Core Viewpoint - The sudden resignation of Wu Dong as the chairman of Guilin Bank raises concerns about the bank's internal issues and its upcoming IPO process, with new leadership under Zhang Xiande who has extensive banking experience [2][3][4]. Leadership Changes - Wu Dong resigned on April 28, 2024, and was replaced by Zhang Xiande, who has been with Guilin Bank since 2011 and has held various senior positions [2][4]. - Wu Dong's resignation followed his removal as a representative at the regional level, indicating potential political or governance issues [3][4]. Financial Performance - Guilin Bank reported a revenue of 95.24 billion yuan and a net profit of 22.73 billion yuan for the first three quarters of 2024, marking year-on-year growth of 9.44% and 9.91% respectively [5]. - The bank's interest income accounted for over 80% of its total revenue, highlighting its reliance on interest-based earnings [5]. Asset Quality and Risks - As of Q3 2024, Guilin Bank's non-performing loan (NPL) ratio was 1.87%, an increase of 0.22% from the previous year, while the provision coverage ratio decreased to 137.65% [5][6]. - The bank's capital adequacy ratio stood at 12.01%, slightly lower than the previous year, indicating potential capital constraints [5][6]. Regulatory Compliance - Guilin Bank's NPL ratio is higher than the average for commercial banks, while its provision coverage and capital adequacy ratios are below industry standards [6]. - The bank has faced multiple penalties for internal control failures, including issues related to loan management and asset disposal [8]. IPO Progress and Challenges - Guilin Bank initiated its IPO process in August 2023, but faces significant challenges, including unresolved legal disputes and issues with property rights documentation [5][9]. - The bank's high loan concentration poses additional risks, with significant exposure to major shareholders and borrowers [9]. Future Outlook - The ability of Guilin Bank to become the first listed bank in Guangxi remains uncertain, especially in light of leadership changes and ongoing financial challenges [10].

Core Viewpoint - Guilin Bank's chairman Wu Dong has resigned mid-term, raising concerns about the bank's future IPO plans and overall governance [1][2] Group 1: Leadership Changes - Wu Dong has been with Guilin Bank for nearly 15 years, serving in various roles before becoming chairman in December 2019 [1][2] - Zhang Xiande, currently the bank's president, will temporarily take over the chairman role following Wu's resignation [2] - Several other board members have also resigned mid-term, indicating potential governance issues within the bank [2] Group 2: Financial Performance - Guilin Bank's total assets exceeded 500 billion RMB in 2023, reaching 576.3 billion RMB in 2024 [3] - The bank reported a revenue of 10.938 billion RMB in 2024, a year-on-year increase of 5.56%, and a net profit of 2.28 billion RMB, up 10.21% [3] Group 3: IPO Progress - Guilin Bank has been preparing for its IPO since 2018, with a formal agreement signed with CITIC Securities for guidance on the listing process [3][5] - The bank faces two main issues that could hinder its IPO: incomplete property rights for some assets and ongoing legal disputes [4] - The timeline for IPO application documents is set for April to June 2025, amid a challenging environment for small banks to list on the A-share market [5]

Core Viewpoint - The IPO progress of Guilin Bank is slow, with several issues identified by CITIC Securities, including incomplete property rights and ongoing legal disputes, which may hinder its listing process [1][3][4]. Group 1: IPO Progress - Guilin Bank entered the IPO counseling period in August 2023, with CITIC Securities expected to complete the counseling work between April and June 2025 [2][5]. - The overall pace of bank IPOs has been sluggish, with no banks successfully listing on the A-share market in 2023 and 2024 [2][13]. Group 2: Financial Performance - Guilin Bank's financial indicators have not met regulatory standards from 2021 to 2023, with asset return rates of 0.35%, 0.37%, and 0.42%, all below the ≥0.6% requirement, and capital return rates of 6.46%, 6.02%, and 6.22%, below the ≥11% requirement [6][12]. - The cost-to-income ratio has been consistently high, recorded at 35.7%, 40.30%, and 39.75%, exceeding the ≤35% regulatory standard [12]. Group 3: Recent Financial Data - For the first three quarters of 2024, Guilin Bank reported revenues of 95.24 billion yuan and a net profit of 22.73 billion yuan, reflecting year-on-year growth of 9.44% and 9.91% respectively [7]. - As of September 30, 2024, the bank's non-performing loan ratio was 1.87%, an increase of 0.22% from the end of the previous year, while the provision coverage ratio decreased to 137.65% [8][10].

文/西风 1月17日，深交所公布对广州银行主板IPO终止审核的决定，直接原因是公司及保荐机构国泰君安撤回申请。广州银行IPO于2023年3月3日获得受理，但一直未等来 首轮问询。公司已公布5版招股书申报稿，最新版招股书于2024年6月29日公布。公司申报IPO拟募资94.7874亿元，全部用于补充该行核心一级资本。 一、实控人为广州市政府，公司有1.097万名自然人股东 该行前身广州城市合作银行成立于1996年9月，1999年7月更名为广州市商业银行股份有限公司，2009年11月变更为现有名称。目前该行注册资本117.75717亿元。 公司控股股东广州金融控股集团有限公司直接持股比例22.58%，通过全资子公司广永国资持有股份比例19.71%。广州金控直接和间接股份比例为42.30%，公司实 际控制人为广州市人民政府。公司另有10970名自然人股东合计持股比例1.88%。 招股书披露：截至2023年12月31日，本行尚有296户非自然人股东和1,100户自然人股东因无法联系或股东资格存在瑕疵而未完成确权，所持股份数合计61,748,469 股，占本行发行前总股本的0.52%。上述未确权股东所持股数占本行总股本 ...