事关商业银行并购贷款，金融监管总局征求意见

Core Viewpoint - The Financial Regulatory Bureau has revised the "Guidelines for Risk Management of Mergers and Acquisitions Loans" to enhance the support for commercial banks in providing merger loans, aiming to facilitate the construction of a modern industrial system and the development of new productive forces [1] Group 1: Expansion of Mergers and Acquisitions Loan Scope - The revised guidelines broaden the scope of mergers and acquisitions loans to include certain conditions for supporting equity investments in mergers [2] - Mergers and acquisitions loans can now support domestic acquirers in gaining control, merging, or acquiring stakes in existing operational enterprises or assets through various means [2] Group 2: Types of Mergers and Acquisitions Loans - Mergers and acquisitions loans are categorized into control-type loans, which support acquirers in obtaining control of target enterprises or assets, and equity-type loans, which support acquirers in holding stakes without achieving control [3] - For equity-type loans, the acquirer must obtain at least 20% of the target's equity in a single transaction, and if already holding 20% or more, they can acquire an additional stake of at least 5% [3] Group 3: Requirements for Commercial Banks - Commercial banks offering mergers and acquisitions loans must have sound operational conditions, complete corporate governance, and a professional team for due diligence and risk assessment [4] - Banks must have a regulatory rating of good standing and meet specific asset thresholds, with a minimum of 50 billion yuan for general loans and 100 billion yuan for equity-type loans [4] Group 4: Assessment of Borrower's Repayment Ability - The guidelines emphasize the importance of assessing the borrower's repayment ability, considering various financial and non-financial factors, including profitability, asset quality, and governance [5][6] - The proportion of mergers and acquisitions loans to the total transaction price is capped at 70% for control-type loans and 60% for equity-type loans, with minimum equity contributions required [6]