重返A股排队序列，东莞银行、南海农商银行再度重启IPO

Core Viewpoint - Dongguan Bank and Nanhai Rural Commercial Bank have restarted their IPO processes after multiple suspensions, marking a rare positive signal in the currently quiet bank IPO market [1][2]. Group 1: IPO Process - Dongguan Bank's IPO journey has spanned 17 years, with its first application submitted in 2008 and multiple interruptions due to incomplete disclosures and financial data expiration [2]. - Nanhai Rural Commercial Bank initiated its IPO preparations in 2018, facing similar challenges with its application transitioning to the main board of the Shenzhen Stock Exchange [2]. - Both banks have faced four interruptions due to financial data issues, but have now resumed their "accepted" status as of late 2025 [2]. Group 2: Financial Performance - Dongguan Bank reported revenues of 10.279 billion CNY, 10.587 billion CNY, and 10.197 billion CNY for 2022, 2023, and 2024 respectively, with net profits of 3.648 billion CNY, 3.765 billion CNY, and 3.503 billion CNY [3]. - Nanhai Rural Commercial Bank's revenues for the same years were 6.986 billion CNY, 6.861 billion CNY, and 6.429 billion CNY, with net profits of 2.728 billion CNY, 2.382 billion CNY, and 2.453 billion CNY [3]. - For the first three quarters of 2025, Dongguan Bank's revenue decreased by 9.39% year-on-year to 6.918 billion CNY, and net profit fell by 20.66% to 2.544 billion CNY [3]. - Nanhai Rural Commercial Bank's revenue for the same period dropped by 8.73% to 4.277 billion CNY, with net profit declining by 17.08% to 1.865 billion CNY [3]. Group 3: Asset Quality - As of the end of Q3 2025, Dongguan Bank's core Tier 1 capital adequacy ratio was 9.13%, down from 9.38% in mid-2025 [3]. - Nanhai Rural Commercial Bank's non-performing loan ratio increased to 1.55% in mid-2025, surpassing the national average of 1.49% [4]. Group 4: Shareholding Structure - Both banks lack a controlling shareholder, with Dongguan Bank's largest shareholder being the Dongguan Municipal Finance Bureau, holding 21.16% [5]. - Nanhai Rural Commercial Bank has a more fragmented shareholding structure, with only three shareholders holding over 5% as of mid-2025 [5]. - The stability of Nanhai Rural Commercial Bank's shareholding has raised concerns, particularly due to the financial troubles of its fifth-largest shareholder, Nengxing Holdings [5][6]. Group 5: Market Environment - The overall bank IPO market is currently subdued, with only five banks remaining in the queue for listing as of late 2025, down from ten at the start of the year [8]. - The IPO process for many banks has been hindered by macroeconomic conditions, market fluctuations, and internal governance issues [10]. - Despite the challenges, the resumption of the IPO review for Dongguan Bank and Nanhai Rural Commercial Bank is seen as a significant development, potentially serving as a reference for other small and medium-sized banks aiming to go public [10].