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]

北京商报讯(记者刘宇阳实习生姚榕琰)12月22日，南华期货（603093）股份有限公司(以下简称"南华期货")发布公告称，公司发行的境外上市股份(H股)已在 香港联交所主板挂牌并上市交易。 本次全球共计发售H股10765.9万股，发售价为每股12港元。经扣除相关承销佣金及其他费用后，本次发行所得款项净额约为12.03亿港元。根据公告，公司H 股股票自2025年12月22日起于香港联交所主板开始买卖，股票中文简称为"南华期货股份"，股份代号为"2691"。 ...

Group 1 - Nanhua Futures officially listed on the Hong Kong Stock Exchange, marking its successful "A+H" listing and completing its multi-dimensional layout in domestic and international capital markets, which enhances its international strategy and business innovation [1] - The global offering consisted of 108 million shares at a price of HKD 12 per share, raising a total of HKD 1.203 billion, with the H-share closing at HKD 9.10 and the A-share at CNY 19.61, reflecting a 1.82% increase [1] - The net proceeds from the global offering will be allocated to its wholly-owned subsidiary, Honghua International, to strengthen the capital base of its overseas subsidiaries in Hong Kong, the UK, the US, and Singapore, thereby expanding its overseas business and optimizing its business structure [1] Group 2 - The listing will broaden financing channels and enhance capital strength, attracting global investors and institutional clients, thus increasing its visibility and credibility in the global derivatives market [2] - Nanhua Futures has established a diversified business system covering domestic futures brokerage, risk management services, wealth management, and overseas financial services, with overseas business becoming a significant growth engine [2] - As of June 30, 2025, the client equity for overseas futures, securities, and leveraged foreign exchange brokerage services reached HKD 17.8 billion, a 49.6% increase from the end of 2022, while the asset management scale for overseas asset management business grew by 70% to HKD 3.4 billion [2] Group 3 - The Hong Kong listing serves as a new space for Nanhua Futures' development and provides a beneficial reference for the internationalization of the domestic futures industry [3] - The dual capital market layout enhances capital strength and accelerates the expansion of international business, providing comprehensive risk management financial services for Chinese enterprises going global [3] - The internationalization of futures companies can improve their overall competitiveness and contribute to the high-quality development of the industry [3] Group 4 - Nanhua Futures' overseas companies have become clearing members of the Intercontinental Exchange in Europe and Nodal Clear in the US, allowing participation in emerging markets such as North American electricity, natural gas, and cryptocurrency [4] - The increasing demand for cross-border risk management driven by the accelerated pace of Chinese enterprises going global necessitates an upgrade in services from domestic futures companies [4] - More domestic futures companies entering overseas capital markets can enhance their competitiveness and apply advanced risk management technologies and financial technology in their internationalization efforts [4]

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) has seen the listing of South China Futures Co., marking the first new futures stock in ten years, but the debut was disappointing with a significant drop in share price on the first day [2][5]. Company Overview - South China Futures Co. is the second futures company to achieve a dual listing (A+H) after Hongye Futures, with its A-shares listed in August 2019 [5]. - The company was established in 1996 and is headquartered in Hangzhou, Zhejiang, with the largest shareholder being Hengdian Group Holding Co., which owns 69.68% of the shares [5]. - The IPO price was set at HKD 12, raising a net amount of HKD 1.203 billion [5]. Market Performance - On its first trading day, South China Futures opened with a significant decline, reaching a maximum drop of 27.5%, and closing down 24.17%, resulting in a total market capitalization of HKD 6.531 billion [6]. - The performance of South China Futures was part of a broader trend in the HKEX, where 31 out of 108 new listings this year faced a drop on their debut, indicating a nearly 30% failure rate [3][11]. Comparison with A-shares - In contrast, the A-share market had no new listings that experienced a drop on their first day, highlighting a stark difference in investor behavior and market dynamics between the two exchanges [3][11]. - The A-share market benefits from protective policies and higher investor enthusiasm, leading to initial price increases for new listings [3]. Strategic Intent - The listing of South China Futures is part of a strategy to deepen its global footprint and enhance its brand while diversifying financing risks [8]. - The company aims to leverage the raised funds to expand its business and improve performance, despite the initial market challenges [9]. Industry Context - According to Frost & Sullivan, South China Futures ranks eighth among all domestic futures companies by total revenue for 2024 and first among non-financial institution-related futures companies [10]. - The company reported a revenue of CNY 941 million for the first three quarters of the year, reflecting a year-on-year decline of 8.27%, with a net profit of CNY 351 million, down 1.92% [9].

