Core Viewpoint - Recent leadership changes at Quanzhou Bank have drawn significant attention in the industry, with the appointment of Jiang Wenpeng as the new chairman and ongoing challenges related to asset quality and loan performance [5][6][8]. Leadership Changes - Jiang Wenpeng has been nominated as the new chairman of Quanzhou Bank, succeeding Lin Yangfa, who retired due to reaching the legal retirement age [6][7]. - The bank has also seen other key personnel changes, including the appointment of Ye Xuyin as the new board secretary and Wang Haibin as the new assistant president [8][9]. Asset Quality Challenges - Quanzhou Bank's non-performing loan (NPL) ratio has increased for three consecutive years, reaching 1.83% in 2024, with overdue loans growing by over 800 million yuan [8][11]. - The bank's provision coverage ratio has decreased from 168.01% in 2023 to 163.23% in 2024, indicating a weakening ability to cover potential loan losses [12][13]. Financial Performance - As of the end of 2024, Quanzhou Bank reported total assets of 175.3 billion yuan, with total deposits of 134.7 billion yuan and total loans of 111 billion yuan [10]. - The bank achieved operating income of 3.698 billion yuan in 2024, a year-on-year increase of 4.55%, and a net profit of 656 million yuan, up 0.95% [10]. Capital Adequacy - The capital adequacy ratio stood at 14.12% and the core tier 1 capital ratio at 9.33% as of the end of 2024, both above regulatory minimums [13]. - The bank's total capital net amount is 16.934 billion yuan, with tier 1 capital net amount at 13.384 billion yuan [14]. Shareholding Structure - Quanzhou Bank has a dispersed shareholding structure, with the largest shareholder holding only 11.67% of the shares, indicating no absolute control by any single entity [15][16]. - The top ten shareholders collectively hold 24.59% of the shares, with significant representation from state-owned enterprises [15][16]. Regulatory Challenges - The bank has faced multiple regulatory penalties in 2024, including fines for failing to report criminal case information and inadequate due diligence on loans [18]. - The bank's performance in the first quarter of 2024 showed a decline in revenue and net profit, with revenue down 25.3% year-on-year and net profit down 49.09% [19]. IPO Aspirations - Quanzhou Bank has been preparing for an IPO since 2021, aiming to enhance its strength and growth potential through capital markets, but faces challenges related to performance volatility and asset quality management [18][20].

Core Viewpoint - The A-share IPO market for banks has been stagnant for three and a half years, with 15 banks currently in the listing guidance phase, facing various challenges in their path to IPO [1][3][10]. Group 1: Current Status of Banks in IPO Guidance - There are 15 banks in the IPO guidance phase, with guidance durations ranging from over 2 years to 15 years, highlighting the prolonged nature of the process [1][3]. - HanKou Bank has been in the guidance phase since December 2010, focusing on capital supplementation to alleviate capital adequacy pressure [3][4]. - New entrants like Guilin Bank began their guidance process in August 2023, indicating a mix of experienced and new players in the IPO preparation [3][4]. Group 2: Challenges Faced by Banks - Many banks are struggling with issues related to equity management, asset ownership, and corporate governance, which hinder their IPO progress [6][9]. - Specific challenges include unresolved equity disputes, excessive shareholding by employees, and incomplete asset rights documentation [7][8]. - Capital pressure remains a significant constraint, with banks like HanKou Bank needing to explore multiple channels for capital supplementation to meet IPO requirements [9]. Group 3: Market Environment and Regulatory Landscape - The IPO market has become increasingly cautious, with no new bank listings since January 2022, reflecting a tightening regulatory environment [10]. - The shift to a registration-based system has led to stricter scrutiny of corporate governance and a focus on regional banks' roles in local economies [10][11]. - Banks are advised to assess their readiness and market conditions carefully before submitting IPO applications, considering factors like risk management and economic recovery [11]. Group 4: Recommendations for Banks - Analysts suggest that banks in the guidance phase should adopt a dual approach: continue rectifying issues for IPO readiness while exploring alternative capital-raising methods [11]. - Engaging strategic investors and optimizing equity structures through mergers and acquisitions are recommended strategies for banks facing prolonged guidance periods [11].

Core Viewpoint - Shunde Rural Commercial Bank's IPO application has been withdrawn after 8 years of preparation, leading to the termination of its listing review by the Shenzhen Stock Exchange [2][5][4]. Group 1: IPO Status - The Shenzhen Stock Exchange announced the termination of Shunde Rural Commercial Bank's IPO review following the bank's withdrawal of its application [4][5]. - This marks the end of an 8-year journey since the bank's IPO counseling began in July 2017 [2][5]. Group 2: Financial Performance - As of the end of 2024, Shunde Rural Commercial Bank reported a net profit of 3.17 billion yuan, a decline of 8.5% year-on-year, marking three consecutive years of profit decline [2][10]. - The bank's non-performing loan ratio rose to 1.61%, increasing for four consecutive years, with a total non-performing loan balance of 4.05 billion yuan [11][10]. - The bank's revenue for 2024 was 8.49 billion yuan, showing a slight increase of 1.2% year-on-year [10]. Group 3: Shareholder Structure and Transactions - By the end of 2024, Shunde Rural Commercial Bank had approximately 87,700 shareholders, with Midea Group being the largest shareholder, holding 9.69% of the shares [5][6]. - The bank engaged in 1,529 related party transactions in 2024, amounting to approximately 28.66 billion yuan, indicating a close relationship with its major shareholders [6][11]. Group 4: Expansion and Management Changes - Despite the IPO withdrawal, Shunde Rural Commercial Bank has been actively pursuing external expansion, including plans to acquire multiple village and town banks [12][13]. - The bank has experienced several changes in its executive management, including the resignation of its chairman after 10 years and the appointment of new executives in 2024 [12][13].

