNY 231 million, with a net profit margin of 39% [4] Group 5: Industry Opportunities and Challenges - The domestic futures industry is at a critical stage of strategic upgrade and high-quality transformation, driven by increasing demand for risk management solutions and supportive policy guidance [5] - The industry faces challenges such as homogenized competition and capital pressure, necessitating a shift towards comprehensive risk management services [6] - Nanhua Futures' dual listing aligns with industry trends and supports its transformation, enhancing its capital strength and international layout [6] Group 6: Future Development - Nanhua Futures aims to deepen its international strategy by expanding its overseas market coverage and optimizing its service network [6] - The company plans to invest in risk management services, OTC derivatives, and wealth management, transitioning from a brokerage model to a professional service model [6] - The dual capital market platform will help attract high-quality talent and drive technological innovation, creating a collaborative ecosystem [6] Group 7: Contribution to Industry Development - Nanhua Futures' listing provides a new space for its development and serves as a beneficial reference for the internationalization of the domestic futures industry [7] - The company is positioned to leverage its dual listing to enhance its role in national strategy, support risk management for the real economy, and promote high-quality industry development [7]

Core Viewpoint - Nanhua Futures is set to officially list on the Hong Kong Stock Exchange, marking a significant milestone in its nearly two-decade internationalization strategy, with a clear development logic aimed at reshaping industry value innovation paths [1] Group 1: Business Performance and Structure - Nanhua Futures has established a diversified business system covering domestic futures brokerage, risk management, wealth management, and overseas financial services, ranking eighth among domestic futures companies by total revenue in 2024 and first among non-financial institution-backed futures companies [2] - The company's operating income is projected to grow from 954 million yuan in 2022 to 1.355 billion yuan in 2024, with profits increasing from 246 million yuan to 458 million yuan during the same period, demonstrating strong resilience [2] - The optimization of business structure is a key support, with client equity in traditional domestic futures brokerage increasing by 65.4% to 31.6 billion yuan from the end of 2022 to the end of 2024, while overseas financial services have become a core growth engine [2] Group 2: Client Structure and Fundraising - The number of corporate clients reached 5,279 and financial institution clients reached 1,872 by the first half of 2025, with revenue contribution from institutional clients continuously increasing, reducing reliance on individual investors and enhancing business resilience [3] - The global offering of H-shares is set at 108 million shares, with a net fundraising expected to be nearly 1.3 billion HKD, which will be fully injected into the core platform of Nanhua Futures' overseas business [3] Group 3: Internationalization Strategy - Nanhua Futures began its internationalization journey in 2006 and has established a presence in major financial centers including Hong Kong, Chicago, Singapore, and London, creating a 24-hour global financial service network [4] - The company has obtained 18 trading memberships and 15 clearing memberships from major global exchanges, with several qualifications unique to Chinese institutions, enhancing its competitive edge in international markets [4] Group 4: Industry Trends and Future Outlook - The increasing homogenization of the domestic futures industry has intensified competition, making overseas expansion a necessary choice for leading companies, with Nanhua Futures setting a benchmark for transformation from channel services to comprehensive solutions [5] - The establishment of the "A+H" dual capital platform enhances corporate governance and brand internationalization, driving the dual-wheel growth of domestic and overseas businesses [6] - Long-term, the scarcity of licenses, a global customer base, and innovative business layouts are core to Nanhua Futures' valuation reconstruction, with expectations for high growth in overseas business driven by the internationalization of Chinese enterprises and rising demand for risk management [6]

