IPO Timeline
Broker Deadline
2025-12-17
Morning deadline
HKEX Deadline
2025-12-17
Noon deadline
Broker Results (T-2)
2025-12-18
Some brokers release in afternoon
Grey Market (T-1)
2025-12-19
Afternoon
HKEX Allotment (T-1)
2025-12-19
Evening
Registrar Allotment (T-1)
2025-12-19
Evening
Listing Day (T)
2025-12-22
First day of trading
Cross-Market Price Comparison
| Other Listed Market | Shanghai (SSE) — 南华期货 |
|---|---|
| Other Market Stock Code | 603093 |
| H-Share Offer Price | HK$ 12.00 |
| Other Market Price | Loading... |
| Reference Exchange Rate | Loading... |
| H-Share Offer Price Premium/Discount vs Other Market | Loading... |
Company Overview
| Stock Name | 南华期货股份 |
|---|---|
| Stock Code | 02691 |
| Company Full Name | 南华期货股份 |
| Industry | AI & Machine Learning |
| Principal Activities | leading futures company in the PRC, providing global financial services to clients |
| Listing Date | 2025-12-22 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 浙江省杭州市上城區橫店大廈301室、401室、501室、701室、901室、1001室、1101室、1201室 |
| Business Address (Hong Kong) | 告士打道181-185 號 中怡商業大廈17 樓 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | nanhua.net |
| Share Registrar | 卓佳证券登记有限公司 (Tricor Investor Services Limited) |
| Registrar Contact | Computershare Hong Kong Investor Services Limited |
| A-Share/US Dual Listing | Yes (A股) |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 12.00 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 500 shares |
| Entry Threshold | HK$ 6,000 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2025-12-12 to 2025-12-17 |
| Global Offering Shares | 107,659,000 shares |
| HK Public Offer Shares (Initial) | 10,766,000 shares (10.0%) |
| Public Offer Lots (Initial) | 21,532lots (10,766lots, 10,766lots) |
| International Placing Shares (Initial) | 96,893,000 shares (90.0%) |
| Offer Ratio | ~15.0% |
| Total Shares Post-IPO | 717,724,893 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | To be extracted |
| Cornerstone Share | 0% |
| Clawback Tiers | 机制B-无回补 |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 1,291,908,000 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 500 | HK$ 6,000 |
| 2 lots | 1,000 | HK$ 12,000 |
| 3 lots | 1,500 | HK$ 18,000 |
| 4 lots | 2,000 | HK$ 24,000 |
| 5 lots | 2,500 | HK$ 30,000 |
| 6 lots | 3,000 | HK$ 36,000 |
| 7 lots | 3,500 | HK$ 42,000 |
| 8 lots | 4,000 | HK$ 48,000 |
| 9 lots | 4,500 | HK$ 54,000 |
| 10 lots | 5,000 | HK$ 60,000 |
| 12 lots | 6,000 | HK$ 72,000 |
| 14 lots | 7,000 | HK$ 84,000 |
| 16 lots | 8,000 | HK$ 96,000 |
| 18 lots | 9,000 | HK$ 108,000 |
| 20 lots | 10,000 | HK$ 120,000 |
| 30 lots | 15,000 | HK$ 180,000 |
| 40 lots | 20,000 | HK$ 240,000 |
| 50 lots | 25,000 | HK$ 300,000 |
| 60 lots | 30,000 | HK$ 360,000 |
| 70 lots | 35,000 | HK$ 420,000 |
| 80 lots | 40,000 | HK$ 480,000 |
| 90 lots | 45,000 | HK$ 540,000 |
| 100 lots | 50,000 | HK$ 600,000 |
| 120 lots | 60,000 | HK$ 720,000 |
| 140 lots | 70,000 | HK$ 840,000 |
| 160 lots | 80,000 | HK$ 960,000 |
| 180 lots | 90,000 | HK$ 1,080,000 |
| 200 lots | 100,000 | HK$ 1,200,000 |
| 400 lots | 200,000 | HK$ 2,400,000 |
| 600 lots | 300,000 | HK$ 3,600,000 |
| 800 lots | 400,000 | HK$ 4,800,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1,000 lots | 500,000 | HK$ 6,000,000 |
| 2,000 lots | 1,000,000 | HK$ 12,000,000 |
| 4,000 lots | 2,000,000 | HK$ 24,000,000 |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 8,612,698,716 |
|---|---|
| Pre-IPO Valuation (Last Round) | To be extracted |
| P/E Ratio | 不適用（公司處於虧損狀態） |
| Profit/Loss Status | 盈利約人民幣458.0百萬元 |
| Period-End Cash Balance | To be extracted |
| Listing Expenses | To be extracted |
| Listing Expenses / Funds Raised | To be extracted |
| Total Pre-IPO Investment | To be extracted |
First Day Performance
| First Day Close | HK$ 9.1 |
|---|---|
| First Day Open | HK$ 9.13 |