Core Viewpoint - Nanhua Futures has successfully completed its IPO on the Hong Kong Stock Exchange, raising HKD1.29 billion to support its international growth strategy [1][5][6] Company Overview - Nanhua Futures is a subsidiary of Hengdian Group and is recognized as China's first publicly listed futures firm, having previously listed in Shanghai in 2019 [3][6] - The company aims to enhance its global competitiveness and influence through this dual listing [7] IPO Details - The IPO involved the issuance of 107.65 million shares, raising approximately USD165.8 million [5] - The shares opened at HKD8.70, below the listing price of HKD12, and closed at HKD9.53, reflecting a 20% decrease from the listing price [5] Use of Proceeds - Proceeds from the IPO will be allocated to HGNH International Financial, Nanhua's Hong Kong subsidiary, to strengthen its capital base and increase liquidity for overseas operations in Hong Kong, the UK, the US, and Singapore [9][10] Financial Performance - In 2024, Nanhua Futures ranked first among non-financial institution-affiliated futures companies in China and eighth among all domestic futures companies based on total revenue [11] - The company's overseas business has shown significant growth, with customer equity for overseas services reaching HKD17.8 billion, a 50% increase from 2022, and AUM for overseas asset management growing by 70% to HKD3.4 billion [12] - Operating income increased from RMB954 million in 2022 to RMB1.35 billion in 2024, with net profit rising from RMB246 million to RMB458 million during the same period [13]

Report Summary 1. Index Performance - The Nanhua Comprehensive Index rose 1.42% to 2584.69, with an annualized return of 2.01% and an annualized volatility of 11.58% [1][3] - Among the sector indices, the Nanhua Precious Metals Index had the largest increase of 3.45%, reaching 1826.04, while the Nanhua Black Index had the smallest increase of 0.28%, at 2527.31 [1][3] - Among the theme indices, the Energy Index rose 2.05% to 972.56, and the Economic Crop Index had the smallest increase of 0.14% at 903.49. The Building Materials Index had the largest decline of -0.28% to 679.92 [1][3] - In the single - variety commodity futures indices, the Silver index had the largest increase of 5.42%, and the Polypropylene index had the largest decline [1][4] 2. Index Data Details | Index Name | Today Close | Pre. Close | Points | Daily Change | Annualized Return | Annualized Volatility | Sharpe Ratio | | --- | --- | --- | --- | --- | --- | --- | --- | | Comprehensive Index NHCI | 2584.69 | 2548.39 | 36.30 | 1.42% | 2.01% | 11.58% | 0.17 | | Precious Metals Index NHPMI | 1826.04 | 1765.15 | 60.89 | 3.45% | 74.65% | 19.20% | 3.89 | | Industrial Products Index NHII | 3493.62 | 3460.46 | 33.16 | 0.96% | - 8.14% | 13.81% | -0.59 | | Metal Index NHMI | 6723.72 | 6672.06 | 51.66 | 0.77% | 4.58% | 11.97% | 0.38 | | Energy and Chemical Index NHECI | 1513.23 | 1497.21 | 16.02 | 1.07% | -16.78% | 16.60% | -1.01 | | Non - ferrous Metals Index NHNF | 1851.85 | 1831.17 | 20.68 | 1.13% | 11.83% | 12.67% | 0.93 | | Black Index NHFI | 2527.31 | 2520.31 | 7.00 | 0.28% | -7.98% | 16.36% | -0.49 | | Agricultural Products Index NHAI | 1030.32 | 1024.66 | 5.66 | 0.55% | -3.64% | 8.19% | -0.44 | | Mini Comprehensive Index NHCIMi | 1161.70 | 1146.24 | 15.46 | 1.35% | -1.31% | 9.70% | -0.14 | | Energy Index NHEI | 972.56 | 953.02 | 19.53 | 2.05% | -1.10% | 18.01% | -0.06 | | Petrochemical Index NHPCI | 872.46 | 862.93 | 9.53 | 1.10% | -0.81% | 9.56% | -0.08 | | Coal - based Chemical Index NHCCI | 886.96 | 889.22 | -2.27 | -0.25% | -3.37% | 10.33% | -0.33 | | Black Raw Materials Index NHEM | 1064.11 | 1061.85 | 2.27 | 0.21% | 0.54% | 15.68% | 0.03 | | Building Materials Index NHBMI | 679.92 | 681.80 | -1.88 | -0.28% | -1.85% | 11.78% | -0.16 | | Oilseeds and Oils Index NHOOI | 1195.55 | 1185.56 | 9.99 | 0.84% | -1.57% | 7.80% | -0.20 | | Economic Crop Index NHAECI | 903.49 | 902.24 | 1.25 | 0.14% | 0.58% | 7.43% | 0.08% [3] 3. Other Information - The calculation method of the contribution degree in the report is the product of the daily increase/decrease and the weight. The Nanhua Commodity Index eliminates the price difference when the commodity contract changes months, reflecting the real return of investing in commodity futures [9] - The report provides the industrial chain diagrams and the daily increase/decrease of single - variety indices of some varieties in the agricultural products, energy and chemical, and black sectors [7][13]

