Hainan Bank raises IPO again, may strive to become the first financial stock of the Free Trade Port.

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Recently, rumors about Hainan Bank restarting its IPO process have once again been circulating.

At the beginning of January this year, Hainan Bank's third-largest shareholder, Haima Automobile, responded to investors by saying that Hainan Bank will orderly plan and advance IPO-related work according to its mid- and long-term capital planning, continuously replenish capital, and effectively enhance risk resistance.

As the only provincial legal commercial bank in Hainan, Hainan Bank is expected to become the "first stock of the Free Trade Port Bank." However, under the spotlight, the gold content of this golden signboard is facing a test.

This is not the first time Hainan Bank has explored the capital market.

As early as 2020, the bank put forward the ambitious goal of "going public within five years," and in the following years, its management team repeatedly emphasized the "dream of going public" on various public occasions;

However, from ambitious beginnings to the current restart, Hainan Bank's IPO progress bar seems to have always been stuck at "loading."

This sense of anxiety is not without reason. In the blueprint for the Hainan Free Trade Port, Hainan Bank is positioned as the "ballast" for financial services. Its IPO is not only about capital replenishment for a bank but also a wind vane for whether Hainan's financial name card can gain a firm foothold in the secondary market.

Yet there lies a lackluster performance sheet between ideals and reality.

Entering 2025, Hainan Bank saw a rare "double decrease" in its semiannual revenue and net profit, with net profit dropping by as much as 24.4% year-on-year;

Amid persistent narrowing of net interest margin and weak growth in non-interest income, this city commercial bank with hundreds of billion in assets is caught in the mire of a "waning late-mover advantage."

Meanwhile, the overall IPO channel for the banking industry is hardly broad.

Currently, bank IPOs have entered a "winter period." Against the backdrop of tightened regulation, risk prevention, and anti-involution, the threshold for bank listing has long shifted from pure size indicators to an extreme assessment of asset quality and value creation ability;

In the past two years, few small and medium banks have managed to succeed, with most institutions still lining up.

In terms of shareholding structure, although Hainan Bank boasts well-known shareholders like Bank of Communications, HNA, and China Railway, recent changes and exits among some shareholders also reflect the external prudence toward this asset.

At the key juncture of the Free Trade Port's customs closure operations, Hainan Bank needs more than just secondary market financing—it also needs to regain its competitive edge in the Red Sea market. If performance cannot stop declining and rebound, this IPO move, long in the making, may still linger at the edge of the chessboard for some time.

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