Core Viewpoint - Huishang Bank has been struggling with three major issues: corporate governance, equity disputes, and employee stock ownership, hindering its A-share listing progress for over six years [4][5][21]. Compliance Challenges - In December 2025, Huishang Bank received two administrative penalties totaling 8.15 million yuan for various management violations, including improper loan issuance and inadequate post-loan management [7][8]. - The bank's compliance issues are compounded by a leadership vacuum, as the chairman's position has been vacant for over five months following the resignation of Yan Chen [10][11]. - The lack of a chairman, who is the primary responsible person for risk governance, may affect the bank's strategic decision-making and risk control [11][12]. Performance Analysis - In the first half of 2025, Huishang Bank reported operating income of 21.157 billion yuan, a year-on-year increase of 2.25%, and a net profit attributable to shareholders of 9.109 billion yuan, up 5.55% [14]. - However, the growth momentum is slowing, with operating income growth rates declining from 3.63% in 2020 to 2.10% in 2024 [14]. - The bank's net interest income decreased by 1.06% to 14.53 billion yuan, primarily due to narrowing interest margins [16]. - Non-interest income, particularly from financial investments, has become a key driver of profit growth, with a 10.34% increase to 6.627 billion yuan [17]. A-share Listing Challenges - Huishang Bank's A-share listing process has been ongoing for six years, facing three major hurdles: unresolved equity disputes, outdated corporate governance, and historical employee stock ownership issues [21][22][23]. - The equity dispute involves a legal battle between the second-largest shareholder and a potential acquirer, which remains unresolved [21]. - The bank's board of directors has not been restructured since January 2022, failing to meet the required number of members [22]. - Employee stock ownership issues need to be addressed to comply with regulatory requirements, complicating the internal balance of interests [23].
徽商银行6年A股长跑未果，董事长职位空悬5个月