增强并购金融服务适配度

Core Viewpoint - The National Financial Regulatory Administration is seeking public opinion on the draft "Management Measures for Commercial Bank Mergers and Acquisitions Loans," aiming to broaden the scope and optimize the conditions for merger loans to support industrial transformation and upgrading [1][2]. Summary by Relevant Sections Optimization of M&A Loan Services - The new measures will expand the applicable scope of M&A loans to include certain conditions for equity investments, allowing loans for strategic investments and business collaborations, not just for complete control [2][3]. - The conditions for M&A loans are expected to improve, including raising the upper limit on the proportion of loans to the total transaction price and extending the maximum loan term to 10 years for controlling acquisitions and 7 years for equity investments [2][3]. Support for Industrial Transformation and Upgrading - M&A financial services can activate industry resources and catalyze industrial transformation, as seen in a case where a listed internet information service company underwent a control transfer with the support of a bank's comprehensive service team [4]. - The pilot program in 18 cities has relaxed policies for technology companies, increasing the loan-to-transaction ratio from 60% to 80% and extending loan terms from 7 years to 10 years for controlling acquisitions [4][5]. Enhancing Service Value - Banks are encouraged to innovate product services and transition from "financing" to "financing + services," while also strengthening risk management and building a comprehensive risk control loop [7][8]. - The establishment of specialized teams within banks to provide full-process services for equity investments, including strategic matching assessments and post-merger integration plans, is recommended [7][8]. - Collaborative efforts with industry funds and intermediaries are suggested to form joint teams for complex M&A projects, enhancing the overall service ecosystem [8].