八年两度辅导，杭州联合银行IPO卡在哪？

Core Viewpoint - Hangzhou United Rural Commercial Bank is facing significant challenges in its IPO process, primarily due to regulatory approvals and compliance issues, despite having met financial thresholds for listing [2][3][4]. Group 1: IPO Progress and Challenges - The bank's IPO is hindered by two main issues: the lack of approval from the Zhejiang provincial state-owned assets regulatory authority regarding the state-owned equity structure, and the need for listing approval and regulatory opinions from industry regulators [2][3]. - Since the second round of IPO guidance began in February 2023, the bank has experienced leadership changes, frequent penalties, and performance pressures, complicating its path to listing [2][3][4]. - The bank's total assets are approaching 600 billion yuan, making the IPO not just a financing tool but also a critical opportunity for modern corporate governance transformation [4]. Group 2: Leadership Changes and Compliance Issues - In April 2023, Lin Shiyi was appointed as the bank's chairman, following the resignation of the previous chairman, Zhang Hailin, which was seen as a pivotal move for the IPO process [4][5]. - Under Lin's leadership, the bank has faced multiple compliance issues, with significant fines imposed on both the bank and its affiliated rural banks for various violations, indicating internal control weaknesses [5][6][7]. Group 3: Financial Performance - As of the end of September 2025, the bank reported total assets of 596.12 billion yuan, a 6.8% increase from the beginning of the year, with total loans exceeding 380 billion yuan and deposits nearing 450 billion yuan [8]. - The bank's net interest margin has been declining, from 2.59% at the end of 2022 to 1.71% by the end of 2024, which is below the average of 1.73% for national rural commercial banks, reflecting pressure on asset yields [8][9]. - The bank achieved an operating income of 11.54 billion yuan in 2024, a year-on-year increase of 3.1%, and a net profit of 4.62 billion yuan, up 6.04%, demonstrating resilience in profitability [8]. Group 4: Future Outlook - The new chairman's regulatory background and industry experience are seen as valuable assets for overcoming the challenges faced in the IPO journey [10]. - Balancing growth with quality and scale with efficiency remains a critical challenge for the bank moving forward [10].