新规！并购贷款比例上限提高至70%

Core Viewpoint - The newly released "Commercial Bank M&A Loan Management Measures (Draft for Comments)" aims to optimize M&A loan services and support the construction of a modern industrial system and new productive forces, marking a significant regulatory upgrade from previous guidelines to a more binding management approach [1][3]. Group 1: Loan Terms and Proportions - The draft distinguishes between "controlling" and "equity" M&A loans, setting different leverage ratios, terms, and bank entry standards for each type. The upper limit for controlling M&A loans is raised to 70% with a maximum term of 10 years, while equity M&A loans have an upper limit of 60% and a maximum term of 7 years [3]. - The "double loosening" of loan terms and financing ratios is expected to significantly benefit large-scale industrial mergers and strategic acquisitions, particularly in capital-intensive sectors like new energy and biomedicine, where longer integration periods are necessary [3][4]. Group 2: Impact on M&A Activities - The extended loan term and increased financing ratio are anticipated to support large industrial integrations and strategic mergers, alleviating financial pressure on companies involved in complex transactions [3][4]. - The measures are expected to facilitate cross-border mergers, providing companies with a buffer against uncertainties in international integration [4]. - The new loan terms align better with private equity (PE) fund investment cycles, enhancing the ability of PE firms to engage in acquisitions without the pressure of loan repayment before fund maturity [4][6]. Group 3: Lowering Financing Barriers - The increase in the loan ratio to 70% is expected to lower the self-funding threshold for acquirers, allowing more companies, especially those in the technology and growth sectors, to participate in M&A activities [6][7]. - The policy is particularly beneficial for private equity funds, as the higher leverage allows them to amplify returns on equity, increasing their willingness to bid and enhancing market liquidity [6][7]. Group 4: Risk Management Enhancements - While loosening financing conditions, the draft also emphasizes the need for banks to strengthen risk identification and control, particularly for cross-border and high-leverage acquisitions [9]. - Banks are required to conduct thorough analyses of financing structures and repayment sources, ensuring a reasonable proportion of equity funding to mitigate high-leverage risks [9]. - The implementation of these measures is expected to favor larger banks with mature risk control systems and specialized M&A teams, while smaller regional banks may face significant challenges due to limited resources [9].