Group 1 - The company aims to enhance the synergy of its four major business segments: brokerage, risk management, asset management, and overseas financial services, to better serve the real economy and connect industries [2] - Nanhua Futures successfully listed on the Hong Kong Stock Exchange, achieving dual listing in both A and H shares, marking a significant step towards a global perspective and broader market engagement [2] - The year 2026 will mark the 30th anniversary of Nanhua Futures, reflecting on three decades of steady and sustainable development, while committing to high-quality growth in the future [2] Group 2 - The company emphasizes professionalism and stability in its operations, aiming to align with industry trends and customer needs as it progresses into the new year [2] - The chairman extends wishes for prosperity and success to all stakeholders, highlighting the company's commitment to contributing to the nation's growth [2]

Group 1: Company Overview - Nanhua Futures Co., Ltd. successfully listed on the Hong Kong capital market on December 22, enhancing its international strategy and business innovation [1] - The company aims to allocate all net proceeds from the global offering to strengthen the capital base of its overseas subsidiaries, facilitating the expansion of its international business [1] - Nanhua Futures is ranked eighth among all domestic futures companies by total revenue for 2024 and first among non-financial institution-related futures companies, highlighting its industry leadership [2] Group 2: Business Performance - The company has established a diversified business system including futures brokerage, risk management services, wealth management, and overseas financial services [2] - The domestic futures brokerage business has shown a 65.4% growth in client equity from the end of 2022 to the end of 2024, reaching 31.6 billion yuan, providing stable business support [2] - The overseas business has become a significant growth engine, with client equity in overseas futures, securities, and leveraged forex brokerage services reaching 17.8 billion HKD, a 49.6% increase from the end of 2022 [2] Group 3: Financial Performance - From 2022 to 2024, the company's operating income increased from 954 million yuan to 1.355 billion yuan, while profit rose from 246 million yuan to 458 million yuan, indicating strong profitability [3] - In the first half of 2025, the company achieved an operating income of 593 million yuan and a net profit of 231 million yuan, with a net profit margin of 39% [3] - The dual listing aligns with the strategic upgrade and high-quality transformation of the futures industry, which is experiencing increased demand for comprehensive risk management solutions [3]

Core Viewpoint - The globalization of financial integration is accelerating, and the demand for cross-border risk management from Chinese enterprises is rising, creating a golden opportunity for futures companies like Nanhua Futures to expand globally [1] Group 1: Company Overview - Nanhua Futures has officially listed on the Hong Kong Stock Exchange, marking a significant milestone in its 20-year internationalization journey, with the "A+H" dual capital platform strategy fully implemented [1] - The company has developed into a comprehensive global financial service platform, offering a range of products including domestic futures brokerage, risk management, wealth management, and overseas financial services [2] - Nanhua Futures has established a global service network with a presence in major financial centers such as Hong Kong, Chicago, Singapore, and London, holding 18 trading memberships and 15 clearing memberships from major global exchanges [2] Group 2: Market Demand and Growth - The demand for cross-border risk management is increasing as Chinese companies expand internationally, with overseas business revenue for A-share listed companies reaching 3.8 trillion yuan in the first half of 2024, a year-on-year increase of 12.8% [3] - Nanhua Futures provides customized cross-border risk management solutions and all-weather trading channels, addressing the complex price fluctuations and exchange rate risks faced by Chinese enterprises in international trade and infrastructure [3] Group 3: Technological Support - The company has developed a customer-centric app and proprietary trading systems that ensure efficient risk management and high-frequency monitoring, supported by a global data center network [4] - The technology systems enable coordinated risk management across domestic and international operations, providing essential support for cross-market business activities [4] Group 4: Financial Performance - Nanhua Futures has shown strong financial resilience, with profits increasing from 246 million yuan in 2022 to 458 million yuan in 2024, representing a compound annual growth rate (CAGR) of 36.5% [5] - The company's return on equity (ROE) improved from 7.75% in 2022 to 11.71% in 2024, indicating effective capital management [5] - The overseas financial services segment has become a key growth driver, with revenues increasing from 231 million yuan in 2022 to 654 million yuan in 2024, achieving a CAGR of 68% [6] Group 5: Strategic Upgrades - The net proceeds from the H-share listing will be primarily allocated to enhance overseas business, with specific investments planned for various regions including Hong Kong, Malaysia, the UK, Europe, and North America [7] - The fundraising strategy aligns with the company's licensing advantages and targets high-potential global markets, creating a positive cycle of qualification, funding, and business expansion [7] Group 6: Long-term Development Advantages - The establishment of the "A+H" dual capital platform provides Nanhua Futures with unique long-term development advantages, allowing access to international capital and enhancing its global presence [8] - The company's strategic focus on cross-border risk management aligns with the growing industry demand, positioning it for sustained growth and value creation for investors [9]

