股权“拦路虎”未除 如皋农商行IPO赶考遇阻

Core Viewpoint - Rugao Rural Commercial Bank has been struggling with equity issues for over seven years in its pursuit of an A-share IPO, with significant challenges including shareholding disputes and high levels of pledged and frozen shares [1][11]. Equity Issues - The latest report from Dongfang Securities highlights ongoing concerns regarding shareholding irregularities, particularly a shareholding proxy issue involving 109 million shares that has remained unresolved since its exposure in 2019 [3][14]. - As of the end of 2025, 15.66% of the bank's shares are pledged, and 12.15% are frozen, indicating a severe restriction on equity [1][4]. Financial Performance - In 2024, Rugao Rural Commercial Bank reported a significant increase in revenue, achieving 1.863 billion yuan, a year-on-year growth of 22.77%, and a net profit of 533 million yuan, up 34.17% [7][17]. - However, in the first half of 2025, the bank faced financial pressure, with revenue dropping to 896 million yuan, a decrease of 10.49%, and net profit falling to 298 million yuan, down 4.57% [7][17]. Regulatory Compliance - The bank has faced regulatory scrutiny, receiving fines for six violations, including issues related to financial statistics management and transactions with unidentified clients, totaling 1.096 million yuan in penalties [7][18]. - The bank's management has been penalized, indicating weaknesses in risk management and internal governance [18]. Management Changes - In June 2025, the bank underwent significant management changes, appointing new vice presidents to enhance governance and address compliance and risk management issues [19][20]. - The new management team is expected to help optimize internal governance and expedite the resolution of equity issues that hinder the IPO process [20]. Industry Context - The challenges faced by Rugao Rural Commercial Bank are reflective of broader industry trends, as no new banks have listed on the A-share market since January 2022, with increasing regulatory scrutiny making it difficult for smaller banks to go public [9][19].