近日，中国银行间市场交易商协会发布《关于优化并购票据相关工作机制的通知》（简称《通知》）， 进一步拓宽企业并购重组融资渠道，提升银行间债券市场服务实体经济质效。12月12日，建设银行上海 分行作为主承销商，助力上海电气集团股份有限公司科技创新债发行，并积极参与《通知》出台后的全 国首批、上海市首单并购票据落地。 上海电气集团股份有限公司于2023年2月入围国务院国资委办公厅发布的创建世界一流示范企业和专精 特新示范企业名单，专注于智慧能源、智能制造、数智集成三大业务领域。上海电气首轮发行的科技创 新债及并购票据主要投向为置换对科技型子公司的股权出资及偿还并购贷款。 未来，建行上海市分行将紧跟交易商协会政策导向，高效衔接企业并购资金需求与资本市场融资功能， 引导市场资金精准流向产业整合关键环节，为上海打造上市公司并购重组先行区、深化国际金融中心建 设注入持续金融动力。（邓侃） 自2025年以来，建行上海市分行深度践行"商投行一体化"战略，快速响应《上海市支持上市公司并购重 组行动方案（2025—2027年）》，围绕上海地区并购市场创新发布《携手同行•共创未来——并购资本 上海中心服务上市公司行动方案》，成功设立 ...

Group 1 - Construction Bank successfully assisted Shanghai Electric Group in issuing technology innovation bonds and participated in the first batch of merger notes in Shanghai [1] - Shanghai Electric Group was included in the list of world-class demonstration enterprises and specialized, sophisticated, and innovative enterprises by the State-owned Assets Supervision and Administration Commission in February 2023 [1] - The first round of technology innovation bonds and merger notes is primarily aimed at replacing equity contributions to technology subsidiaries and repaying merger loans [1] Group 2 - The China Interbank Market Dealers Association issued a notice to optimize the mechanism for merger notes, expanding financing channels for corporate mergers and acquisitions [2] - Construction Bank's Shanghai branch has implemented a "commercial and investment banking integration" strategy since 2025, responding to the Shanghai government's action plan for supporting listed company mergers and acquisitions [2] - The bank established the first integrated circuit industry AIC merger fund in collaboration with Shanghai's state-owned asset platform to support the upgrade of high-end industries in Shanghai [2]

近日，中国银行间市场交易商协会发布《关于优化并购票据相关工作机制的通知》，进一步拓宽企业并 购重组融资渠道，提升银行间债券市场服务实体经济质效。2025年12月12日，建设银行上海分行作为主 承销商成功助力上海电气集团股份有限公司科技创新债发行，并积极参与通知出台后的全国首批、上海 市首单并购票据落地。 未来，建行上海市分行将紧跟交易商协会政策导向，高效衔接企业并购资金需求与资本市场融资功能， 引导市场资金精准流向产业整合关键环节，为上海打造上市公司并购重组先行区、深化国际金融中心建 设注入持续金融动力。 近日，中国银行间市场交易商协会发布《关于优化并购票据相关工作机制的通知》，进一步拓宽企业并 购重组融资渠道，提升银行间债券市场服务实体经济质效。2025年12月12日，建设银行上海分行作为主 承销商成功助力上海电气集团股份有限公司科技创新债发行，并积极参与通知出台后的全国首批、上海 市首单并购票据落地。 自2025年以来，建行上海市分行深度践行"商投行一体化"战略，快速响应上海市人民政府发布的《上海 市支持上市公司并购重组行动方案（2025—2027年）》，围绕上海地区并购市场创新发布《携手同行• 共创未来 ...

Core Insights - The article discusses the differentiated funding needs of technology enterprises at various development stages and how China Construction Bank's Jiangsu branch implements an integrated "commercial and investment banking" strategy to support these enterprises [1][2][3] Group 1: Funding Strategies - China Construction Bank Jiangsu branch has a technology loan balance of approximately 420 billion yuan, with over 100 billion yuan added since the beginning of the year [1] - The bank has established nine equity funds with a subscribed scale of 19.5 billion yuan, serving 173 technology enterprises with investments exceeding 15 billion yuan [1][2] - Innovative products like "Shanxin Loan" and "Shanke Loan" allow the use of intangible assets such as patents and trademarks as collateral, providing convenient financing for small and micro enterprises [2][3] Group 2: Support for Startups - The bank has developed an online evaluation system to assess the innovation capabilities and credit risks of technology enterprises, enabling tailored financing solutions [2][3] - Collaboration with various institutions has led to the establishment of a cooperative database for equity financing, enhancing resource sharing and matching between investors and startups [3] Group 3: Comprehensive Financial Services - The bank has successfully integrated services from equity financing to loan support, exemplified by its assistance to a manufacturing company in acquiring assets and preparing for an IPO [4][5] - A total of 30 specialized technology branches have been established to provide tailored services to technology enterprises, enhancing the bank's operational structure [6] Group 4: Supply Chain Financing - The bank has implemented supply chain financing solutions, providing nearly 30 billion yuan in financing to approximately 1,000 enterprises within the supply chain [8] - Innovative financing models, such as dual-currency export seller credit, have been developed to support enterprises in global competition and mitigate currency exchange risks [9] Group 5: Future Directions - The bank plans to continue enhancing its integrated service model and deepen its commitment to supporting technological innovation and modern industrial system construction [9]