Core Viewpoint - Nanhua Futures has successfully listed on the Hong Kong Stock Exchange, marking its dual listing strategy and enhancing its internationalization efforts while providing a quality addition to the Hong Kong stock market [1] Fundraising Focus - The company raised HKD 12.03 billion by issuing 108 million shares at HKD 12 per share, with the proceeds allocated to strengthen its overseas subsidiaries in Hong Kong, the UK, the US, and Singapore [1][2] - The fundraising aims to enhance the company's capital base to support its international business expansion and optimize its business structure [2] Business Development - Nanhua Futures has established a diversified business system covering domestic futures brokerage, risk management services, wealth management, and overseas financial services [3] - The company's 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] - The overseas business has become a significant growth engine, 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 [3] Financial Performance - From 2022 to 2024, the company's revenue grew from CNY 954 million to CNY 1.355 billion, while net profit increased from CNY 246 million to CNY 458 million [4] - In the first half of 2025, the company achieved revenue of CNY 593 million and a net profit of CNY 231 million, maintaining a high net profit margin of 39% [4] Future Growth Strategy - The dual listing coincides with a strategic upgrade in the domestic futures industry, driven by increasing demand for risk management solutions and supportive policy frameworks [5] - Nanhua Futures plans to deepen its international strategy by expanding its overseas market coverage and enhancing cross-border financial service capabilities [6] - The company aims to transition from a "brokerage" model to a "professional service" model, focusing on risk management services, OTC derivatives, and wealth management [6]

Core Viewpoint - The globalization of financial integration is accelerating, and the demand for cross-border risk management from Chinese enterprises is rising, creating a golden opportunity for futures companies like Nanhua Futures to expand globally [1] Group 1: Company Overview - Nanhua Futures has officially listed on the Hong Kong Stock Exchange, marking a significant milestone in its 20-year internationalization journey and the full implementation of its "A+H" dual capital platform strategy [1] - The company has developed into a comprehensive global financial service platform, offering services including domestic futures brokerage, risk management, wealth management, and overseas financial services [2] Group 2: Competitive Advantages - Nanhua Futures possesses a unique competitive edge due to its early internationalization strategy, establishing a global service network and a cross-border qualification barrier [2] - The company has built a business presence in major international financial centers such as Hong Kong, Chicago, Singapore, and London, holding 18 trading memberships and 15 clearing memberships from major global exchanges [2] Group 3: Market Demand and Growth - The demand for cross-border risk management is increasing as Chinese companies expand internationally, with overseas business revenue for A-share listed companies reaching 3.8 trillion yuan in the first half of 2024, a year-on-year increase of 12.8% [3] - Nanhua Futures can provide customized cross-border risk management solutions, covering various categories such as agricultural products, industrial products, energy, and metals [3] Group 4: Technological Support - The company has developed a customer-centric app and proprietary trading and risk management systems, ensuring efficient and secure trading operations [4] - Nanhua Futures' global data center network supports its cross-border business operations, enhancing its risk management capabilities [4] Group 5: Financial Performance - Nanhua Futures has demonstrated strong financial resilience, with net profit increasing from 246 million yuan in 2022 to 458 million yuan in 2024, representing a compound annual growth rate of 36.5% [5] - The company's total assets grew from 34.189 billion yuan at the end of 2022 to 48.863 billion yuan by the end of 2024, with a compound annual growth rate of 19.5% [5] Group 6: Strategic Initiatives - The net proceeds from the H-share listing will be primarily allocated to enhance overseas business, with specific percentages designated for various regional expansions [7] - The dual capital platform allows Nanhua Futures to attract global capital and optimize its shareholder structure, enhancing its international presence [8] Group 7: Conclusion - The H-share listing is a critical step in Nanhua Futures' globalization strategy, supported by its unique barriers of "network + qualifications + technology" [9] - The ongoing demand for cross-border risk management and the company's strategic initiatives position it for sustained growth and value creation for investors [9]

