Following the implementation of the "Commercial Bank M&A Loan Management Measures" (hereinafter referred to as the "New Rules") starting December 31, 2025, it has been observed that since the beginning of 2026, major state-owned banks, along with some joint-stock banks and city commercial banks, have successfully executed their "first" or "first batch" of M&A loan businesses under the new framework. Notably, these include practices where M&A loans support enterprises in minority stake acquisitions, marking a business breakthrough after the New Rules broadened the applicable scope for such loans.
Major state-owned banks are taking the lead in responding. Half a month after the formal implementation of the New Rules, state-owned giants including Industrial and Commercial Bank of China (ICBC), Agricultural Bank of China (ABC), and China Construction Bank (CCB) have spearheaded the rollout of M&A loan businesses, involving both controlling stake and minority stake M&A loans.
Recently, the official WeChat account of ICBC's Fujian Branch announced that on January 5, the branch successfully disbursed a 299 million yuan M&A loan to an enterprise, achieving the first controlling stake M&A loan landing in the national banking industry. This specialized loan is dedicated to supporting the acquiring enterprise's purchase of core assets in an industrial park, effectively assisting the company in completing the integration and value enhancement of these key fixed assets.
Information released by the Jiangsu Banking Association indicates that ABC's Nanjing Branch actively responded to the New Rules, proactively engaging with the M&A needs of a key grain group within Jiangsu Province. On January 9, the branch took the lead in landing the first M&A loan business under the New Rules in the Jiangsu region.
CCB's Anhui Branch executed the province's first New Rules M&A loan on the very first day of 2026, providing a 100 million yuan M&A loan to a state-owned background company in Chizhou City. This loan is specifically designated to support its minority stake investment in an enterprise within a strategic emerging industry. The branch customized a 7-year minority stake M&A financing plan for the client, with the loan amount constituting 60% of the transaction value, aiding the enterprise in achieving the minority stake through a "direct investment + fund investment" model.
Joint-stock banks and city commercial banks with strong capital strength, such as Shanghai Pudong Development Bank (SPD Bank) and Bank of Beijing, are also actively expanding their M&A finance businesses. Public information from SPD Bank's Chengdu Branch shows that on January 4, the branch successfully disbursed its first pilot minority stake M&A loan for a technology enterprise to a district-owned state-owned enterprise in Qingbaijiang, supporting its completion of a market-oriented acquisition of a high-quality manufacturing enterprise.
Meanwhile, Bank of Beijing's Shanghai Branch successfully provided financing support on January 4 for a Shanghai-based privately listed technology company's acquisition of a 35% minority stake in a target enterprise. The loan amount was 21 million yuan, representing a 60% financing ratio, with a term of 3 years.
Overall, because the New Rules set corresponding asset size thresholds for commercial banks conducting M&A loan business—specifically, "the adjusted on- and off-balance sheet asset balance on a consolidated basis at the end of the previous year shall not be less than 50 billion yuan, and for conducting minority stake M&A loan business, not less than 100 billion yuan"—the main participants are predominantly major state-owned banks, listed joint-stock banks, and city commercial banks.
M&A loan services are undergoing an "upgrade." Previously, commercial bank M&A loan businesses were conducted following the "Commercial Bank M&A Loan Risk Management Guidelines" (hereinafter referred to as the "Guidelines"). In response to industry consolidation trends and the development needs of the M&A market, the National Financial Regulatory Administration first piloted an appropriate relaxation of certain clauses in the Guidelines to support the development of technology enterprises, and subsequently revised the Guidelines to form the New Rules. These optimize commercial bank M&A loan services by broadening the applicable scope of M&A loans, optimizing loan conditions, setting differentiated operational qualification requirements, and emphasizing the assessment of the acquiring party's debt repayment capacity.
Lou Feipeng, a researcher at Postal Savings Bank of China, stated that the New Rules, by adding provisions allowing M&A loans to support minority stake transactions, increasing the upper limit of the M&A loan-to-transaction value ratio, and extending the maximum loan term, will broaden the financing channels for technology enterprises and strategic emerging industries to acquire technology and resources through equity investments. This will strongly support large enterprises in cross-regional and cross-industry integration, enhancing the efficiency of capital factor allocation.
A review of data disclosed by relevant banks reveals that while the current scale of M&A loan business still accounts for a relatively small proportion of total loans, its growth rate is rapid. For instance, SPD Bank's Q3 2025 report shows that as of the end of Q3 2025, the bank's domestic and foreign M&A loan balance was 237.8 billion yuan, accounting for less than 5% of its total loans; however, this balance increased by 14.53% compared to the end of 2024, representing a considerable growth rate.
In the view of industry insiders, as the M&A market's activity increases, there is significant room for expansion in related businesses. Future competition in this market will shift from mere capital provision to a contest of comprehensive service capabilities. Banks possessing strong professional expertise and risk control capabilities are poised to stand out in the market competition.
Currently, some banks are already strategically positioning M&A-related financial services as a priority. For example, Bank of Beijing has proposed the strategic goal of building a "new business highland" for M&A finance, launching its M&A financial service brand "e-M&A," and taking multiple measures to enhance its comprehensive M&A financial service capabilities.
Zeng Gang, Deputy Director of the National Institution for Finance & Development, pointed out that to enhance the quality and efficiency of M&A financial services, banks must transform their role from mere capital providers to "industrial enablers" that integrate resources, thereby promoting a virtuous cycle of "policy guidance—financial innovation—industrial upgrade."
"Under the guidance of the New Rules, commercial banks developing M&A loans must ensure compliance and professionalism," believes Xue Hongyan, a special researcher at Sushang Bank. He contends that banks need to integrate internal and external resources, strengthen synergy with peers, and provide full-process financial support for M&A transactions.
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