Core Viewpoint - The Jiangsu Branch of China Construction Bank (CCB) is implementing an integrated "commercial investment banking" strategy to support the growth of technology innovation enterprises, providing comprehensive financial services throughout their lifecycle [1][11]. Group 1: Integrated Financial Services - CCB Jiangsu Branch has established a "three libraries and one platform" system, including a cooperation library for equity institutions, a project library for technology innovation enterprises, and a comprehensive service product library, to offer all-encompassing services for technology enterprises [1][2]. - The bank is focusing on early-stage enterprises, facilitating equity financing and direct financing through a partnership with various institutions, thus creating an ecosystem for equity cooperation in Jiangsu [2][3]. Group 2: Case Studies of Support - A startup in Nanjing, focused on quantum security technology, received 20 million yuan in investment through a financing roadshow organized by CCB Jiangsu Branch, addressing its urgent funding needs [2]. - Another startup in Nanjing, specializing in 3D machine vision, was granted a credit limit of 40 million yuan and an additional 10 million yuan in loans to support its operational needs and expansion plans [2]. Group 3: Innovative Financial Products - CCB Jiangsu Branch has introduced inclusive financial products such as "Shanxin Loan," "Shanke Loan," and "Yunzhi Loan" to cater to the unique needs of early-stage technology enterprises, addressing their challenges in credit information accumulation [3]. - By May 2025, the cumulative issuance of these loans exceeded 30,000 clients, with a total amount nearing 20 billion yuan [3]. Group 4: Support for Growth Stage Enterprises - The bank has created a project library for growth-stage technology enterprises, identifying over 8,000 key clients for support, and effectively combining credit investment with equity investment [4][5]. - CCB Jiangsu Branch has established 29 specialized technology branches to provide tailored services for technology enterprises, enhancing their growth and operational efficiency [5]. Group 5: Capital Empowerment for Strategic Transformation - CCB Jiangsu Branch has engaged in significant debt-to-equity investments, such as over 900 million yuan in a leading new energy vehicle company, to support its strategic transformation [9]. - The bank has also facilitated nearly 40 billion yuan in supply chain financing for over 1,000 enterprises, enhancing the operational efficiency of the supply chain [9]. Group 6: Digital Innovation and Ecosystem Building - CCB Jiangsu Branch is developing a technology innovation evaluation system to address the challenges in assessing the value of scientific and technological achievements, becoming a pilot institution for the Ministry of Science and Technology [10]. - The bank has organized various thematic activities to connect financing projects with potential investors, enhancing the matching process between the two parties [10].

Core Viewpoint - The successful issuance of a 269 million yuan merger loan by China Construction Bank's Hubei branch marks a significant innovation in financing for technology mergers and acquisitions, supporting the strategic acquisition of a leading company in the water-saving irrigation sector by Hubei Agricultural Development Group [1][2] Group 1: Merger Loan Details - The merger loan amounts to 269 million yuan with a financing ratio of 79.8% and a loan term of 10 years [1] - This loan is part of a pilot program initiated by the National Financial Regulatory Administration to relax policies on merger loans for technology enterprises [1] Group 2: Strategic Importance - The acquisition will enhance Hubei Agricultural Development Group's positioning in the smart agriculture sector, focusing on technology-driven high-quality agricultural development [1] - The project aligns with the national strategy for rural revitalization and aims to construct a modern agricultural industry chain [1] Group 3: Broader Financial Initiatives - In addition to traditional technology credit services, China Construction Bank's Hubei branch is innovating financing channels and collaborating with state-owned enterprises to support the national "Technology Power" strategy [2] - Future plans include deepening financial empowerment for technology enterprises and contributing to the development of new productive forces and the real economy [2]