交易商协会：优化并购票据相关工作机制

Core Viewpoint - The China Interbank Market Dealers Association has issued a notice to optimize the mechanism related to merger notes, which are debt financing tools for non-financial enterprises to raise funds for mergers and acquisitions [1] Group 1: Definition and Purpose - Merger notes are defined as debt financing tools issued by non-financial enterprises in the interbank market, with funds raised specifically for corporate merger activities [1] - The funds raised must be used for merger transactions, with at least 50% of the issuance amount allocated for this purpose and held in a regulatory account [1] Group 2: Fund Allocation and Restrictions - The remaining portion of the raised funds can be used for other business operations but cannot be allocated for stock investments in the secondary market of listed companies [1] - The proportion of funds used for mergers cannot exceed 70% of the total transaction price, while equity funds must constitute at least 30% of the transaction price [1] Group 3: Equity Holding Requirements - If a company issues merger notes for equity participation, it must hold at least 20% of the target company's equity post-merger [1] - Companies issuing technology innovation bonds must adhere to specific regulations regarding the use and proportion of raised funds [1]