Serving the real economy, empowering Chinese enterprises to go global. Nanhua Futures' 2025 financial report shows impressive performance in international business.

As a leading futures company in China that is not primarily from the financial sector, South China Futures (603093.SH/02691.HK), with 19 global exchange member qualifications, 15 clearing qualifications, and an “A+H” dual-platform model, has steadily remained a benchmark for the internationalization of Chinese futures firms, delivering a high-quality growth performance with both revenue and net profit increasing.

On March 28, South China Futures released its 2025 annual report. With overseas business as its core growth engine, the company achieved operating revenue of RMB 1.39B, up 2.45% year over year; attributable net profit of RMB 486 million, up 6.18% year over year. Of this, overseas revenue was RMB 758 million, up 15.79% year over year, with a gross margin of 66.26%. This set of results reflects South China Futures’ strong capabilities as it deepens the global market and serves Chinese companies going global, and also sets a benchmark for the international transformation of the futures industry.

Accelerating the “going global” of Chinese firms—market-driven two-way opening

Empowering the development of international business for futures companies

At present, as Chinese enterprises accelerate their global expansion, the twin engines of “going global” and “bringing in” have opened up broad space for the international business of the futures industry. The scale of Chinese firms’ overseas investments, mergers and acquisitions, trade, and production continues to expand. Faced with complex and ever-changing international political and economic conditions, demand for risk management, hedging, and asset allocation is growing explosively, creating an urgent need for professional financial institutions to provide end-to-end services. Meanwhile, high-level opening of China’s domestic futures market continues to deepen. Participation from QFII and RQFII is increasing, international capital is entering the market at a faster pace, and this has significantly strengthened market liquidity and pricing influence—creating favorable conditions for futures companies to build global service networks.

Against this backdrop, the international business of futures companies has upgraded from a “selective layout” to a “core strategy.” On the one hand, it provides multi-dimensional risk-hedging tools for going-global enterprises—covering exchange rates, interest rates, commodities, credit, and more—to help them hedge against overseas operating volatility. On the other hand, it fulfills the demand of overseas investors to participate in China’s market, links the derivatives markets at home and abroad, and enables two-way empowerment. An improved industry environment, added policy support, and a surge in market demand together form a golden window period for the international business development of futures companies.

South China Futures has closely and sensitively captured this trend. It has made internationalization a core strategy, laid out for the global market in advance, and was among the first in the industry to build a service system covering multiple time zones, multiple asset categories, and multiple licenses, seizing the initiative in industry competition.

Deepening enterprises’ “going global” needs

Overseas business becomes the core growth engine

With sound overseas licensing, strong professional service capabilities, and rich experience across markets, South China Futures has become an important “going global” partner for many enterprises, providing specialized risk management services to support the real economy and enterprises’ international development.

In 2025, South China Futures seized industry opportunities. Its overseas business has maintained strong momentum and become the core growth engine driving the company’s high-quality development.

According to the financial report, in 2025, South China Futures’ overseas business revenue was RMB 758 million, up 15.79% year over year; overseas revenue accounted for 54.59% of total revenue. Overseas business gross margin was 66.26%, far higher than that of domestic business. Its wholly owned international business platform subsidiary, Henghua International, achieved net profit of RMB 460 million, accounting for 94.68% of total net profit. By the end of 2025, the company’s overseas assets were RMB 20.88B, representing 31.89% of total assets. The total customer equity for its overseas brokerage business was HKD 23.31B, and its asset management scale was HKD 4.81B. Business scale and service quality and effectiveness increased in parallel.

As Chinese enterprises accelerate their “going global” pace, demand for financial services in cross-border trade, investment, and production and operations is becoming increasingly diverse. South China Futures has made serving real-economy enterprises going global an important strategic direction for its business layout. It continues to improve its overseas business layout and is one of the first batch of futures companies to set up subsidiaries in Hong Kong and take steps toward internationalization. With Henghua International overseas subsidiary as the core, the company has built a business network covering four international financial hubs—Hong Kong, Chicago, Singapore, and London—covering three major time zones: Asia, North America, and Europe. Its business spans multiple areas, including futures brokerage, asset management, securities brokerage, and leveraged foreign exchange trading, fully aligning with the end-to-end financial service needs of going-global enterprises.

At present, South China Futures’ overseas business has expanded to markets including Southeast Asia, the Middle East, the Americas, and Europe, forming a global operations network. To better meet the demand of Chinese enterprises going global and serving the real economy, the company continues to improve its in-house clearing system, enabling it to adapt more effectively to the needs of Chinese enterprises’ global operations.

During the course of internationalization, high-volatility and more competitive market environments have driven South China Futures to shift from “scale expansion” to “balancing quality and risk.” It has strengthened risk management capability as its core competitive advantage and has been steadily laying out in the international business track.

