Xin Lang Cai Jing·2025-12-02 11:17Core Viewpoint - The announcement by the Traders Association regarding the optimization of the merger note mechanism aims to enhance the efficiency of the interbank bond market in supporting real economy through mergers and acquisitions [1] Group 1: Funding Flexibility - The optimized merger notes will enhance the flexibility of fund usage, prioritizing support for key sector mergers [1] - Funds raised can be directly used for paying acquisition prices and repaying acquisition loans, and can also replace self-owned funds spent on acquisitions in the past year [1] - The support scope for mergers will be broadened, focusing on traditional advantageous industries' transformation, strategic emerging industries' development, and future industry layout [1] Group 2: Information Disclosure Mechanism - The information disclosure mechanism will be optimized to meet the needs of merger activities [1] - Ongoing merger projects may simplify or exempt sensitive information disclosure during the issuance phase to meet commercial confidentiality requirements [1] - For completed projects, disclosures will include the impact of mergers and synergy effects, while intermediary institutions' responsibilities will be reinforced [1] Group 3: Issuance Convenience and Mechanism Innovation - The merger notes will have separate naming and identification to highlight their merger attributes [1] - A "green channel" for registration and issuance of merger notes will be established, allowing for immediate evaluation and dedicated support to improve issuance efficiency [1] - Companies will be encouraged to set flexible structures, such as conversion and installment repayment, and to include protective clauses to enhance investor recognition and market vitality [1] Group 4: Future Directions - The Traders Association will continue to explore the optimization of merger note mechanisms under the guidance of the People's Bank, aiming to broaden financing channels for mergers and acquisitions [1] - The initiative seeks to stimulate participation from various entities in the merger market, contributing to the construction of a new development pattern and promoting high-quality economic development [1]