股权“拦路虎”未除，如皋农商行IPO赶考遇阻

Core Viewpoint - Rugao Rural Commercial Bank is facing significant challenges in its IPO journey, primarily due to unresolved equity issues, including shareholding disputes and high levels of pledged and frozen shares, which hinder its ability to go public successfully [1][3][4]. Equity Issues - The core issue revolves around the uncertainty of 109 million shares held through a proxy arrangement, first reported in March 2019, which remains unresolved as the bank has not received responses from relevant shareholders [3][4]. - As of December 31, 2025, 15.66% of the bank's shares are pledged, and 12.15% are frozen, indicating a worsening situation compared to previous reports [4][6]. Financial Performance - In 2024, Rugao Rural Commercial Bank achieved a revenue of 1.863 billion yuan, a year-on-year increase of 22.77%, and a net profit of 533 million yuan, up 34.17% [6]. - However, in the first half of 2025, the bank's revenue decreased by 10.49% to 896 million yuan, and net profit fell by 4.57% to 298 million yuan, indicating operational pressures [6]. Regulatory and Compliance Issues - The bank has faced regulatory penalties for six violations, including improper financial statistics management and transactions with unidentified clients, resulting in fines totaling 1.096 million yuan [6][7]. - The compliance issues reflect weaknesses in risk management and internal governance, which are critical for the bank's IPO prospects [7][10]. Management Changes - In June 2025, the bank underwent significant management changes, appointing new executives with extensive experience in regional banking, which may help address compliance and governance challenges [8][9]. - The new management team is expected to enhance internal governance and expedite the resolution of equity issues [9][10]. Industry Context - The broader banking sector has seen a slowdown in IPOs since January 2022, with increasing regulatory scrutiny making it more challenging for small and medium-sized banks to go public [8]. - Rugao Rural Commercial Bank's IPO journey reflects the difficulties faced by similar institutions in the current regulatory environment [8].