Group 1 - The core issue for small and medium-sized banks in China is the difficulty in going public, with A-share listings facing challenges before the IPO and H-share listings facing difficulties after the IPO [1][7] - Recently, Shunde Rural Commercial Bank withdrew its IPO application, reducing the number of banks waiting for approval from 10 to 5 [1][2] - The slow progress of bank IPOs is attributed to capital market policy adjustments and the impact of market volatility on bank stock stability [1][3] Group 2 - The initial group of 10 banks included Guangzhou Bank, Dongguan Bank, and others, but several have since withdrawn their applications, with the smallest being Yaodu Bank, which withdrew after nearly 6 years of waiting [2][4] - Shunde Rural Commercial Bank experienced two rounds of performance declines, with significant drops in both revenue and net profit during the pandemic and the current economic downturn [4][5] - The bank's financial performance showed a decline in net interest income and commission income, with non-performing loans increasing, indicating pressure on asset quality [5][6] Group 3 - The trend of bank IPOs has slowed significantly since 2019, with no new bank listings in A-shares since January 2022 [7][8] - While the Hong Kong market offers an alternative for listings, small and medium-sized banks face challenges post-listing, including low valuations and trading volumes [8][9] - Recent examples of banks like Jilin Bank and Jiutai Rural Commercial Bank highlight the difficulties faced in maintaining share prices and trading activity after going public [9][10]

Core Viewpoint - The recent developments in the IPO landscape for banks indicate a significant divergence in the progress of various banks, with Dongguan Bank and Nanhai Rural Commercial Bank resuming their IPO processes while Shunde Rural Commercial Bank remains stalled due to unupdated financial data [1][2]. Group 1: IPO Status and Performance - Dongguan Bank and Nanhai Rural Commercial Bank have updated their financial data, leading to their IPO review status being restored to "accepted" [1][2]. - Shunde Rural Commercial Bank, in contrast, has not updated its financial data and remains in a "suspended" state, raising questions about its future IPO prospects [1][2]. - In 2024, Dongguan Bank reported a revenue of 10.197 billion yuan, a decrease of 3.69%, and a net profit of 3.733 billion yuan, down 8.2%, marking its first decline in five years [2]. - Nanhai Rural Commercial Bank achieved a revenue of 6.429 billion yuan, a decline of 6.30%, but its net profit increased by 2.99% to 2.453 billion yuan, ending two years of negative growth [2]. - Shunde Rural Commercial Bank's net profit fell to 3.177 billion yuan, a decrease of 7.89%, marking three consecutive years of decline [2]. Group 2: Asset Quality and Challenges - Shunde Rural Commercial Bank's non-performing loan (NPL) ratio rose to 1.61% in 2024, an increase of 0.13 percentage points from 2023, showing a clear upward trend in NPLs over the past four years [3]. - The overall difficulty for banks to go public has increased, with many banks facing challenges in their IPO processes, including Jiangsu Hai'an Rural Commercial Bank and Guangzhou Bank, which have withdrawn their applications [6][7]. - The current banking IPO landscape is characterized by stricter scrutiny from regulators, particularly affecting smaller banks with weaker qualifications [6][8]. Group 3: Capital Supplementation Strategies - As banks face declining capital adequacy ratios due to asset expansion and pressure from non-performing assets, alternative capital-raising methods such as issuing capital supplement bonds and attracting strategic investors have become crucial [8][9]. - In the first half of the year, commercial banks issued 52 "perpetual bonds" totaling 812.56 billion yuan, indicating a trend towards diverse capital-raising strategies [8]. - Analysts suggest that banks unable to achieve IPOs should focus on attracting strategic investors and optimizing their asset quality to enhance their capital management [9][10].

Core Viewpoint - Xinjiang Bank has initiated the preparation for its IPO by releasing a financial advisory service project tender, marking a significant step towards its listing process [1][3]. Group 1: Listing Preparation - On May 19, Xinjiang Bank announced the commencement of its listing advisory process, following earlier reports about its IPO plans [3]. - The bank was included in the 2025 reserve list of potential listed companies by the Xinjiang Uygur Autonomous Region Financial Office, highlighting its status as a key financial institution in the region [3]. - Xinjiang Bank aims to leverage this opportunity to accelerate its listing process and establish itself as a financial benchmark for local economic transformation [3]. Group 2: Financial Performance - Xinjiang Bank reported impressive financial results for 2024, with operating income reaching 2.717 billion yuan, a year-on-year increase of 52%, and net profit of 588 million yuan, up 25% year-on-year [3]. - The bank's total assets surged to 184.453 billion yuan by the end of 2024, reflecting a significant year-on-year growth of 50.29% due to the integration of Korla Bank [3]. Group 3: Asset Quality - As of the end of last year, Xinjiang Bank's non-performing loan (NPL) ratio stood at 1.93%, a decrease of 0.97 percentage points from the beginning of the year, although it increased compared to the end of 2023 [4]. - Following the merger with Korla Bank, the bank experienced peak levels of NPL balance and ratio, prompting a focus on risk mitigation in key areas [4]. - The bank has reported reductions in both NPL balance and ratio in the latter half of 2024, with significant decreases in the third and fourth quarters [4]. Group 4: Market Context - The A-share market has not seen any new bank IPOs since January 2022, when Lanzhou Bank was listed, while several banks are currently in the IPO advisory phase [5]. - Xinjiang Bank's move to initiate its IPO process comes at a time when other banks, such as Urumqi Bank, have faced slow progress in their listing efforts [5]. - Analysts suggest that the current low valuations of listed banks may pose challenges for new listings, but a potential easing of monetary policy could improve market conditions for bank IPOs in the future [6].

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 ...