Nanhua Futures Co., Ltd., AH shares are also financial stocks—(02691.HK) December 2025 new stock analysis
$NANHUA FUTURES(02691.HK)
Sponsor: CITIC Securities (Hong Kong) Limited
Offer price: HK$12.00 - HK$16.00
Fundraising amount: HK$1.292 billion - HK$1.723 billion
Total market cap: HK$8.613 billion - HK$11.484 billion
H-share market cap HK$1.292 billion - HK$1.723 billion
Board lot 500 shares
Minimum subscription fee HK$8,080.68
Subscription period December 12, 2025 - December 17, 2025
Grey market trading: December 19, 2025
Listing date December 22, 2025 (Monday)
Total offer 107.659 million H-shares
International placement 96.893 million H-shares, ~90.00%
Public offering 10.766 million H-shares, ~10.00%
Allocation mechanism Mechanism B
Interest accrual days: 1 day
Stabilizing agent CLSA
Issue ratio 15.00%
P/E ratio 20.57
Company profile
Established in 1996 and headquartered in Hangzhou, Nanhua Futures is a leading comprehensive global financial services platform in China, specializing in the full value chain of futures and derivatives services. Ranked 8th among Chinese futures companies by total revenue in 2024 and 1st among non-financial institution-related futures companies, it maintains a strong position in the industry.
The company's business covers domestic futures brokerage, risk management services, wealth management, and overseas financial services, providing customized solutions for corporate clients, financial institutions, and individual investors, deeply aligned with the risk management and diversified wealth management needs of the real economy. Leveraging decades of industry experience and global market insights, the company follows the "going global" trend of Chinese enterprises, expanding cross-border services to precisely meet global derivatives market demand.
As an industry benchmark, Nanhua Futures benefits from the development dividends of China's futures market—China being the world's largest commodity futures market with 146 listed products covering 41 industries and over 90% spot-futures price correlation. With continued policy support for futures markets serving the real economy and expanding internationally, Nanhua Futures leads industry development through diversified strategies and a global service network.
For the 3 years ended December 31, 2024, and the first 6 months of 2024 and 2025:
Commission and fee income: ~RMB 498 million, 612 million, 542 million, 272 million, 235 million, -13.88% YoY in H1 2025;
Net interest income: ~RMB 327 million, 545 million, 682 million, 351 million, 253 million, -27.80% YoY in H1 2025;
Net investment income: ~RMB 102 million, 95 million, 70 million, 30 million, 80 million, +165.91% YoY in H1 2025;
Operating income: ~RMB 954 million, 1.293 billion, 1.355 billion, 675 million, 593 million, -12.12% YoY in H1 2025;
Net profit: ~RMB 246 million, 403 million, 458 million, 230 million, 231 million, +0.37% YoY in H1 2025;
Net margin: ~25.77%, 31.16%, 33.81%, 34.15%, 39.00%.
Source: LiveReport Big Data
As of June 30, 2025, the company had RMB 1.238 billion in cash and cash equivalents, with operating cash flow of -RMB 442 million.
Source: Prospectus
II. Cornerstone Investors
No cornerstone investors
Total 13 underwriters
Sponsor's historical performance:
CITIC Securities (Hong Kong) Limited
2. Lottery rate and IPO analysis
(From AIPO)
Current margin financing is undersubscribed.
The required principal and financing amounts for Group A tier allocations are as follows:
Group B head requires subscription funds of HK$6.47 million. The required principal and financing amounts for Group B tier allocations are as follows:
Based on the median offer price of HK$14.00, total listing expenses amount to ~HK$97.6 million, with fundraising of ~HK$1.507 billion, representing ~6.48%—relatively low compared to the fundraising amount.
Should we subscribe? Here's my analysis:
Nanhua Futures (603093.SH, soon $Nanhua Futures (2691.HK)) operates in the futures industry under capital market services. Established in 1996 and listed on the Shanghai Stock Exchange in August 2019, it was the first A-share listed futures company.
Ranked 8th among Chinese futures companies by 2024 revenue and 1st among non-financial institution-related futures companies.
Holds China Financial Futures Exchange's first comprehensive clearing membership and full memberships at multiple commodity exchanges, with complete licenses.
Currently holds memberships at 14 global exchanges and clearing memberships at 12, building a global derivatives service network.
Dual A+H listing: Will become the second "A+H" futures company after Huaye Futures, enhancing international influence and financing capabilities.
Current A-share P/E ~26.12x, below industry average, but as a dual-listed financial stock, IPOs are typically less attractive.
Nanhua Futures (603093.SH) A-share latest price (Dec 12 close): RMB 19.30; H-share offer price range: HK$12.00-16.00, H/A premium -44.04% to -25.39%. Compared to peer Huaye Futures (001236.SZ) A-share at RMB 10.38 and H-share (03678.HK) at HK$3.46 (H/A premium -69.79%), the discount is smaller.
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