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Core Viewpoint - The Financial Regulatory Administration has released a draft for public consultation on the "Management Measures for Commercial Bank Mergers and Acquisitions Loans," which expands the scope of applicable loans and optimizes loan conditions to better meet corporate financing needs [1][8]. Summary by Relevant Sections Expansion of Loan Applicability - The new measures broaden the scope of mergers and acquisitions loans to include certain equity-based acquisitions, allowing loans to support transactions where the acquirer obtains at least 20% of the target company's equity [3][2]. - If the acquirer already holds 20% or more of the target company, they can acquire or subscribe to an additional 5% of equity [3]. Loan Terms and Conditions - The maximum loan term for controlling acquisitions has been extended to 10 years, while the term for equity-based acquisitions remains at a maximum of 7 years [4][6]. - The measures specify that controlling acquisition loans can constitute up to 70% of the transaction price, with at least 30% required to be equity funding. For equity-based acquisitions, loans can cover up to 60% of the transaction price, with a minimum of 40% in equity funding [5]. Risk Management and Due Diligence - The measures introduce stricter risk management requirements, including a cap on equity-based acquisition loans not exceeding 30% of the bank's total merger loan balance [7]. - Due diligence requirements for controlling acquisition loans remain consistent, while those for equity-based loans require team leaders to have at least five years of experience in mergers and acquisitions [7]. Asset Thresholds for Banks - The new measures establish differentiated asset thresholds for banks engaging in merger loan activities, requiring a minimum of 50 billion RMB in total assets for general merger loans and 100 billion RMB for equity-based loans [10]. Future Steps - The public consultation period for the draft will last from August 20 to September 20, with the Financial Regulatory Administration indicating that it will consider feedback to refine the measures before implementation [10].