Core Insights - The report by PwC indicates that the Chinese M&A market saw a significant increase in disclosed transaction value, exceeding $170 billion in the first half of 2025, marking a 45% year-on-year growth [1] - The report anticipates a high double-digit growth in total M&A transaction value for the entire year of 2025, driven by factors such as state-owned enterprise reform and cross-border asset optimization [1] Group 1: Domestic Strategic Investment - Domestic strategic investments and venture capital transactions grew by 17% and 23% respectively in the first half of 2025, while private equity transactions saw a decline of 3% [1] - The value of domestic strategic investment M&A transactions surpassed $100 billion, more than doubling year-on-year, with 20 transactions exceeding $1 billion each [1][2] Group 2: Factors Driving M&A Activity - The rise in domestic strategic investments is attributed to multiple positive factors, including the launch of DeepSeek AI, which revitalized the high-tech sector and improved the overall economic environment [2] - The recovery of the Hong Kong capital market and the IPO market has created a favorable financial environment for M&A activities [2] Group 3: Private Equity Fund Exits - The "exit" remains a key theme for private equity funds in the first half of 2025, with 78.98% of the 1,270 exit events utilizing the "M&A-exit" model [3] - The new regulations on M&A loans from the National Financial Regulatory Administration are expected to enhance the activity in the M&A market by allowing more flexible financing options [3] Group 4: Future Outlook - There is a noticeable backlog in M&A demand and exit projects, combined with a recovering capital market sentiment, suggesting that the M&A market will be more active in the second half of 2025 [3]

新华财经北京8月20日电（高二山）人民银行20日开展6160亿元7天逆回购操作，操作利率为1.40%，与此前持平；鉴于当日有1185亿元7 天期逆回购到期，公开市场实现净投放4975亿元。 上海银行间同业拆放利率（Shibor）短期品种涨势趋缓，14天品种微跌。具体来看，隔夜Shibor上涨0.90BP，报1.4730%；7天Shibor上涨 1.70BP，报1.5340%；14天Shibor下跌0.30BP，报1.5960%。 | | | | 2025-08-20 11:00 | | --- | --- | --- | --- | | | 期限 | Shibor(%) | 涨跌(BP) | | t | O/N | 1.4730 | 0.90 | | ⇒ | 1W | 1.5340 | 1.70 | | ゃ | 2W | 1.5960 | 0.30 | | t | 1M | 1.5320 | 0.40 | | 价 | 3M | 1.5500 | 0.00 | | 价 | 6M | 1.6100 | 0.00 | | ゃ | 9M | 1.6400 | 0.30 | | ↑ | 1Y | 1.6490 | 0. ...

转自：新华财经 新华财经北京8月20日电 金融监管总局对《商业银行并购贷款风险管理指引》（银监发〔2015〕5号） 进行修订，形成《商业银行并购贷款管理办法（征求意见稿）》，现向社会公开征求意见。 征求意见稿提出，并购贷款用于支持境内并购方企业通过受让现有股权、认购新增股权、收购资产或者 承接债务等方式，实现实际控制、合并或者参股已设立并持续经营的目标企业或者资产。根据用途分为 控制型并购贷款和参股型并购贷款： 已获得目标企业控制权的并购方，为维持或者增强控制权而受让或者认购目标企业股权的，可以申请控 制型并购贷款。 前款所称并购方可以是单一并购方或者存在一致行动关系的多个并购方企业。 （二）参股型并购贷款是指支持单一并购方用于参股目标企业，但未实现对目标企业控制的贷款，但单 次取得目标企业的股权比例不得低于20%。 单一并购方已持有目标企业20%及以上的股权，为进一步提升对目标企业持股比例，但未实现控制的， 可以申请参股型并购贷款，但单次受让或者认购股权比例不得低于5%。 编辑：幸骊莎 （一）控制型并购贷款是指支持并购方用于获得目标企业或者资产控制权的贷款。 ...