Licenses lead the industry and high-quality services empower

Building distinctive advantages in overseas business

The standout performance of its international business stems from South China Futures’ solid service capabilities and distinct competitive advantages. The company has a well-established business layout and complete license qualifications, enabling it to provide around-the-clock integrated financial services across markets, across currencies, and across products for going-global enterprises.

In 2025, South China Futures continued to further improve its overseas clearing system layout, promoting synchronized growth in the scale, quality and effectiveness, and influence of overseas business. As of today, the company has cumulatively obtained 19 member qualifications, including those from CME Group, LME, HKEX, SGX, and Euronext, as well as 15 clearing member seats. The global coverage of clearing members for major futures exchanges is at a leading position in the industry. Relying on its comprehensive overseas business qualification set, the company can carry out an integrated trading-and-clearing operation, directly connecting to exchange clearing systems, providing customers with end-to-end services from order execution to funds settlement, effectively improving trading efficiency and stability.

The global coverage of clearing member qualification provides a foundation for expanding the scale and optimizing the structure of South China Futures’ overseas business. Its overseas layout centered on clearing member qualifications gives the company advantages in professional capability and service depth in overseas futures business, strengthens the long-term development foundation for overseas business, and builds a differentiated competitive barrier within the industry.

To provide high-quality integrated financial services to Chinese enterprises going global, South China Futures integrates capabilities across domestic and overseas futures, options, swaps, foreign exchange, and structured risk management, designing tailored risk management solutions covering multi-dimensional needs such as overseas trade settlement, physical delivery, and asset management.

Leveraging its professional investment research and risk management teams, a comprehensive risk control system, and execution capabilities in trading, South China Futures can provide end-to-end services for companies, including customized hedging strategies, market analysis, risk reports, dynamic hedging, compliance risk control, and more—helping companies reliably manage volatility in overseas markets.

At the same time, South China Futures has established a risk management system tailored to overseas business, covering all types of risks including market risk, credit risk, operational risk, and compliance risk, ensuring overseas service quality and effectiveness in a comprehensive manner.

On December 22, 2025, South China Futures listed on the Main Board of The Stock Exchange of Hong Kong, successfully realizing the “A+H” dual-capital platform layout. All proceeds were used to strengthen the capital base of its overseas subsidiaries, providing solid funding support for expanding overseas business, technology R&D, and talent introduction—further enhancing the company’s recognition in overseas markets and brand influence.

In summary, South China Futures is seizing the opportunity of two-way market opening, driving efforts in overseas business, and continuously strengthening its capability to provide risk management and asset allocation services to “going global” Chinese enterprises. It has formed a service system with deep integration of “industry + finance,” greatly enhancing its international competitiveness.

International business delivers notable results

Driving the industry’s dual circulation

In 2025, South China Futures aligned with the industry’s trends toward internationalization and specialization, promoting coordinated advancement across multiple lines of business, efficient linkage between domestic and overseas resources, and close cooperation between front and back offices. It has continued to strengthen its capacity to serve the real economy, deeply integrated into the Jointly Building the Belt and Road Initiative, supported coordinated regional economic development, and achieved notable overall results in its international business.

Looking ahead, South China Futures will continue to deepen its internationalization layout, improve service capabilities for going-global enterprises, and promote dual circulation development of the futures industry both domestically and internationally. The company will build itself into a leading domestic and globally influential comprehensive derivatives service provider.

In terms of the market, it will further expand into key regional markets and improve its overseas branches. It will deepen cooperation with major global exchanges and clearing institutions to expand product coverage. The company will follow the overall strategy of “deepening in Asia-Pacific, strengthening in Europe and the Americas, and laying out in emerging markets,” building a global “multi-center” business network in phases. It will gradually create a multi-dimensional international business system of “derivatives + wealth management + securities,” enabling a shift from current derivatives trading and clearing capabilities toward comprehensive financial service capabilities, and ultimately forming an end-to-end financial supplier with derivatives as its特色 and coordinated support from multiple licenses for Chinese enterprises going global.

In terms of service capability, by building a three-in-one service system of “business coordination + industrial depth + professional risk control,” it will strengthen capability building in trade clearing, risk management, asset management, and related areas to form differentiated competitiveness.

In terms of industry development, internally it will rely on advantages in the domestic market to serve real-economy enterprises with their global layouts; externally it will strengthen cooperation to enhance the global influence of China’s futures market. Leveraging the advantages of its “A+H” dual-platform model, it will promote dual circulation development between domestic and international markets.

For a long time, South China Futures has remained committed to its定位 as “a financial services company with derivatives business as its core.” With the core main line of “serving the real economy and empowering enterprises’ globalization,” and backed by a well-established internationalization layout, complete overseas license qualifications, and outstanding industrial service capabilities, it has become a reliable global risk management partner for enterprises in a global market environment characterized by high volatility. In the future, the company will continue to accompany Chinese enterprises on their global journey with globalized layouts and professional services, helping China’s futures industry achieve high-quality development.

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