Nanhua Futures, a Hengdian Group subsidiary and China’s first
publicly listed futures firm, completed its Hong Kong IPO today, raising HKD1.29 billion and designating proceeds for overseas operations and international growth.
Hengdian Group Chairman, President Xu Yong’an (L) and Nanhua Futures Chairman Luo Xufeng (R) at HKEX
HONG KONG, Dec. 22, 2025 (GLOBE NEWSWIRE) — Nanhua Futures (603093.SH, 02691.HK), a financial futures firm and subsidiary of Hengdian Group, has completed its IPO on the Hong Kong Stock Exchange on December 22, after first listing in Shanghai in 2019.
This A-to-H dual listing forms a critical step in Nanhua Futures’ international strategy, with proceeds from the Hong Kong debut planned for use in Hong Kong, U.K., and U.S. operations in futures trading and asset management.
On the first day of trading, Nanhua issued 107.65 million shares in the IPO, raising HKD1.29 billion, equivalent to USD165.8 million. Nanhua Futures’ Hong Kong debut comes at a time of subdued demand, opening today at HKD8.70, lower than its HKD12 listing price, and rose back up to HKD9.53 at closing, 20% lower than listing.
In the coming days, Nanhua Futures will also be added to Stock Connect, allowing investors in Hong Kong and mainland China to trade stocks in each other’s markets.
As one of China’s leading futures brokerages, Nanhua’s Hong Kong offering comes six years after it became the first futures company in China to list on the Shanghai Stock Exchange in 2019. The Hong Kong offering was sponsored by Citic Securities.
“Today, as we stand at the Hong Kong Stock Exchange for our listing ceremony, we are formally opening a new chapter of deeper internationalization,” said Nanhua Futures Chairman Luo Xufeng.
“Looking ahead, Hong Kong will continue to be a strategic hub as we further expand our overseas business and enhance Nanhua Futures’ global competitiveness and influence,” Luo added.
Use of Proceeds
Nanhua Futures’ A-to-H listing in Hong Kong marks a key part of Nanhua’s global planning, after it opened its Hong Kong branch in 2006 and became one of the first companies in China’s futures industry to do so.
Nanhua plans to allocate all its net proceeds from its Hong Kong public offering to HGNH International Financial, the company’s Hong Kong subsidiary.
These funds will strengthen the capital base and increase liquidity for the company’s overseas subsidiaries in Hong Kong, the United Kingdom, the United States and Singapore.
Nanhua Futures’ core strategy seeks to continuously expand overseas operations, optimize the business structure, and enhance the company’s competitiveness and risk resilience in the global market.
Financial Performance
In 2024, Nanhua Futures ranked 1st among futures companies not affiliated with financial institutions and 8th among all domestic Chinese futures companies based on total revenue, according to Frost & Sullivan. Meanwhile, it also ranked 1st in overseas revenue by Chinese futures companies in 2024.
Nanhua’s overseas business has become a key growth engine for the company. As of June 2025, customer equity for the company’s overseas futures, securities and leveraged foreign exchange brokerage services reached HKD 17.8 billion, up 50% from 2022.
Meanwhile, AUM of overseas asset management business achieved a robust 70% growth, reaching HKD 3.4 billion.
Nanhua Futures’ operating income grew from RMB954 million to RMB1.35 billion from 2022 to 2024, while its profit during the same period increased from RMB246 million to RMB458 million.
In the first half of 2025, Nanhua achieved an operating income of RMB593 million and net profit of RMB231 million, achieving a 39% net profit margin and maintaining a leading level in the industry.
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A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7281c0d8-a336-43b4-900f-b906710dde47