Core Viewpoint - The domestic futures industry in China is accelerating its internationalization and moving towards high-quality development, driven by policy guidance and market demand [1] Group 1: Industry Trends - The Chinese futures market is the largest commodity futures market globally, covering over 140 products across 41 industries, with a projected CAGR of 9.1% from 2020 to 2024, expected to reach 986.8 trillion yuan by 2029 [1] - The demand for risk hedging in the real economy is increasing, particularly due to heightened volatility in commodity prices and rising hedging needs among industrial chain enterprises [1] - The cross-border risk management demand remains strong as Chinese companies accelerate their internationalization, with A-share listed companies' overseas business revenue growing by 12.8% year-on-year in the first half of 2024 [1] Group 2: Company Overview - Nanhua Futures is set to officially list on the Hong Kong Stock Exchange on December 22, becoming a pioneer in the internationalization of the domestic futures industry [1] - According to Frost & Sullivan, Nanhua Futures ranks eighth among all domestic futures companies in total revenue for 2024 and first among non-financial institution-related futures companies, with the highest overseas revenue among domestic futures firms [1] Group 3: Financial Performance - Nanhua Futures' overseas financial services revenue is expected to double from 2022 to 2024, with over 50% of total revenue coming from this segment by the first half of 2025, contributing over 90% of operating profit [2] - The company plans to issue 108 million H-shares at a price range of 12-16 HKD, aiming to raise approximately 1.41 billion HKD, with funds allocated to enhance global business layout [2] Group 4: Strategic Initiatives - The company aims to establish an "A+H" dual listing structure to optimize its capital layout and enhance cross-border financial services, which is expected to boost its international brand influence and accelerate overseas business expansion [3] - Nanhua Futures is focusing on increasing investments in risk management, OTC derivatives, and wealth management to capitalize on global derivatives market opportunities [3] Group 5: Profit Forecast and Valuation - Revenue projections indicate a decline in total revenue from 6.247 billion yuan in 2023 to 2.256 billion yuan in 2025, followed by a recovery to 2.738 billion yuan by 2027, with a significant year-on-year decrease of 60.5% in 2025 [4] - The net profit attributable to the parent company is forecasted to grow from 402 million yuan in 2023 to 587 million yuan in 2027, reflecting a steady growth trajectory [4] Group 6: Market Insights - Analysts believe that Nanhua Futures' internationalization strategy, high-margin business structure, and solid customer base will not only create long-term value for investors but also provide valuable insights for the internationalization of the domestic futures industry [5]

Core Viewpoint - The A+H listing strategy is becoming a consensus among industry leaders, with companies like Nanhua Futures taking significant steps towards internationalization through its H-share listing in Hong Kong, marking a milestone for the Chinese futures industry [1][2]. Group 1: Industry Trends - The A+H listing trend is characterized by leading companies from various sectors, including manufacturing and new energy, actively seeking to expand their international financing channels by listing in Hong Kong [1]. - As of the latest data, 17 A-share companies have successfully issued H-shares in Hong Kong this year, covering key sectors such as electronics, new energy, manufacturing, and finance [1]. Group 2: Company Strategy - Nanhua Futures' H-share listing is a crucial step in its internationalization strategy, having established a service network across major global financial centers since 2006 [2]. - The expected net fundraising amount from the H-share issuance is over 1.4 billion HKD, which will be used to enhance the scale and optimize the structure of its overseas business [2]. Group 3: Business Development - Nanhua Futures reported revenues of 941 million CNY and a net profit of 351 million CNY for the first three quarters of 2025, with total assets reaching 64.079 billion CNY [3]. - The company has achieved significant growth in its overseas business, with revenues increasing from 231 million CNY in 2022 to 654 million CNY in 2024, reflecting a compound annual growth rate of 68.3% [2][3]. Group 4: Market Position and Future Outlook - The Chinese futures market saw a transaction volume of 675 trillion CNY in the first 11 months of 2025, a year-on-year increase of 20.19%, indicating strong demand for hedging and asset allocation [4]. - Nanhua Futures is positioned to leverage its A+H dual capital platform to enhance its core competitiveness and solidify its industry position, benefiting from the Belt and Road Initiative and the accelerated opening of the futures market [4].

Group 1 - The core viewpoint emphasizes the accelerated internationalization of the futures industry in China, driven by the ongoing opening of the financial market and the need for futures companies to expand their business boundaries and enhance international competitiveness [1][2] - Industry experts highlight the importance of cooperation and differentiation as key strategies for futures companies to succeed in the international market [1][2] - The futures industry is currently experiencing significant opportunities for international development, with companies actively exploring overseas strategies [1][3] Group 2 - Dongzheng Futures focuses on financial technology as a key differentiator, aiming to expand its overseas presence through subsidiaries in Singapore and the UK while enhancing integrated services for cross-border risk management [2] - UBS Futures integrates its team into the global derivatives team to leverage international resources and compliance management, aiming to attract overseas investors to the Chinese futures market [3] - JPMorgan Futures benefits from China's capital market opening, shifting its focus to "bringing in" international products for global investors [3]