2 1 Shi Ji Jing Ji Bao Dao·2026-01-21 08:23Core Viewpoint - The implementation of the new merger and acquisition loan management regulations by the National Financial Supervision Administration has enabled major state-owned banks to quickly respond and support the real economy through targeted financing solutions, enhancing the effectiveness of financial services in the context of China's economic transformation [1][6]. Group 1: Regulatory Changes - The new regulations, effective from January 1, 2026, introduce several key features, including the inclusion of equity-based merger loans and an increase in the upper limit of controlling merger loans from 60% to 70% of the transaction price [1][6]. - The loan term for controlling merger loans has been extended from seven years to ten years, providing a compliant and efficient financing path for non-controlling strategic investments [1][6]. Group 2: Bank Responses - Major state-owned banks, including ICBC, ABC, BOC, and CCB, have quickly launched equity-based merger loans in various provinces, demonstrating their ability to adapt to regulatory changes and support local economic needs [2][5]. - ICBC's Anhui branch has focused on green industry investments, while ABC and BOC have successfully issued loans to support local enterprises in strategic sectors such as environmental protection and semiconductors [2][5]. Group 3: Market Impact - The new regulations are expected to stimulate the merger and acquisition market by facilitating industry consolidation and transformation, particularly as traditional industries undergo optimization and new industries continue to grow [6][7]. - The financial support for equity investments is seen as a crucial innovation to enhance capital flow, promote resource optimization, and improve the overall efficiency of financial services to the real economy [6][7].