1月5日，工商银行上海市分行完成《商业银行并购贷款管理办法》（金规[2025]27号）发布后首单新政 项下参股型并购贷款审批，实现并购金融服务领域创新突破，积极助力现代化产业体系建设和新质生产 力发展。 2025年12月31日，国家金融监督管理总局正式发布并购贷款新政，明确将参股型并购纳入支持范围。自 去年8月以来，工行上海分行积极响应增量政策要求，在新政征求意见阶段即提前组织学习、统筹部 署，主动对接优质企业并购融资需求，做好项目储备与服务准备。针对重卡换电领域某专精特新"小巨 人"企业完善产业链布局、提升市场竞争力的诉求，分行第一时间向企业介绍新政要点，量身设计融资 方案，通过分支行高效协作，快速完成项目尽调、评估与审批，是工行扎实服务实体经济、促进交通与 能源产业融合发展的务实举措。 下阶段，工商银行上海市分行将牢牢把握新政带来的发展机遇，通过创新产品，用并购+全链服务，支 持实体经济发展，助力"十五五"开好局，起好步。 1月5日，工商银行上海市分行完成《商业银行并购贷款管理办法》（金规[2025]27号）发布后首单新政 项下参股型并购贷款审批，实现并购金融服务领域创新突破，积极助力现代化产业体系建设和 ...

Core Viewpoint - The National Financial Regulatory Administration is seeking public opinion on the draft "Management Measures for Commercial Bank Mergers and Acquisitions Loans," aiming to broaden the scope and optimize the conditions for merger loans to support industrial transformation and upgrading [1][2]. Summary by Relevant Sections Optimization of M&A Loan Services - The new measures will expand the applicable scope of M&A loans to include certain conditions for equity investments, allowing loans for strategic investments and business collaborations, not just for complete control [2][3]. - The conditions for M&A loans are expected to improve, including raising the upper limit on the proportion of loans to the total transaction price and extending the maximum loan term to 10 years for controlling acquisitions and 7 years for equity investments [2][3]. Support for Industrial Transformation and Upgrading - M&A financial services can activate industry resources and catalyze industrial transformation, as seen in a case where a listed internet information service company underwent a control transfer with the support of a bank's comprehensive service team [4]. - The pilot program in 18 cities has relaxed policies for technology companies, increasing the loan-to-transaction ratio from 60% to 80% and extending loan terms from 7 years to 10 years for controlling acquisitions [4][5]. Enhancing Service Value - Banks are encouraged to innovate product services and transition from "financing" to "financing + services," while also strengthening risk management and building a comprehensive risk control loop [7][8]. - The establishment of specialized teams within banks to provide full-process services for equity investments, including strategic matching assessments and post-merger integration plans, is recommended [7][8]. - Collaborative efforts with industry funds and intermediaries are suggested to form joint teams for complex M&A projects, enhancing the overall service ecosystem [8].