Group 1 - The State Council emphasizes the need for all departments to align their actions with the central government's economic work requirements for the upcoming year, enhancing responsibility and urgency in implementing tasks [1] - The Ministry of Commerce highlights the importance of high-quality business development and international trade coordination, aiming to boost domestic and international economic cycles [2] - Researchers at Shanghai Jiao Tong University have achieved a breakthrough in all-optical computing chips, which could significantly enhance computational efficiency for AI and large-scale data processing [3] Group 2 - The National Internet Information Office and the China Securities Regulatory Commission have taken action against 17 accounts spreading rumors and illegal stock recommendations, emphasizing the need for accurate financial information dissemination [4] - Fujian Province has introduced a comprehensive financial support plan for technology innovation, aiming for a 10% annual growth in loans to technology-related industries by 2025-2027 [5] - The world's first commercial supercritical carbon dioxide power generation unit has successfully commenced operations, marking a significant advancement in energy technology [6] Group 3 - Moore Threads has launched a new GPU architecture, "Huagang," which boasts a 50% increase in computing density and a tenfold improvement in energy efficiency [7][8] - The first L3-level autonomous driving license has been issued to Changan Automobile, marking a significant milestone in the development of autonomous driving technology [9] - Nine U.S. pharmaceutical companies have reached agreements with the government to lower drug prices, indicating a shift towards more affordable healthcare solutions [10] Group 4 - The market has shown signs of recovery with a three-day rebound, although caution is advised as the overall trend has not yet confirmed a sustained upward movement [11] - Samsung has unveiled the world's first 2nm smartphone chip, which is expected to enhance performance significantly, indicating advancements in semiconductor technology [12]

格隆汇12月22日丨南华期货(603093.SH)公布,经香港联交所批准，公司本次发行的 107,659,000 股 H 股 股票于2025年12月22日在香港联交所主板挂牌并上市交易。公司 H 股股票中文简称为"南华期货股 份"，英文简称为"NANHUA FUTURES"，股份代号为"2691"。 ...

一、信息披露义务人及其一致行动人的基本信息 证券代码：603093 证券简称：南华期货 公告编号：2025-077 南华期货股份有限公司 关于控股股东及其一致行动人持股比例被动稀释 触及 1%及 5%整数倍的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 权益变动方向 | 比例增加□ | | 比例减少√ | | --- | --- | --- | --- | | 权益变动前合计比例 | 76.97% | | | | 权益变动后合计比例 | 65.42% | | | | 本次变动是否违反已作出的承 | 是□ | 否√ | | | 诺、意向、计划 | | | | | 是否触发强制要约收购义务 | 是□ | 否√ | | 注：变动后比例按公司于 2025 年 12 月 22 日发行境外上市股份（H 股）并在香港联 合交易所有限公司主板挂牌上市后的总股本 717,724,893 股计算。 本次发行上市后，公司总股本由 610,065,893 股增加至 717,724,893 股。公 司控股股东横店集团控 ...