Last updated 18:35:04
HK$10.90
-9.17%
- Listing price
- HK$12.00
- Open
- —
- High
- —
- Low
- —
- Bid / Ask
- — / —
- Volume
- —
Turnover —View source
NANHUA FUTURES
02691A+HListed金融服務 · 南华期货是一家综合性全球金融服务平台，提供期货经纪、风险管理、财富管理及海外金融服务。
NANHUA FUTURES (南華期貨股份) (02691) is a listed Hong Kong IPO. This page brings together the offer price, entry fee, subscription timeline, grey-market context, allotment data and stage-based reference research in one place.
- Offer price
- HK$12.00
- Final offer price
- HK$12.00
- One-lot win rate
- 74.6%
- Proceeds
- HK$1.29B
- Public oversub.
- 1.9x
Predicted 52.9%
Lot / entry fee 500 shares · HK$6K · Sponsor CITIC Securities
- Offer starts Dec 12
- /Offer closes Dec 17
- /Grey market Dec 19
- /Listing Dec 22Now
SubscriptionNANHUA FUTURES: subscription-stage reference
The subscription stage draws on the prospectus, sponsor record and early public filings. Allotment results and grey-market prints have not occurred yet.
Earlier stage- Reference rating
- Cautious
- Reference score
- 48.3
- Forecast grey range
- -5.3% – +23.7%
Pre-greyNANHUA FUTURES: pre-grey-market reference
The pre-grey stage includes published allotment and public oversubscription data. Grey-market prints are not yet reflected here.
Earlier stage- Reference rating
- Cautious
- Reference score
- 43.5
- Forecast grey range
- -7.6% – +20.5%
Post-greyNANHUA FUTURES: post-grey-market reference
The post-grey stage includes grey-market price and turnover observations. Listing-day results still follow official trading and company announcements.
Current- Reference rating
- Cautious
- Reference score
- 42.7
- Forecast first-day range
- -9.7% – -0.1%
View factors and research
Model forecastListing-day trendHigh cautionUp probability 40.0%
Published outcome check
First-day resultBig down-24.2%
Our call: Trend call valid
Covered 15/25 core factors
UsedMissingNot yet scorableN/A
Margin oversubscription
Weak heatOffer size
Weaker qualityCornerstone lockup
—Post-lockup offer value
—Recent same-rule trend
Poor trendRecent same-type trend
Poor trendRecent sector trend
—Valuation
Weak appealFundamental quality
—Growth quality
—Profitability
Weaker qualityCash runway
—Customer concentration
—Cornerstone quality
—Sponsor record
Strong recordGreenshoe arrangementGreenshoe: yes · 15%
Average supportStabilizer track recordCLSA
Strong recordA-share pre-grey trend
Positive trendA-share listing-day trend
Positive trendPublic oversubscription
Weak heatOne-lot win rate
Weak heatInternational placing
Low heatFinal pricing position
—Actual greenshoe use
—Grey market return
Poor trendThe assessment and probability ranges are informational only and are not investment advice.
AI Research Report
Post-greyThe analysis report for this IPO is being generated.
NANHUA FUTURES: grey-market trend
NANHUA FUTURES: predicted allotment
Only key tiers are shown here. Full tiers and other allotment-pattern comparisons are on the allotment-odds page.
- 1 lot
- 52.9%
- A tail · Apply 800 lots
- 216.89 lots
- B head · Apply 1,000 lots
- 357.26 lots
- Top hammer
- 427.92 lots
Official 74.6%
Official 800 lots
Official 1,000 lots
Predicted
Most likely allotment pattern：Pool A is closer to allotment by application size；Pool B allotment is similar across tiersView full allotment-odds research
How to read this page
These answers combine this IPO’s published figures with clearly labeled model estimates. They explain how to read the modules above and are not investment advice.
What is the one-lot allotment rate for NANHUA FUTURES?
Public allotment filings put the official one-lot rate at 74.6%, versus this site's pre-allotment model estimate of 52.9%. It is an observation for a 1-lot application, not a guaranteed result.
What is the difference between A-tail and B-head for NANHUA FUTURES?
Based on the prospectus's legal application tiers, A-tail is 800 lots and B-head is 1,000 lots, representing about HK$4.8M and HK$6.0M of application principal. Official average allotment was 800 lots and 1,000 lots, versus pre-allotment model estimates of 216.89 lots and 357.26 lots. Pool A and Pool B are allocated separately, so application size alone does not show capital efficiency.
Can the grey-market price of NANHUA FUTURES be treated as the listing price?
The compiled grey-market observation is about -8.3%, versus -24.2% on the listing day. Grey-market prints are pre-listing sentiment from public sources, not the official opening price.
Why does NANHUA FUTURES have three reference ratings?
The current status is "Listed", so start with the post-grey section. Subscription, pre-grey and post-grey each use only the public information available at that point, so the score can change. Labels are high attention / neutral / caution only — informational comparison, not a buy or subscribe call.