| First Day Change | -24.17% |
| First Day Volume | 7945500.0 |
| First Day Turnover | 78745700.0 |
Use of Proceeds
| Use of Proceeds | 1、約30%或422.9百萬港元將用于增加香港經營業務的資本基礎； 2、約30%或422.9百萬港元將用于增加于英國經營業務的資本基礎； 3、約20%或281.9百萬港元將用于增加于美國經營業務的資本基礎； 4、約10%或141.0百萬港元將用于增加于新加坡經營業務的資本基礎； 5、約10%或141.0百萬港元將用作一般企業用途及補充境外經營業務的營運資金。 |
|---|
Underwriting Syndicate
Sole Sponsor (1)
中信证券（香港）有限公司 CE AAK249(sole)
Sponsor cum Overall Coordinator (1)
中信里昂证券有限公司 CE AAB893
Overall Coordinators (2)
中信里昂证券有限公司 CE AAB893
横华国际证券有限公司 CE BBT518
Joint Global Coordinators (5)
中信里昂证券有限公司 CE AAB893
横华国际证券有限公司 CE BBT518
中银国际亚洲有限公司 CE AET863
招银国际融资有限公司 CE AVM940
农银国际融资有限公司 CE AWL249
Joint Bookrunners (9)
中信里昂证券有限公司 CE AAB893
横华国际证券有限公司 CE BBT518
中银国际亚洲有限公司 CE AET863
招银国际融资有限公司 CE AVM940
农银国际融资有限公司 CE AWL249
浙商国际金融控股有限公司 CE BGD825
财通国际证券有限公司 CE AZF063
裕承资产管理有限公司 CE AQW828
中国光大证券（香港）有限公司 CE AAW536
Joint Lead Managers (13)
中信里昂证券有限公司 CE AAB893
横华国际证券有限公司 CE BBT518
中银国际亚洲有限公司 CE AET863
招银国际融资有限公司 CE AVM940
农银国际证券有限公司 CE ACX411
浙商国际金融控股有限公司 CE BGD825
财通国际证券有限公司 CE AZF063
裕承资产管理有限公司 CE AQW828
中国光大证券（香港）有限公司 CE AAW536
中航资信环球资产管理有限公司 CE BHF812
富强证券有限公司 CE AHQ488
华通证券国际有限公司 CE AAK004
黄河证券有限公司 CE BIX927
Capital Market Intermediaries (14)
中信里昂证券有限公司 CE AAB893
横华国际证券有限公司 CE BBT518
中银国际亚洲有限公司 CE AET863
招银国际融资有限公司 CE AVM940
农银国际融资有限公司 CE AWL249
农银国际证券有限公司 CE ACX411
浙商国际金融控股有限公司 CE BGD825
财通国际证券有限公司 CE AZF063
裕承资产管理有限公司 CE AQW828
中国光大证券（香港）有限公司 CE AAW536
中航资信环球资产管理有限公司 CE BHF812
富强证券有限公司 CE AHQ488
华通证券国际有限公司 CE AAK004
黄河证券有限公司 CE BIX927
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
金杜律师事务所 北京市金杜律师事务所 |
| Legal Advisor to Sponsors/Underwriters | 北京金诚同达律师事务所 |
| Auditor and Reporting Accountant | 天健国际会计师事务所有限公司 |
| Industry Advisor | 弗若斯特沙利文（北京）咨询有限公司上海分公司 |
| Receiving Banks |
中国银行（香港）有限公司 招商永隆银行有限公司 |
Cornerstone Investors
This stock has no cornerstone investors.
Directors & Management
| Chairman | Dr. Luo Xufeng |
|---|---|
| Company Secretary | Mr. Zhong Yiqiang Room |
執行董事 (1)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 罗旭峰 | — | 執行董事 |
非執行董事 (5)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 吕跃龙 | — | 非執行董事 |
| 2 | 徐文财 | — | 非執行董事 |
| 3 | 胡天高 | — | 非執行董事 |
| 4 | 厉宝平 | — | 非執行董事 |
| 5 | 孙颖婷 | — | 非執行董事 |
獨立非執行董事 (3)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 徐林 | — | 獨立非執行董事 |
| 2 | 刘玉龙 | — | 獨立非執行董事 |
| 3 | 李晶 | — | 獨立非執行董事 |
Major Shareholders
| Major Shareholders & Holdings | CONTROLLING SHAREHOLDERS CORPORATE GOVERNANCE MEASURES Our Directors believe that there are adequate corporate governance measures in place to manage existing and potential conflicts of interest. In order to further avoid potential conflicts of interest, we have implemented |
|---|
AI
AI Analysis
Market Sentiment
The IPO of Nanhua Futures (02691) saw a moderate oversubscription ratio of 1.91x, reflecting lukewarm market appetite for this financial services offering. A high hit rate of 80.8% indicates that most applicants received allocations, suggesting an accessible rather than fiercely competed offering. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
Despite the low 1.91x oversubscription, both A-tail (600-lot) and B-head (800-lot) applicants each expected just 1 lot, a stark deviation from the roughly 50% allocation rate one would anticipate. This suggests an unusual allocation pattern—possibly a reallocation that prioritized very small applications—or a potential data inconsistency. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Demographics
Demographic data is conspicuously absent, with 0% reported for mainland China and Hong Kong participation rates, and total holders listed as zero. This gap may reflect incomplete reporting or an atypical investor profile, leaving key behavioral patterns obscured. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Offering Structure
Subscription Tiers
IPO Timeline
