并购贷款政策十年大修：参股型交易“破冰”，杠杆期限双松绑

Core Viewpoint - The recent adjustments to the merger loan regulations by the Financial Regulatory Bureau are seen as a significant breakthrough in the past decade, aimed at addressing financing pain points in industrial consolidation through increased loan limits and extended terms [2][3]. Summary by Sections Regulatory Changes - The new draft of the "Commercial Bank Merger Loan Management Measures" allows for a broader definition of merger parties, including both single and multiple parties with a unified action relationship, while requiring good credit status and no significant defaults in the past three years [3][4]. - The introduction of "equity investment" loans for minority stake acquisitions marks a shift from the previous focus solely on controlling mergers, enabling banks to support transactions where the acquiring party holds at least 20% of the target company's equity [3][4]. Financing Conditions - The maximum loan-to-value ratio for merger loans has been increased from 60% to 70%, with a requirement for at least 30% equity funding. For minority stake acquisitions, the loan ratio is capped at 60% with a minimum of 40% equity funding [4][5]. - The maximum loan term for controlling mergers has been extended from 7 years to 10 years, while minority stake loans will have a maximum term of 7 years, thereby alleviating short-term financial pressure on acquirers [4][5]. Risk Management - The regulatory framework emphasizes a balance between expanding service coverage and meticulous risk control, with a focus on supporting the real economy while preventing financial risks associated with high-leverage mergers [7][8]. - Banks are required to conduct comprehensive risk assessments, particularly evaluating the acquirer's repayment capacity and the post-merger company's development prospects [7][8]. Implementation and Feedback - The draft measures are currently in a public consultation phase, with the Financial Regulatory Bureau committed to refining the regulations based on feedback to promote healthy development in merger loan activities and support industrial transformation [8].