The "Management Measures for Mergers and Acquisitions Loans of Commercial Banks" (hereinafter referred to as the "Measures") have been implemented for one month, and many banks have successively launched "first order" and "first batch" merger and acquisition loan businesses. The reporter noticed that following the guidance of the new regulations, state-owned banks such as ICBC, Agricultural Bank of China, Bank of China, CCB, and Bank of Communications, as well as Industrial Bank of China, Shanghai Pudong Development Bank, and Bank of Beijing, have completed their first M&A loans after the release of the new regulations. Industry experts have stated that the innovative breakthroughs in the new regulations are in line with the current market development needs, presenting both opportunities and challenges. In the future, market competition will shift from simply providing funds to competing in comprehensive service capabilities. Multiple banks are actively "trying new things". In just one month since the beginning of 2026, bank merger and acquisition loan projects have been frequently implemented. Recently, the official WeChat account of Industrial and Commercial Bank of China Fujian Branch announced that on January 5th, the bank successfully issued a merger and acquisition loan of 299 million yuan to a certain enterprise, achieving the first controlled merger and acquisition loan landing in the national banking industry. The special M&A loan is used to support related enterprises in acquiring core assets of an industrial park, effectively assisting the enterprise in completing the M&A integration and value enhancement of core fixed assets. On the second day after the official release of the new regulations, the Anhui branch of China Construction Bank adopted a combination of "direct investment+fund investment" model and successfully provided a 100 million yuan M&A loan to a state-owned investment platform in Chizhou City, specifically supporting its participation in a semiconductor industry enterprise in Suzhou. As the main force serving agriculture, rural areas and farmers, on January 9th, Agricultural Bank of China Nanjing Branch tailored a merger and acquisition loan plan for a large grain group in Jiangsu Province to improve its industrial chain and operational efficiency, helping the enterprise enhance its ability to operate the entire grain chain and respond to emergencies. In addition, Bank of Communications has actively responded to the new policy of merger and acquisition loans, and efficiently promoted the implementation of business. In the first working week after the release of the new policy, 11 provincial branches of Bank of Communications in the Yangtze River Delta, Greater Bay Area, and central and western regions immediately issued the first batch of merger and acquisition loans under the new policy to relevant enterprises, supporting multiple holding and equity type merger and acquisition transactions, effectively serving economic structural adjustment and resource optimization allocation. It is worth mentioning that various banks have also achieved their first breakthrough in equity based M&A loan business. Joint stock banks and city commercial banks with strong capital strength, such as Shanghai Pudong Development Bank and Bank of Beijing, are also actively expanding their M&A financial business. According to public information released by the Chengdu branch of Shanghai Pudong Development Bank, on January 4th, the bank successfully issued the first equity based technology enterprise merger and acquisition loan pilot business for a state-owned enterprise in a district of Qingbaijiang, supporting its market-oriented merger and acquisition of a high-quality production enterprise. On January 4th, Bank of Beijing Shanghai Branch successfully provided financing support for a private listed technology enterprise in Shanghai to participate in 35% equity of the target enterprise. The loan amount was 21 million yuan, the financing ratio was 60%, and the term was 3 years. Due to the new regulations setting corresponding asset size thresholds for commercial banks engaged in merger and acquisition loan business, namely 'the balance of on balance sheet and off balance sheet assets shall not be less than 50 billion yuan after the adjustment of the consolidated balance sheet at the end of the previous year, and for those engaged in equity based merger and acquisition loan business, the balance of on balance sheet and off balance sheet assets shall not be less than 100 billion yuan after the adjustment of the consolidated balance sheet at the end of the previous year', the early participants are mainly large banks. ”Industry analysts have stated that in terms of capital flow, related business investments are mostly concentrated in regions such as Anhui, Jiangsu, and Shanghai, and funds are mostly invested in local state-owned enterprises in areas such as technological innovation and green environmental protection. This also shows that the policy dividends of the Measures in optimizing resource allocation, accelerating the upgrading of traditional industries and the development of emerging industries are accelerating. On December 31, 2025, the State Administration for Financial Regulation officially issued the "Management Measures for Commercial Bank Mergers and Acquisitions Loans", further expanding the application scenarios and service boundaries of mergers and acquisitions loans. In order to better meet the financing needs of M&A transactions, the Measures have increased the upper limit of the proportion of control type M&A loans to the transaction price from 60% to 70% on the basis of introducing equity participation type M&A loans, and extended the term from seven years to ten years, reasonably optimizing the conditions of M&A loans and providing financing convenience for M&A transactions. The current Chinese economy is in a critical period of transition from old to new driving forces. On the one hand, traditional industries are gradually entering a period of integration and optimization, while on the other hand, emerging industries are still in the process of cultivation and growth. In addition to controlling mergers and acquisitions, the demand for industry