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][2][3]. Group 1: IPO Status and Challenges - Dongguan Bank and Guangdong Nanhai Rural Commercial Bank's IPO status has reverted from "accepted" to "suspended" due to the need for updated financial documents [2]. - Both banks have faced prolonged IPO journeys, with Dongguan Bank first submitting IPO materials in 2008 and Guangdong Nanhai Rural Commercial Bank starting in 2018 [2][3]. - The A-share bank IPO market has been stagnant since Lanzhou Bank's listing in 2022, with only five banks currently in the IPO "reserve" queue [1][7]. Group 2: 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% [3]. - 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% [4]. - 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% [4]. Group 3: Underlying Issues - Analysts indicate that the financial performance of these banks is weak, compounded by compliance issues, which hinder their IPO progress [8]. - The current regulatory environment favors technology companies for IPOs, creating a mismatch with the needs of smaller banks [8]. - Structural issues such as governance deficiencies, asset quality concerns, and reliance on IPOs for capital are prevalent among smaller banks, complicating their path to listing [10][11].