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 cold reception of Nanhua Futures' IPO in the Hong Kong market contrasts sharply with the high subscription rates of other companies, indicating a significant divergence in investor sentiment and highlighting concerns over the company's growth potential and valuation [1][12]. Company Overview - Nanhua Futures, established in 1996, is one of the first companies in China's futures industry and became the first A-share listed futures company in August 2019. The upcoming Hong Kong listing will make it the second futures company to achieve a dual listing in both A and H shares [2]. Financial Performance - Nanhua Futures ranked eighth among all futures companies in China by total revenue in 2024, with a revenue of 5.7 billion RMB, representing a market share of 2.1% among non-financial institution-related futures companies [3][2]. - The company's operating income is projected to grow from 9.54 billion RMB in 2022 to 13.55 billion RMB in 2024, but the growth rate is expected to slow significantly from 35.5% in 2023 to 4.8% in 2024 [5][6]. Revenue Structure - The decline in revenue growth is attributed to a decrease in commission rates for domestic futures brokerage services, with net commission and fee income expected to drop by 11.3% to 542 million RMB in 2024 [7]. - The average brokerage commission rate for domestic futures brokerage services fell from 0.334 basis points in 2023 to 0.158 basis points in the first half of 2025, leading to a decrease in operating profit margin from 18.6% to 6.2% [7]. Market Positioning - The pricing and terms of Nanhua Futures' IPO have dampened investor enthusiasm, with the offering price range set at 12-16 HKD, which represents a discount of approximately 33.7% compared to its A-share price [8]. - Compared to its peer Hongyi Futures, which has a much lower H/A ratio, Nanhua's offering does not present a compelling valuation advantage for investors seeking arbitrage opportunities [9]. IPO Mechanism - The IPO employs a fixed proportion and no reallocation mechanism, resulting in a lower expected allocation for retail investors, which diminishes their participation interest [10]. - The absence of cornerstone investors in the IPO increases market uncertainty, as there is no long-term capital to stabilize the stock price post-listing [10]. Market Sentiment - The overall cold reception of Nanhua Futures' IPO reflects a broader trend in the Hong Kong market, where investors are favoring companies with high growth potential and reasonable valuations, while remaining cautious towards those with short-term concerns [12].

Group 1 - Nanhua Futures Co., Ltd. is planning a global offering of 107.659 million H shares, with 10.766 million shares available for public sale in Hong Kong and 96.893 million shares for international sale [1][3] - The offering price is set between HKD 12.00 and HKD 16.00 per share, with a total fundraising amount estimated between HKD 12.92 billion and HKD 17.23 billion [3][4] - The company aims to use approximately 30% of the net proceeds to enhance its capital base in Hong Kong and establish a subsidiary in Malaysia, with similar allocations for operations in the UK, the US, and Singapore [4] Group 2 - The IPO is scheduled from December 12 to December 17, 2025, with the listing date set for December 22, 2025 [3] - Nanhua Futures is ranked 8th among all futures companies in China by total revenue and 1st among non-financial institution-related futures companies according to a Frost & Sullivan report [5] - The shareholder structure post-IPO indicates that Hengdian Holdings will control approximately 65.43% of the shares, with other A-share and H-share holders holding 19.57% and 15.00% respectively [4][5]

Core Viewpoint - Nanhua Futures Co., Ltd. is planning to list on the Hong Kong Stock Exchange after successfully passing the hearing on December 2, 2025, with a total market capitalization of approximately 11.5 billion RMB as of December 3, 2025 [1] Company Overview - Nanhua Futures is a leading futures company in China, providing global financial services and ranked second in terms of ROE among all Chinese futures companies for 2024 [1][2] - The company was established in 1996 and is headquartered in Hangzhou, China, evolving from a domestic futures brokerage to a comprehensive global financial service platform [1] Financial Performance - For the first half of 2025, Nanhua Futures reported operating revenue of 593 million RMB and a net profit of 231 million RMB, achieving a net profit margin of 39% [1] - The company's commission and fee income for the first half of 2025 decreased by 13.88% year-on-year, while interest income fell by 27.80% [5] - Investment income for the same period increased significantly by 165.91% year-on-year [5] Client Base and Market Position - The number of corporate clients in the domestic futures brokerage business has grown from 4,266 in 2022 to 5,279 in the first half of 2025 [2] - Nanhua Futures ranks first among all futures companies in China in terms of overseas income for 2024 [8] Industry Context - The total client equity in China's futures market has increased from 824.7 billion RMB in 2020 to 1,538.7 billion RMB in 2024, with a projected CAGR of 18.4% from 2024 to 2029 [7] - In 2024, Nanhua Futures ranked 8th in total revenue among all futures companies in China [8]