并购贷款将迎新规！金融监管总局最新发布

Core Viewpoint - The Financial Regulatory Bureau has released a draft for public consultation on the "Management Measures for Commercial Bank Mergers and Acquisitions Loans," which aims to broaden the scope of acquisition loans and optimize loan conditions to better support corporate financing needs and promote industrial transformation and upgrading [1][4]. Group 1: Expansion of Loan Scope - The draft expands the applicable scope of acquisition loans to include certain equity-based mergers, allowing loans for transactions where the acquirer obtains at least 20% of the target company's equity in a single transaction [2]. - If the acquirer already holds 20% or more of the target company, they can acquire or subscribe to an additional 5% of equity in a single transaction [2]. Group 2: Loan Terms and Conditions - The maximum loan term for controlling mergers has been extended to 10 years, while the term for equity-based mergers remains at a maximum of 7 years [3]. - The draft specifies that controlling merger loans can constitute up to 70% of the acquisition price, with at least 30% required to be equity funding; for equity-based mergers, loans can cover up to 60% of the acquisition price, with at least 40% in equity funding [3]. Group 3: Risk Management and Due Diligence - The draft introduces stricter requirements for due diligence, mandating that professionals leading the due diligence team for equity-based mergers must have at least five years of experience in mergers and acquisitions [3]. - In terms of post-loan management, banks are required to take timely actions such as early loan recovery or adjusting loan conditions if any anomalies are detected in the acquisition loans [4]. Group 4: Differentiated Asset Requirements - The draft establishes differentiated asset size requirements for banks engaging in different types of loan businesses, with a minimum asset balance of 50 billion RMB for general acquisition loans and 100 billion RMB for equity-based acquisition loans [6]. - Banks must also assess the debt repayment capacity of the acquirer and consider the future development prospects and operational efficiency of the merged entity [5]. Group 5: Consultation Period - The public consultation period for the draft will last from August 20 to September 20, during which the Financial Regulatory Bureau will consider feedback to refine the measures before implementation [6].