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Core Viewpoint - The recent policy measures aim to accelerate the establishment of a technology finance system to support high-level technological self-reliance and strength in China, focusing on enhancing bank credit support for technological innovation and mergers and acquisitions (M&A) in the tech sector [1][3]. Group 1: Policy Measures - The policy mandates the establishment of a special mechanism for bank credit support for technological innovation, allowing for a loan-to-M&A transaction price ratio of up to 80% and extending the loan term to 10 years [1][2]. - The pilot program for M&A loans was previously initiated in March, with the loan ratio for "controlling" acquisitions increased from 60% to 80% and the loan term extended from 7 years to 10 years [1][2]. Group 2: Pilot Cities and Banks - The pilot cities include 18 locations with strong technological resources and active M&A markets, such as Beijing, Shanghai, and Tianjin [2]. - Participating banks must have sound operational conditions, good corporate governance, and strong risk management capabilities [2]. Group 3: Impact on Technology Companies - The new loan policies significantly alleviate the financing constraints faced by technology companies, allowing them to allocate more funds for acquiring quality assets, technology, and teams [3]. - The extended loan term aligns better with the long development cycles of technology companies, reducing repayment pressure and facilitating smoother cash flow planning [3]. Group 4: Risk Management - Financial institutions are encouraged to enhance risk assessment and post-loan management while supporting technology companies, ensuring the safety of credit assets [3][4]. - A dynamic risk warning mechanism covering key risk indicators is recommended to manage financing leverage and liquidity ratios effectively [4].