上市辅导“马拉松”：有银行备案期徘徊超14年

Core Viewpoint - The report highlights ongoing challenges faced by banks in the IPO process, particularly issues related to shareholding compliance and asset verification, with a focus on the recent developments of Rugao Rural Commercial Bank's IPO guidance progress [1][2]. Group 1: IPO Guidance Progress - Rugao Rural Commercial Bank has released its 26th progress report on IPO guidance, indicating ongoing due diligence by Dongfang Securities and other intermediaries during the guidance period from April 14 to July 9, 2025 [1][2]. - The bank is facing issues such as shareholding pledges and frozen shares, with 170 million shares pledged (15.15% of total shares) and 135 million shares frozen (12% of total shares) as of June 30 [1]. Group 2: Industry Overview - Currently, 15 banks are in the IPO guidance filing period, with some banks, like Hankou Bank, having been in this stage for over 14 years and releasing 61 progress reports [1][2]. - The report notes that issues such as shareholding structure and asset verification are critical topics during the IPO guidance process, with several banks facing compliance challenges [3]. - As of now, five banks are waiting to go public on the A-share market, with three on the Shanghai Stock Exchange and two on the Shenzhen Stock Exchange, indicating a stagnant IPO environment since the last bank listed in January 2022 [3]. - The capital adequacy ratio for banks was reported at 15.28% at the end of the first quarter, showing a year-on-year decline of 15 basis points, with city commercial banks and rural commercial banks at 12.44% and 12.96%, respectively [3]. Group 3: Market Sentiment - Despite the challenges, there is a strong desire among banks to pursue IPOs, with the need to clarify shareholding relationships and meet compliance requirements being crucial for successful listings [1][4]. - Analysts suggest that while the outlook for small and medium-sized banks in terms of IPOs is not optimistic due to competitive disadvantages and economic transformation, many banks are still actively planning for listings [4].