Date: April 2, 2013
Source: Securities Times

　　The year 2012 is a good performance year for futures companies. It is learned that last year 8 futures companies achieved the net profit of over RMB100 million.
　　With the rising of performance, 9 futures companies, including Yong’an Futures, Nanhua Futures, Luzheng Futures, Holly Futures, Wanda Futures, Jinrui Futures, and China International Futures, have sped up their preparation for IPO and 4 of them have moved into the guidance period.
　　Nine futures companies prepare for IPO.
　　Supervision department has expressed their support for futures companies’ IPO in many occasions and the number of futures companies to be listed will be increased. Among the 9 futures companies, Yong’an, Nanhua, Luzheng, and Holly Futures have released notices to confirm their stepping into the IPO guidance period.。
　　It is learnt that the securities companies guiding Yong’an Futures are Citic Securities and Caitong Securities, that guiding Nanhua Futures and Holly Futures is Credit Suisse Founder Securities, and that guiding Luzheng Futures is Citic Securities. China International Futures and Jinrui Futures have also come up with their IPO plans and carried out relevant work, and are now contacting with securities companies.
　　As the industry’s leading company, Yong’an Futures began to prepare for IPO long time ago. Last year, Guo Shuqing, former president of China Securities Regulatory Commission (CSRC), exchanged views with Yong’an Futures during his survey in Zhejiang Province. Yong’an Futures has for a time been regarded as the best stock in the futures industry. It is learnt that Yong’an Futures will submit its materials after CSRC’s examination on annual financial reports of enterprises under IPO investigation and is expected to be listed this year.
　　Relevant person in charge of Wanda Futures said yesterday that in September 2012, Wanda invited securities company, accounting firm, and law firm to carry out relevant work. At present, preliminary work before share reform has been completed and it now plans to change its name. It is learnt that China Grain Reserves Corporation (CGRC), the controlling shareholder of Wanda Futures, is one of the few central enterprises without any listed companies. Therefore, the industry predicts that CGRC will give full support to Wanda’s IPO.
　　In February 2013, China Life bought shares of Cofco Futures, thus breaking the situation that the Cofco Futures was owned by a single shareholder and clearing away the obstacles for its listing. According to an industry insider, Cofco Futures, with its rapid performance growth, has been implementing its IPO plan and is expected to be the first one to be listed this year.
　　Is everything ready for futures companies’ IPO?
　　The year 2012 is a bumper year for futures companies, with 8 futures companies achieving the net profit of over RMB100 million, while in 2011 only 2 futures companies reached RMB100 million. Though the financial indicators of the futures companies are very impressive, indicating a high potential of their further growth, there still exists no listed companies specializing in futures business. In June 2012, CSRC said that qualified futures companies could be listed through public offering.
　　However, in accordance with the Futures Companies Management Measures, the shareholders of futures company cannot be natural persons, which has been regarded as the biggest obstacle for futures company’s IPO. With regard to this issue, a general manager of a futures company said that as the regulatory department had clearly expressed its support to futures company’s listing, there will be no substantive obstacle.
　　However, in accordance with the Futures Companies Management Measures, the shareholders of futures company cannot be natural persons, which has been regarded as the biggest obstacle for futures company’s IPO. With regard to this issue, a general manager of a futures company said that as the regulatory department had clearly expressed its support to futures company’s listing, there will be no substantive obstacle.