Nanhua Futures—an affiliate of Hengdian Group and China’s first publicly traded futures firm—has completed its Hong Kong initial public offering (IPO) today, raising HKD1.29 billion with proceeds earmarked for overseas operations and international growth.
Hengdian Group Chairman and President Xu Yong’an (L) and Nanhua Futures Chairman Luo Xufeng (R) at HKEX
HONG KONG, Dec. 22, 2025 — Nanhua Futures (603093.SH, 02691.HK), a financial futures provider and Hengdian Group subsidiary, has finished its IPO on the Hong Kong Stock Exchange (HKEX) on December 22, following its initial listing in Shanghai in 2019.
This A-to-H dual listing represents a key milestone in Nanhua Futures’ internationalization strategy, with proceeds from the Hong Kong debut planned to fund futures trading and asset management operations in Hong Kong, the U.K., and the U.S.
On its first trading day, Nanhua issued 107.65 million shares in the IPO, raising HKD1.29 billion (equivalent to USD165.8 million). The Hong Kong listing comes amid subdued demand: the stock opened at HKD8.70 today—below its HKD12 listing price—before recovering to close at HKD9.53, a 20% drop from the listing price.
In the coming days, Nanhua Futures will be added to Stock Connect, allowing investors in Hong Kong and mainland China to trade each other’s market stocks.
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 (2019). Citic Securities sponsored the Hong Kong IPO.
“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 its global roadmap, coming after it opened a Hong Kong branch in 2006—making it one of the first firms in China’s futures industry to do so.
Nanhua plans to allocate all net proceeds from its Hong Kong public offering to HGNH International Financial, its 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 aims to continuously expand overseas operations, optimize its business structure, and enhance competitiveness and risk resilience in the global market.
Financial Performance
According to Frost & Sullivan, in 2024 Nanhua Futures ranked 1st among futures companies unaffiliated with financial institutions and 8th among all domestic Chinese futures firms by total revenue. It also topped Chinese futures companies in overseas revenue that year.
Nanhua’s overseas business has become a key growth engine. As of June 2025, customer equity for its overseas futures, securities, and leveraged foreign exchange brokerage services reached HKD17.8 billion—up 50% from 2022.
Meanwhile, assets under management (AUM) for its overseas asset management business grew robustly by 70% to HKD3.4 billion.
From 2022 to 2024, Nanhua Futures’ operating income rose from RMB954 million to RMB1.35 billion, while its profit increased from RMB246 million to RMB458 million.
In the first half of 2025, Nanhua recorded operating income of RMB593 million and net profit of RMB231 million, achieving a 39% net profit margin and maintaining a leading position in the industry.
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