Xin Lang Cai Jing·2025-12-02 11:25Core Viewpoint - The China Interbank Market Dealers Association has issued a notice to optimize the mechanism related to merger and acquisition (M&A) notes, aiming to enhance the efficiency of the bond market in supporting the real economy through targeted funding for M&A activities [1][2]. Group 1: Funding Flexibility and Support - The optimized M&A notes will enhance the flexibility of fund usage, prioritizing support for key sectors in M&A activities. Funds can be used directly for acquisition payments and repayment of M&A loans, and can also replace self-owned funds spent on M&A activities in the past year [1]. - The initiative aims to broaden the support scope for M&A, particularly focusing on traditional advantageous industries' transformation, strategic emerging industries' development, and future industry layout [1]. Group 2: Information Disclosure Mechanism - The information disclosure mechanism has been optimized to meet the needs of M&A transactions. Ongoing M&A projects may simplify or exempt sensitive information disclosure during the issuance phase to protect commercial confidentiality [1]. - For completed projects, there will be a requirement to disclose the impact of the M&A and the synergies achieved, while also reinforcing the responsibilities of intermediary institutions [1]. Group 3: Issuance Convenience and Mechanism Innovation - M&A notes will have separate naming and identification to highlight their M&A attributes. A "green channel" for registration and issuance will be established to improve efficiency, allowing for immediate evaluation and dedicated support [2]. - Companies will be encouraged to set flexible structures, such as tiered arrangements and protective clauses, to enhance investor confidence and market vitality [2]. - The association plans to continue exploring ways to optimize the M&A notes mechanism under the guidance of the People's Bank of China, aiming to broaden financing channels for M&A and stimulate participation in the M&A market [2].