integration, transformation, and upgrading through equity investment by operating entities has significantly increased. ”The heads of relevant departments of the State Administration for Financial Regulation have previously stated that expanding the scope of M&A loans is not only beneficial for helping traditional industries upgrade and transform, but also for accelerating the shaping of new driving forces and advantages for economic development, and improving the quality and efficiency of financial services for the real economy. In this regard, Industrial and Commercial Bank of China also believes that this policy optimization has broadened the financing channels for enterprises to obtain technology, integrate resources, and optimize capital structure through equity investment, which is conducive to banks increasing their financial support for mergers and acquisitions and equity investment, playing a prominent role in "revitalizing stock and driving increment", promoting the upgrading of traditional industries and the development of emerging industries, and promoting the smooth transformation of old and new driving forces. In the eyes of industry analysts, the release of the new regulations will drive banks to transform from a single "credit provider" to a comprehensive financial service provider that provides "financing+consulting" services, providing more support for banks to enter the M&A market and helping to cultivate new profit growth points in the industry. The new regulations include allowing M&A loans to support equity based M&A transactions, increasing the upper limit of loan to transaction price ratio, and extending the maximum loan term, which will broaden the financing channels for technology enterprises and strategic emerging industries to obtain technology and resources through equity investment, "said Lou Feipeng, a researcher at China Postal Savings Bank. The new regulations will guide the differentiated and specialized development of commercial banks. Differentiated qualification requirements can help guide the concentration of M&A loan business towards large and medium-sized banks with strong risk control capabilities and strong capital, reducing overall industry risks. ”Dong Ximiao, Chief Researcher of Zhaopin and Deputy Director of Shanghai Finance and Development Laboratory, stated that commercial banks should accelerate the construction of professional capabilities and risk control systems that match the complexity of merger and acquisition loans. It is both an opportunity and a challenge. In just one month, under the leadership of state-owned banks, many regions have implemented related businesses, which not only confirms the urgent demand for innovative M&A financing in the market, but also demonstrates the efficiency of policy implementation of new regulations. In the eyes of industry experts, the innovative breakthroughs of the new regulations are in line with the current market development needs, but for all parties involved, there are both opportunities and challenges. According to a person in charge of a state-owned bank, as early as August 20, 2025, when the regulatory authorities released the "Management Measures for Commercial Bank Mergers and Acquisitions Loans (Draft for Comments)", the bank organized all relevant professional lines under its jurisdiction to study, and formed a three-level close linkage between provincial and municipal branches to proactively connect with high-quality enterprise mergers and acquisitions financing needs in the region, ensuring timely information transmission and efficient decision-making and deployment. But the person in charge also admitted that this is a challenge for commercial banks, especially small and medium-sized banks, in terms of professional risk control ability, industry analysis ability, and compliance execution ability. For example, in response to the management risks caused by the lack of control in equity mergers and acquisitions, a differentiated valuation model should be established to focus on evaluating the equity protection mechanism under non controlling conditions. For example, merger and acquisition loan projects should focus on industrial policy guidance, with a focus on supporting industry mergers and acquisitions that comply with national strategies, and stay away from blindly expanding projects with high premiums and no synergy. We must strictly abide by the threshold and limit of differentiated business development, and prevent the avoidance of supervision through split transactions, related credit, and other means. ”Regarding this, the relevant person in charge of a state-owned bank further explained. In addition, with the implementation of new regulations, it is necessary for regulators to strike a balance between innovation and risk control, in order to avoid policy dividends from becoming risks and hidden dangers. Regulatory authorities need to comprehensively enhance their regulatory capabilities, strengthen cross departmental collaboration, implement full process supervision, focus on monitoring the authenticity of transactions in mergers and acquisitions of affiliated enterprises, prevent fraudulent mergers and acquisitions from embezzling credit funds, and establish a dynamic evaluation mechanism to optimize regulatory parameters based on market changes. According to the data disclosed by relevant banks, although the proportion of M&A loan business in the total loan amount is not yet high, the growth rate is relatively fast. For example, the third quarter report of Shanghai Pudong Development Bank in 2025 shows that as of the end of the third quarter, the bank's domestic and foreign M&A loan balance was 237.8 billion yuan, accounting for less than 5% of the total loan amount; The balance of related loans increased by 14.53% compared to the end of 2024, with a considerable growth rate. In the opinion of the interviewed experts, with the increasing activity of the M&A market, there is significant room for expansion in related businesses. In the future, competition in this market will shift from simply providing funds to competing in comprehensive service capabilities. Banks with strong professional and risk control capabilities will stand out in the market competition. (New Society)