长跑17年仍在路上，东莞银行被困在IPO里

Core Viewpoint - Dongguan Bank's IPO review has resumed after nearly three months of suspension, indicating a renewed effort to navigate the challenges it faces in achieving profitability and regional competitiveness [1][3] Group 1: IPO Progress and Challenges - Dongguan Bank submitted its IPO application to the CSRC in 2008 but has faced multiple delays, including a suspension in 2014 due to incomplete disclosures and a lengthy review process [4][5] - The bank's persistence in pursuing an IPO contrasts with other local banks, such as Shunde Rural Commercial Bank, which withdrew its IPO application after six years [4] - Following the resumption of its IPO review, Dongguan Bank plans to issue 30 billion yuan in financial bonds to bolster its long-term funding stability [4][5] Group 2: Financial Performance and Growth - Dongguan Bank has experienced significant asset growth, with total assets increasing from approximately 200 billion yuan to over 600 billion yuan between 2016 and 2023, but its capital adequacy ratio has remained below 9% [5][6] - The bank's net profit growth is projected to decline, with expected rates of 15.62%, 6.06%, and -8.1% from 2022 to 2024, indicating a concerning trend [5][6] - Despite a projected negative growth in net profit for 2024, the bank's core tier 1 capital adequacy ratio improved to 9.31%, although it remains below the industry average of 11% [5][6] Group 3: Competitive Landscape and Market Position - Dongguan Bank faces increasing competition from local financial institutions, particularly Dongguan Rural Commercial Bank, which has consistently outperformed it in terms of market share [7][8] - The bank's market share in deposits and loans has fluctuated, with a notable decline in loan market share in 2023, although it regained some ground in 2024 [7][8] - The bank's reliance on external funding sources has increased, with a significant rise in market funding, which poses higher costs and impacts net interest income [8] Group 4: Compliance and Internal Control Issues - Dongguan Bank has faced multiple administrative penalties, totaling 11.75 million yuan from 2022 to 2024, raising concerns about its internal controls and compliance [9] - The bank's return on equity dropped from 12.07% to 9.47% in 2024, signaling potential risks to market confidence amid ongoing compliance challenges and competitive pressures [9]