股权7折起拍又撤回，广东南海农商行IPO又卡了？

Core Viewpoint - The recent judicial auction of shares in Guangdong Nanhai Rural Commercial Bank by Nengxing Holdings has faced multiple withdrawals, raising concerns about the bank's IPO status and overall governance stability [1][3][17]. Group 1: Auction and Shareholder Dynamics - Nengxing Holdings planned to sell 65 million shares of Guangdong Nanhai Rural Commercial Bank at a starting price of 282 million yuan, which is 30% lower than the assessed price [1]. - The auction has been withdrawn multiple times due to objections and execution needs, indicating instability in shareholder dynamics [1][5]. - The bank's auction process is limited to local corporate entities, with strict eligibility criteria for bidders, including continuous profitability over the past two years [1][3]. Group 2: IPO Status and Financial Health - The IPO application for Guangdong Nanhai Rural Commercial Bank has been suspended by the Shenzhen Stock Exchange due to expired financial documents that need to be resubmitted [3][4]. - The bank's financial performance showed a decline in revenue and profit in the first three quarters of 2025, with revenue down 8.73% and net profit down 17.08% compared to the previous year [7]. - Capital adequacy ratios have also decreased, with the core Tier 1 capital ratio dropping from 13.53% at the end of 2024 to 12.51% by September 2025, indicating a weakening capital buffer [7][11]. Group 3: Management Response and Strategy - The management is focused on three key actions: updating IPO-required documents, maintaining capital buffers, and ensuring the quality of potential shareholders [9][10][11]. - The bank aims to stabilize its financial performance by shifting focus from volatile investment income to more sustainable revenue sources [12]. - The management is cautious about shareholder changes, as any issues could significantly delay the IPO process [14][16].