业绩下滑，审核四度中止…东莞银行为何反复按下IPO重启键？

Core Viewpoint - Dongguan Bank has resumed its IPO process after over 17 years, but faces challenges including declining performance and compliance issues, adding uncertainty to its A-share listing ambitions [2][3][12]. Group 1: IPO Process - Dongguan Bank's IPO review status changed from "suspended" to "accepted" after the bank updated and submitted relevant financial data [4]. - The bank's IPO journey has been tumultuous, with its first application submitted in 2008, and multiple interruptions due to various reasons, including the expiration of financial documents [4][5]. - The transition to the Shenzhen Stock Exchange for IPO review occurred after the implementation of the comprehensive registration system in 2023 [4]. Group 2: Financial Performance - As of Q3 2025, Dongguan Bank reported total assets of 681.27 billion yuan, but experienced its first decline in both revenue and net profit in five years in 2024, with revenue at 10.197 billion yuan (down 3.69%) and net profit at 3.738 billion yuan (down 8.1%) [6][7]. - The downward trend continued into 2025, with Q3 revenue of 6.918 billion yuan (down 9.39%) and net profit of 2.544 billion yuan (down 20.66%) [7]. - The revenue decline was primarily attributed to fluctuations in investment income, which decreased by 22.54% to 1.343 billion yuan, alongside a shift from gains to losses in fair value changes [8]. Group 3: Capital Adequacy and Governance - Dongguan Bank is under pressure to supplement its capital, planning to issue up to 780 million shares to raise funds for capital replenishment [10]. - As of September 2025, the bank's capital adequacy ratios were 10.28% for Tier 1 and 13.64% overall, with a core Tier 1 capital ratio of 9.13%, showing a decline from previous periods [10]. - The bank has faced multiple regulatory fines in 2025, totaling over 9 million yuan, indicating compliance challenges that need to be addressed [11].