Shandong Gainsense Futures Co Ltd, the 150th futures company in China, is launched during the 2021 Qingdao·China Wealth Forum. [Photo/WeChat account: Shandong-Port]

The 2021 Qingdao·China Wealth Forum that was staged in the city of Qingdao on July 24 – with its theme of "New Era, New Wealth, New Management" – boasted such highlights as the launch of Shandong Gainsense Futures Co Ltd, the 150th futures company to be inaugurated in China.

Considered a milestone in the wake of integration reforms initiated by Shandong Port Group or SPG – based in Qingdao, in East China's Shandong province – the new group became the first futures company to be established in the port city.

China is estimated to currently have 149 futures enterprises, however most of them were founded in the 20th century. That makes Gainsense the first one approved by the China Securities Regulatory Commission after an interval of 20 years.  

Jointly established by Qingdao Port (Group) Co Ltd, Qingdao Conson Group and Qingdao SCODA Development Group, Gainsense boasts a registered capital of 1 billion yuan ($154.2 million). The company is reportedly significant for creating financial service systems for ports and the shipping business and is galvanizing the Northeast Asia region in terms of building an internationally advanced finance and port trading concern.

For SPG, which has been stepping up its efforts to build a world-class seaports network, the futures business license signifies a great deal and is expected to bring greater financial advantages.

In the first half of the year, SPG handled a total of 758 million tons of cargo, up 7.8 percent year-on-year and moved 16.68 million standard twenty-foot equivalent units or TEUs of containers, an annual increase of 12.8 percent – ranking it top among China's coastal ports. In this context, the port has become an engine for the opening-up of Shandong province and beyond.

Gainsense Futures is reported to have a broad range of advantages thanks to SPG's prowess in the industry, high deliveries, supply chain financing and financial technology. 

As a major shareholder of the new futures company, SPG's Qingdao Port is expected to be able to leverage its competitive advantages, as well as to attract and lead more quality customers, in a bid to boost the integrated development of the futures market and the real economy.

In the meantime, it's believed that the establishment of Gainsense Futures in Qingdao will capitalize on the initiatives brought about by national strategies – including the establishment of the pilot financial reform zone for Qingdao wealth management, the China-SCO demonstration zone and the Qingdao Area of China (Shandong) Free Trade Pilot Zone.

Moving forwards, with the development goal of becoming a top-rate derivatives integrated services provider, Gainsense Futures is widely seen as being poised to serve the development of the real economy and being ready help build the Qingdao International shipping trade financial innovation center.

On top of that, the company is expected to add new impetus and contribute to SPG's push to serve national strategies and for the province to replace old growth drivers with new ones and sustain its high-quality economic growth.