《商业银行并购贷款管理办法（征求意见稿）》公开征求意见优化商业银行并购贷款服务

Core Viewpoint - The recent announcement by the National Financial Supervision Administration regarding the draft of the "Management Measures for Mergers and Acquisitions Loans by Commercial Banks" reflects a regulatory shift aimed at promoting industrial structure optimization and supporting the transformation and upgrading of the real economy, providing stronger financial support for market-oriented mergers and acquisitions, thereby aiding high-quality economic development in China [1]. Summary by Sections Mergers and Acquisitions Loan Policy Changes - The new measures expand the applicable scope of mergers and acquisitions loans, categorizing them into controlling mergers and equity participation mergers, allowing loans for equity participation mergers under certain conditions [1]. - The upper limit for the proportion of loans in the transaction price for controlling mergers has been increased to 70%, with a loan term of up to 10 years, while equity participation loans remain capped at 60% with a term of up to 7 years [2]. Impact on Industries - The adjustments are expected to enhance the activity of mergers and acquisitions in sectors such as technology innovation, advanced manufacturing, and green low-carbon industries, significantly reducing the financial burden on companies in these fields [2]. - The new policy is anticipated to benefit cross-border mergers and private equity acquisitions, potentially increasing market liquidity through leveraged returns [2]. Requirements for Commercial Banks - Commercial banks engaging in controlling and equity participation mergers and acquisitions loans must meet differentiated asset scale requirements, with a minimum asset balance of 50 billion RMB for controlling loans and 100 billion RMB for equity participation loans [3]. - The relaxation of the mergers and acquisitions loan policy necessitates that banks enhance their risk identification capabilities during credit evaluations, particularly for technology and advanced manufacturing sectors [3]. Risk Assessment Emphasis - The new measures stress the importance of assessing the borrower's repayment capacity, requiring banks to conduct comprehensive analyses of various risks associated with mergers, including strategic, legal, compliance, integration, operational, and financial risks [4].