并购贷款新规落地：可用于参股型并购，最长期限延长至10年

Core Viewpoint - The Financial Regulatory Bureau has released the "Management Measures for Commercial Bank Mergers and Acquisitions Loans," which expands the scope of acquisition loans to include equity acquisitions and optimizes loan conditions, thereby promoting high-quality development in the merger and acquisition market [1][2]. Group 1: Expansion of Loan Scope - The new measures allow acquisition loans to be used for equity acquisitions, with specific conditions such as a minimum equity stake of 20% for single acquisitions and a minimum of 5% for additional stakes if already holding 20% or more [2][3]. - This change is aimed at facilitating industry integration and transformation, particularly during a period of economic transition in China [3]. Group 2: Optimization of Loan Conditions - The maximum proportion of control-type acquisition loans relative to the transaction price has been increased from 60% to 70%, and the maximum loan term has been extended from 7 years to 10 years [4]. - These adjustments are intended to better meet the financing needs of large and time-sensitive acquisition transactions, thereby enhancing the supply of acquisition funds [4]. Group 3: Implementation and Existing Business - Existing commercial banks that were already engaged in acquisition loan business prior to the new measures will not need to re-register if they meet the new operational conditions [5]. - Contracts signed before the issuance of the new measures can continue to be executed as per the original terms, with natural settlement upon contract expiration [5].