A股银行IPO四年僵局，东莞银行与南海农商行能否破冰？

Core Viewpoint - The IPO prospects for Dongguan Bank and Nanhai Rural Commercial Bank remain uncertain as they are the only two banks still queuing for listing on the Shenzhen Stock Exchange after several others have withdrawn their applications. The A-share banking sector has not seen a new member for four years, highlighting the challenges faced by small and medium-sized banks in the current economic environment [1][6]. Financial Performance - Both Dongguan Bank and Nanhai Rural Commercial Bank reported significant declines in net profit for the third quarter of 2025, with Dongguan Bank's net profit down by 20.88% year-on-year and Nanhai's down by 17.08%. Additionally, both banks experienced an increase in non-performing loan ratios and a decrease in provision coverage ratios, adding pressure to their IPO prospects [3][8]. IPO Process Challenges - Since the implementation of the comprehensive registration system in 2023, both banks have had their IPO applications suspended four times due to expired financial data, reflecting the strictness of the IPO review process. They must update their financial data every six months to maintain their review status, and failure to do so could lead to another suspension by March 31, 2026 [4][8]. Market Environment - The A-share banking sector has been stagnant, with the last successful IPO occurring on January 17, 2022, when Lanzhou Bank was listed. The withdrawal of other banks, such as Guangzhou Bank and Shunde Rural Commercial Bank, further emphasizes the difficulties faced by small banks in the current economic climate [5][6]. Regulatory Landscape - The stringent regulatory environment, particularly after the implementation of the comprehensive registration system, has made it increasingly difficult for small and medium-sized banks to meet the requirements for IPOs. Factors such as declining profitability and rising asset quality issues have contributed to this challenge [8][10]. Future Outlook - The ability of Dongguan Bank and Nanhai Rural Commercial Bank to break the four-year IPO deadlock will depend on their capacity to improve profitability and asset quality, as well as navigate the uncertainties of the review process. The overall economic recovery and market sentiment towards bank stocks will also play a crucial role in their potential listing [9][10].