Zheng Quan Ri Bao·2025-08-22 22:47Core Viewpoint - The recent announcement by the National Financial Supervision and Administration Commission regarding the draft of the "Commercial Bank M&A Loan Management Measures" 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 in China [1]. Group 1: Policy Adjustments - The new measures expand the scope of M&A loans by categorizing them into controlling and equity participation loans, allowing for more flexibility in financing options [1]. - The upper limit for controlling M&A loans has been increased from 60% to 70% of the transaction price, with loan terms extended from a maximum of 7 years to 10 years [2]. - Equity participation loans remain capped at 60% of the transaction price with a maximum term of 7 years, maintaining some restrictions while still offering more favorable conditions [2]. Group 2: Impact on Industries - The adjustments are expected to enhance M&A activity in sectors such as technology innovation, advanced manufacturing, and green low-carbon industries, as the increased loan limits will alleviate financial pressure on companies seeking to acquire resources and technologies [2]. - Cross-border mergers and private equity acquisitions are also anticipated to benefit from the new measures, potentially increasing market liquidity through leveraged returns [2]. Group 3: Banking Requirements - Commercial banks engaging in controlling and equity participation M&A loan businesses 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 M&A loan policies necessitates that banks enhance their risk assessment capabilities, particularly in identifying risks associated with technology enterprises and advanced manufacturing [3]. Group 4: Risk Management - The new measures emphasize the importance of assessing the borrower's repayment capacity, requiring banks to conduct comprehensive risk analyses, including strategic, legal, operational, and financial risks [4]. - The focus on evaluating the future development prospects and operational efficiency of target companies post-acquisition is crucial for the overall assessment of M&A loan impacts [4].