On January 10, the Shanghai Stock Exchange announced the termination of the issuance and listing review of shares of Bozhou Yaodu Rural Commercial Bank. The termination was due to the fact that Bozhou Yaodu Rural Commercial Bank Co., Ltd. and its sponsor voluntarily withdrew the application for issuance and listing. After receiving the withdrawal application, the SSE decided to terminate the review of the company's issuance and listing in accordance with the relevant procedures.
It is worth mentioning that in June last year, Xu Shaopu, the first chairman of the bank, was dismissed, and at that time, there was speculation about whether it would affect the bank's IPO road. Nowadays, the boots are on the ground.
In fact, in the past two years, the road to IPO for small and medium-sized banks has been particularly difficult. After only one bank was listed in 2022, the IPO of bank stocks continued to be cold in 2023, and there was even a rare "window period", no bank was listed during the year, and the situation may not be optimistic in 2024.
During the IPO process, the former chairman was dismissed
In October 2012, Yaodu Rural Commercial Bank was approved to open, and at the same time, Bozhou Yaodu Rural Cooperative Bank was terminated by itself, and its claims and debts were converted into the bank's claims and debts. In June 2023, the Anhui Discipline Inspection and Supervision Network reported that Xu Shaopu, former secretary of the Party Committee and chairman of Anhui Bozhou Yaodu Rural Commercial Bank, was investigated on suspicion of serious violations of discipline and law.
In 2016, Xu Shaopu proposed to lead the bank to go public within five years. However, in November 2021, Xu Shaopu resigned as a director of the board of directors, chairman of the board of directors and members of relevant special committees of the bank "due to work adjustments", and shortly thereafter, the legal person of Yaodu Rural Commercial Bank was changed from Xu Shaopu to Wang Feng. More than a year after his resignation, the IPO of Yaodu Rural Commercial Bank was terminated.
In March 2023, Yaodu Rural Commercial Bank's application for listing on the main board was accepted by the Shanghai Stock Exchange, and at that time, ** believed that the bank was expected to sprint to the first A-share listed bank in Anhui Province, after only one Hong Kong-listed bank in Anhui was Huishang Bank. Yaodu Rural Commercial Bank intends to raise an amount of 163.8 billion yuan, the sponsor is Huatai United**.
According to the company's data, the bank has been involved in 22 business disputes, 8 administrative penalties, 2,411 case filing information, 73 court announcements, 1,107 ** announcements, and 419 litigation-related relationships.
Non-performing rose Revenue and net profit both declined by double digits
According to the official website, Yaodu Rural Commercial Bank established a first-class legal person in December 2005, completed the restructuring of the Rural Cooperative Bank in July 2010, and completed the restructuring of the Rural Commercial Bank in October 2012, with a registered capital of 101.7 billion yuan. As of the end of 2022, the total assets were 6104 billion yuan, a year-on-year increase of 491%；Total liabilities 5586.3 billion yuan, a year-on-year increase of 488%。
In terms of performance, the operating income of Yaodu Rural Commercial Bank in 2020 and 2021 will be 204.9 billion yuan, 227.8 billion yuan, a year-on-year increase. 18%。According to the third quarter report of Yaodu Rural Commercial Bank in 2023, in the first three quarters of 2023, Yaodu Rural Commercial Bank achieved operating income of 140.2 billion yuan, down 1155%。
In 2022, Yaodu Rural Commercial Bank will achieve an operating income of 203.8 billion yuan, down 10 percent year-on-year53%, of which net fee and commission income was -1758580,000 yuan, compared with -1188 in 2021970,000 yuan; Net profit attributable to shareholders of the parent company was 34.9 billion yuan, down 26 percent year-on-year76%。
In terms of asset quality, the bank's non-performing loan ratios from the end of 2019 to the end of 2022 were respectively. 11%, showing a rapid upward trend year by year. As an important indicator of bank asset quality, the non-performing ratio has attracted attention. As of the end of 2022, the bank's non-performing loan balance was 147.4 billion yuan, a year-on-year increase of 5259%；The non-performing loan ratio is as high as 311%, up 4332%, which is the average non-performing ratio of commercial banks 163% of the 19 times.
As of the end of 2022, the top five shareholders of the bank are: Anhui Gujing Group Co., Ltd. (accounting for 9.).25%), Bozhou City, Qiaocheng District, Shangtang state-owned capital operation, accounting for 662%), Jian'an Investment Holding Group accounted for 508%), Anhui Ronghui Construction Investment Real Estate Development Group accounted for 417%), Anhui Kangda Chemical Co., Ltd. (accounting for 3.).93%）。
It is worth mentioning that the fifth largest shareholder, Kangda Chemical, is an "old lai". Tianyancha data shows that on January 31, 2023, Kangda Chemical was executed by the court for a loan dispute with Anhui Proton Asset Management.137170,000 yuan. On March 28, 2023, Kangda Chemical was listed as a dishonest person subject to execution by the court for evading enforcement. At present, the company is a dishonest company publicized by the Supreme People's Court, and it is also a restricted high-consumption enterprise.
IPOs are likely to continue to tighten
After the official implementation of the full registration system, many companies under review on the main board have been transferred to the Shanghai and Shenzhen stock exchanges. On March 4, 2023, Yaodu Rural Commercial Bank's initial offering application was accepted by the Shanghai Stock Exchange, and at that time, relevant experts believed that small and medium-sized banks may accelerate their IPOs under the full registration system. Judging from the current situation, the original expectation has not been realized.
In fact, in the past two years, the road to IPO for small and medium-sized banks has been particularly difficult. In 2022, only 1 bank will be listed, and in 2023, the IPO of bank stocks will continue to be cold, and there will even be a rare "window period", no bank will be listed during the year, and in 2024, the situation may not be optimistic.
Some people in the industry speculate that the current environment for banks to go public is not good, it is difficult to go public, the progress is slow, and there have been cases of rural commercial banks being rejected before, which may be the reasons for the withdrawal of IPOs.
However, despite the difficulties, there are still experts who call for strong support for the listing of high-quality small and medium-sized banks.
Dong Ximiao, chief researcher of Zhaolian Financial, believes that small and medium-sized banks will be supported to expand their funds and enhance their development stability. Capital replenishment is an important means to enhance risk resilience, and small and medium-sized banks should be supported to accelerate the establishment of a long-term mechanism for capital replenishment. For example, the qualification requirements for shareholders should be appropriately adjusted, the approval process should be simplified, and small and medium-sized banks should be supported to introduce qualified shareholders to increase capital and shares; Support small and medium-sized banks to issue preferred shares, perpetual bonds, convertible bonds, Tier 2 capital bonds, etc., and provide credit enhancement support for the issuance of capital supplementary bonds by "specialized, special and new" small and medium-sized banks; We will not judge heroes by scale, and vigorously support more high-quality small and medium-sized banks to be listed first; The relevant measures will be revised to facilitate the issuance of financial bonds by small and medium-sized banks to obtain low-cost funds.
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