两家银行A股IPO再卡壳，中小银行上市路众生相

Core Viewpoint - The IPO market for banks in A-shares faces significant challenges, with Dongguan Bank and Guangdong Nanhai Rural Commercial Bank's IPO applications being halted again due to expired financial documents, marking the second time this year for both banks [1][3][4]. Summary by Sections IPO Status - Dongguan Bank and Guangdong Nanhai Rural Commercial Bank's IPO review status has reverted from "accepted" to "suspended" due to the need for updated financial documents [3][4]. - Both banks have faced multiple interruptions in their IPO processes, with Dongguan Bank first submitting IPO materials in 2008 and Guangdong Nanhai Rural Commercial Bank starting in 2018 [3][4]. Financial Performance - Dongguan Bank reported a revenue of 4.966 billion yuan in the first half of 2025, down 8.02% year-on-year, and a net profit of 2.365 billion yuan, down 1.45% [5]. - Guangdong Nanhai Rural Commercial Bank's revenue for the same period was 3.278 billion yuan, a decrease of 8.24%, with a net profit of 1.39 billion yuan, down 14.17% [5]. - Both banks' capital adequacy ratios are below industry averages, with Dongguan Bank's core Tier 1 capital adequacy ratio at 9.24% and Guangdong Nanhai's at 12.4% [5]. Market Environment - The A-share bank IPO market has been stagnant since the listing of Lanzhou Bank in January 2022, with only five banks currently in the IPO "reserve" list [7]. - The overall market for bank IPOs is characterized by a lack of new listings and a focus on compliance and risk management, which poses challenges for smaller banks [8][9]. Challenges Faced - The financial performance of many small and medium-sized banks has deteriorated, making it harder for them to meet IPO requirements [6][8]. - Structural issues such as governance deficiencies, asset quality problems, and regulatory compliance challenges hinder the IPO process for many banks [10][11]. Future Outlook - Despite the challenges, some banks are still actively pursuing IPOs, with 15 banks currently in the listing guidance phase, although they face various obstacles [9][10]. - Analysts suggest that banks should focus on improving compliance and governance to enhance their chances of successful IPOs in the future [11].