遥遥无期！东莞银行与南海农商行A股IPO年内二次中止审核

Core Viewpoint - Dongguan Bank and Nanhai Rural Commercial Bank's IPO review status has been changed from "accepted" to "suspended" due to expired financial documents, marking the second suspension this year for both banks [1] Group 1: IPO Status and History - Dongguan Bank has faced a tumultuous IPO journey since its first application in 2008, experiencing multiple suspensions and rejections, including four suspensions due to expired financial documents since 2024 [1] - Nanhai Rural Commercial Bank has also had a lengthy IPO process, with its first application submitted in 2019 and facing four suspensions due to financial issues over the years [1] Group 2: Financial Performance - For the first half of 2025, Dongguan Bank reported a revenue of 4.97 billion yuan, a year-on-year decline of 8.02%, and a net profit of 2.36 billion yuan, down 1.4% [1] - Nanhai Rural Commercial Bank's revenue for the same period was 3.28 billion yuan, reflecting an 8.24% year-on-year decrease, with a net profit of 1.39 billion yuan, down 14.2% [1] Group 3: Capital Adequacy and IPO Purpose - Both banks are heavily reliant on IPOs for capital replenishment, with Dongguan Bank's core Tier 1 capital adequacy ratio at 9.24% and total capital adequacy ratio at 13.74%, both below industry averages [2] - Nanhai Rural Commercial Bank's capital adequacy ratio stands at 14.93% and core Tier 1 capital adequacy ratio at 12.4% [2] - Dongguan Bank plans to issue up to 780 million shares to raise funds solely for capital replenishment, while Nanhai Rural Commercial Bank aims to issue up to 1.32 billion shares for the same purpose [2] Group 4: Internal Challenges - The expiration of financial documents is a symptom of deeper issues, including inadequate internal governance and compliance management, which hinder the banks' ability to meet IPO requirements [2] - Dongguan Bank's ownership structure is highly fragmented, with over 98% of shares held by individual shareholders, posing significant challenges for its IPO [2] - Nanhai Rural Commercial Bank also has a dispersed ownership structure, with the top five shareholders holding less than 30% of shares, and the second-largest shareholder's shares being judicially frozen [2] Group 5: Market Context - Since the listing of Lanzhou Bank in 2022, there has been a three-year gap in A-share bank IPOs, with several banks withdrawing their applications, leaving only five banks currently in the IPO queue [3] - Guangzhou Bank and Shunde Rural Commercial Bank have recently withdrawn their IPO applications, indicating a challenging environment for bank listings [3]