Since March 2024, both Dongguan Bank and Nanhai Rural Commercial Bank have had their IPO reviews suspended six separate times due to expired financial records in their IPO application documents. Currently, there are still 5 small and medium-sized banks queued for IPO review in the A-share market. Recently, the IPO review status of Dongguan Bank and Nanhai Rural Commercial Bank was changed to "suspended," marking the sixth time since March 2024 that both banks have had their IPO review paused due to the same procedural issue. Notably, since Lanzhou Bank listed on the A-share market in January 2022, the A-share market has gone nearly five years without welcoming a new listed bank. At present, only 5 small and medium-sized banks remain on the IPO review lists of the Shanghai and Shenzhen Stock Exchanges.
Two Banks' IPOs Suspended Again
According to disclosures on the Shenzhen Stock Exchange's official website, on September 30, the IPO review status of both Dongguan Bank and Nanhai Rural Commercial Bank was changed from "accepted" to "suspended," both due to expired financial records. Among them, Dongguan Bank has been planning its listing for a long time, having embarked on the A-share listing path 15 years ago. As early as March 2008, Dongguan Bank submitted its listing application to the China Securities Regulatory Commission. In early 2012, CSRC disclosure information showed that the bank's IPO had entered the "implementing feedback" stage. However, in 2014, Dongguan Bank was terminated from review due to incomplete pre-disclosure. It was not until 2018 that Dongguan Bank restarted its listing plans, completed coaching registration with the Guangdong Securities Regulatory Bureau, entered the listing coaching period, and submitted its prospectus in 2019, receiving feedback from the CSRC. Nanhai Rural Commercial Bank was first accepted in 2019. On May 28 of that year, the CSRC officially disclosed that it had received the "Initial Public Offering and Listing" materials from Guangdong Nanhai Rural Commercial Bank Co., Ltd. After the full implementation of the registration-based system in March 2023, the IPO review of Dongguan Bank and Nanhai Rural Commercial Bank was transferred to the Shenzhen Stock Exchange. According to disclosures from the Shenzhen Stock Exchange, since March 2024, both Dongguan Bank and Nanhai Rural Commercial Bank have had their IPO reviews suspended six times due to expired financial records in their IPO application documents.
In terms of performance, Dongguan Bank saw both revenue and net profit decline for two consecutive years in 2024 and 2025. In 2024 and 2025, Dongguan Bank's revenue was 10.197 billion yuan and 9.301 billion yuan, down 3.69% and 8.78% year-on-year respectively. During the same period, the bank's net profit was 3.738 billion yuan and 3.082 billion yuan, down 8.10% and 17.55% year-on-year respectively. In the first half of this year, Dongguan Bank achieved operating revenue of 4.932 billion yuan, down 2% year-on-year, and net profit of 2.407 billion yuan, up 1.02% year-on-year. Nanhai Rural Commercial Bank's performance has also been declining in recent years. From 2023 to 2025, it achieved operating revenue of 6.861 billion yuan, 6.429 billion yuan, and 5.904 billion yuan, down 1.79%, 6.3%, and 8.16% year-on-year respectively. During the same period, its net profit was 2.382 billion yuan, 2.453 billion yuan, and 2.336 billion yuan, down 12.66%, up 2.99%, and down 4.8% year-on-year respectively. In the first half of this year, Nanhai Rural Commercial Bank continued to see both revenue and net profit decline, achieving operating revenue of 3.098 billion yuan, down 5.5% year-on-year, and net profit of 1.298 billion yuan, down 6.63% year-on-year.
Only 5 Banks Remain in A-Share IPO Queue
It is worth noting that since Lanzhou Bank listed on the A-share market in January 2022, the A-share market has gone nearly five years without welcoming a new listed bank. On the H-share side, only Yibin Bank has listed. In January 2025, Yibin Bank officially listed on the main board of the Hong Kong Stock Exchange. After Yibin Bank's listing, at that time, there were still 7 small and medium-sized banks queued for IPO review in the A-share market. Among them, 3 were on the Shanghai Stock Exchange main board: Huzhou Bank, Hubei Bank, and Kunshan Rural Commercial Bank. Four were on the Shenzhen Stock Exchange main board: Dongguan Bank, Nanhai Rural Commercial Bank, Shunde Rural Commercial Bank, and Guangzhou Bank. However, subsequently, on January 17 of last year, Guangzhou Bank and its sponsor withdrew their issuance and listing application. As a result, the Shenzhen Stock Exchange terminated its issuance and listing review. Later, on July 4 of the same year, the Shenzhen Stock Exchange disclosed that due to Shunde Rural Commercial Bank and its sponsor withdrawing their issuance and listing application, it decided to terminate their issuance and listing review in accordance with relevant rules. After Guangzhou Bank and Shunde Rural Commercial Bank successively exited, the number of banks queued for IPO in the A-share market has been reduced to 5. Based on the current situation, Huzhou Bank is in "inquiry" status, while Hubei Bank and Kunshan Rural Commercial Bank are both in "accepted" status. Dongguan Bank and Nanhai Rural Commercial Bank are both in "suspended" status.
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