两会｜全国政协委员、中信资本董事长张懿宸：细化优化政策安排，打通并购基金发展难点堵点

Core Viewpoint - The article emphasizes the growing importance of merger and acquisition (M&A) funds in promoting industry consolidation and creating industry leaders, while also highlighting the existing challenges and bottlenecks in their development [1]. Policy Optimization for M&A Funds - There is an urgent need to optimize policies related to M&A funds, as indicated by Zhang Yicheng, a member of the National Committee of the Chinese People's Political Consultative Conference and CEO of CITIC Capital [2][3]. - Since 2024, various national departments have introduced measures to support and encourage listed companies to engage in M&A activities, leading to a significant increase in the number and amount of domestic M&A fund raises in the second half of 2024 compared to the first half [4]. Challenges in Long-term Capital Investment - Current policies present constraints for long-term capital, such as insurance funds, in supporting M&A funds. The risk factors associated with unlisted equity and long-term equity investments lead to higher capital requirements for insurance funds compared to other asset classes [5]. - Existing regulations from 2010 and 2022 regarding investments in related-party M&A projects are outdated and lack clarity, limiting insurance funds' participation in these investments [5]. Recommendations for M&A Loan Policies - Zhang Yicheng suggests three main areas for optimizing M&A loan policies: 1. Extend the loan term for M&A financing to a maximum of 10 years and increase the financing ratio to 80% for high-quality projects with healthy cash flow [10]. 2. Remove the restriction that refinancing projects cannot exceed seven years from the initial loan disbursement, allowing companies more time for loan adjustments and cash flow management [11]. 3. Standardize regulatory frameworks across regions to ensure compliance and support for various types of M&A transactions, including those involving strategic investors [11].