Hainan Bank proposes IPO again, aiming to become the first financial stock in the free trade port

Recently, news about Hainan Bank reinitiating its IPO work has been circulating again. Hainan Bank's third-largest shareholder, HAIMA AUTO, stated in early January this year in response to investor inquiries that Hainan Bank will orderly plan and promote IPO-related work based on its medium- to long-term capital planning, continuously supplementing capital and effectively improving its risk resistance capability. As the only provincial-level legal commercial bank in Hainan, Hainan Bank is expected to be the "first stock of the free trade port bank," but under the spotlight, the gold content of this prestigious brand is facing a test. This is not the first time Hainan Bank has "tested the waters" in the capital market. As early as 2020, the bank proposed a grand plan of "going public within five years," and in the following years, its executive team frequently reiterated the "listing dream" in various public occasions; However, from the initial ambitious aspirations to now starting again, Hainan Bank's IPO progress seems to be stuck at "loading." This sense of anxiety is not without reason. In the blueprint of Hainan's free trade port, Hainan Bank is positioned as the "ballast stone" of financial services. Its IPO is not only related to the capital replenishment of a bank but also a barometer for whether Hainan's financial brand can stand firm in the secondary market. However, there is a gap between ideals and reality, reflected in a less-than-stellar performance record. Entering 2025, Hainan Bank experienced a rare "double decline" in revenue and net profit in the first half of the year, with net profit dropping by as much as 24.4% year-on-year; Against the backdrop of continuously narrowing interest margins and sluggish growth in non-interest income, this city commercial bank with a scale of hundreds of billions is sinking into the quagmire of "diminishing latecomer advantages." At the same time, the overall listing channel for the banking industry is not wide. The current banking IPOs have entered a "cold winter." Under the backdrop of stricter regulations, risk prevention, and "anti-involution" in the industry, the threshold for bank listings has long shifted from simple scale indicators to extreme assessments of asset quality and value creation capability; In the past two years, few small and medium-sized banks have successfully crossed the finish line, and most institutions are still in long queues. In terms of equity structure, although Hainan Bank has prominent shareholders such as Bank of Communications, HNA Group, and China Railway, the recent changes and exits of some shareholders also reflect a cautious attitude from the outside towards this asset. At this critical juncture of the free trade port's closure and operation, Hainan Bank needs not only financing from the secondary market but also to regain its competitive edge in the red ocean competition. If performance cannot stop declining and start rising, this long-planned IPO piece may still linger on the edge of the chessboard for a long time. The market has risks, and investment should be cautious. This article does not constitute personal investment advice and does not take into account individual users' specific investment goals, financial conditions, or needs. Users should consider whether any opinions, views, or conclusions in this article align with their specific circumstances. Investing based on this is at one's own risk