Core Insights - The progress of bank IPOs has been slow, with only Yibin Bank successfully listing on the Hong Kong Stock Exchange in the past three years, while the A-share market has not seen any new listings since Lanzhou Bank in January 2022 [1][17] - Despite the slow progress, there remains a large number of banks preparing for IPOs, with 15 banks currently in the listing guidance period [1][17] - Capital adequacy remains a significant challenge for many small and medium-sized banks, impacting their IPO processes [3][12] Group 1: IPO Progress - Yibin Bank is the only small bank to have listed in the past three years, while several banks have withdrawn their IPO applications in 2024, leaving only six banks in the queue [1][17] - The banks currently in the listing guidance period include Hankou Bank, Tianjin Bank, and others, with Hankou Bank having initiated its IPO plans as early as December 2010 [1][2] Group 2: Capital Adequacy Challenges - Hankou Bank has faced difficulties in increasing profitability, with revenues of 6.802 billion, 8.393 billion, and 8.521 billion yuan from 2021 to 2023, while net profits were 1.25 billion, 1.915 billion, and 1.445 billion yuan, indicating a "revenue without profit" situation [3][4] - Despite a capital increase in 2024, Hankou Bank's capital adequacy indicators remain under pressure, necessitating further capital supplementation [4][5] - Tianjin Bank has also struggled with capital adequacy, with its non-performing loan total increasing from 6.816 billion yuan in 2023 to 7.609 billion yuan in 2024, despite a slight decrease in the non-performing loan ratio [5][6] Group 3: Asset Certainty Issues - Guilin Bank has faced delays in its IPO due to issues with property rights and ongoing legal disputes, which have hindered its progress since its initial listing ambitions in 2011 [8][10] - Other banks, such as Gansu Bank and Wenzhou Bank, are also dealing with similar asset certainty challenges, which complicate their listing processes [11][12] Group 4: Shareholding Structure Challenges - Jiangsu Jiangnan Rural Commercial Bank is facing regulatory challenges due to internal shareholding exceeding the limits set by financial regulations, which has delayed its IPO process [12][14] - The bank is working on a plan to rectify the shareholding structure by transferring excess shares held by employees to qualified institutional investors [17]