Zhong Guo Zheng Quan Bao·2026-01-15 21:11Core Viewpoint - The optimization of the merger note mechanism enhances market attractiveness and serves as a catalyst for structural adjustments in the real economy, with banks actively facilitating merger note projects following the new regulations [1][2]. Group 1: Mechanism Optimization - The highlights of the merger note mechanism optimization include expanded scope and improved efficiency, allowing funds to be used more flexibly for transaction payments and replacing bridge financing, significantly reducing liquidity pressure on enterprises [2]. - The notification prioritizes support for traditional advantageous industries' transformation, strategic emerging industries, and future industrial layout mergers, aligning with the macro guidance for resource allocation optimization [2]. - The optimization of the registration mechanism significantly shortens the cycle from project initiation to fund availability, addressing the previous issue of slow fund availability compared to transaction pace [2]. Group 2: Bank Involvement - Since the notification was released, multiple banks have facilitated the successful issuance of merger notes, including a record financing scale of 5 billion yuan for China Minmetals Corporation's mid-term notes [3]. - Banks play a crucial role in the issuance process, acting as underwriters and book managers, leveraging interbank market mechanisms to provide information disclosure, organize transactions, and support liquidity [3][4]. - The involvement in merger note projects allows banks to enhance their income structure through underwriting fees, deepen client relationships, and promote their investment banking transformation [4]. Group 3: Comprehensive Service for Mergers - In addition to merger notes, merger loans are also vital tools for banks in providing merger financing services, with larger state-owned enterprises preferring merger notes to reduce financial costs [5]. - Merger loans are favored by small and medium-sized enterprises for their flexibility, while merger notes require higher information transparency due to public disclosure [5]. - A combination of merger loans and merger notes can improve the accessibility and matching of financing for enterprises, addressing both short-term bridge funding needs and long-term cost reduction [5].