新规！并购贷款比例上限提高至70%

Core Viewpoint - The National Financial Regulatory Administration has released a draft of the "Management Measures for Commercial Bank Mergers and Acquisitions Loans," marking a comprehensive revision of the regulatory framework for such loans since 2015, aimed at optimizing services and supporting modern industrial system construction and new productive forces development [1][3]. Group 1: Loan Terms and Conditions - The draft distinguishes between "controlling" and "equity" acquisition loans, setting different leverage ratios, terms, and bank admission standards for each type [3]. - The upper limit for controlling acquisition loans has been raised to 70%, with a maximum term of 10 years, while equity acquisition loans have a 60% limit and a 7-year term [3]. - This adjustment is particularly beneficial for significant industrial mergers that require longer integration periods, especially in capital-intensive sectors like new energy and biomedicine [3][4]. Group 2: Application Scenarios - The "dual relaxation" policy supports large-scale industrial integration and strategic mergers, easing financial pressure for companies involved in complex transactions [5]. - It aids cross-border mergers, providing a buffer against uncertainties faced during international integrations [5]. - The 10-year loan term aligns well with private equity (PE) fund investment cycles, facilitating smoother acquisition and exit processes [5]. Group 3: Impact on Financing and Market Activity - The increase in the loan ratio to 70% is expected to significantly stimulate the M&A market by lowering the self-funding threshold for acquirers [7]. - The previous requirement of 40% self-funding has been reduced to 30%, expanding the pool of potential acquirers, particularly in the technology and growth sectors [7]. - For PE funds, the higher leverage enhances potential returns, encouraging more participation and increasing market liquidity [7]. Group 4: Industry-Specific Benefits - Industries such as technology, high-end manufacturing, and new energy are likely to benefit first from the revised measures, as they often require acquisitions for technology and resource access [8]. Group 5: Risk Management Enhancements - The draft emphasizes enhanced risk identification and control for commercial banks, particularly regarding "cross-border" and "high-leverage" acquisitions [10]. - Banks are required to conduct thorough analyses of financing structures and repayment sources, considering both financial and non-financial factors [10]. - The implementation of these measures is expected to reshape the landscape of commercial bank M&A loan business, favoring larger banks with robust risk management systems [10].