Tianjin: Pilot program for utilizing technology enterprises M&A loans - allowing M&A transaction loans ratio to be increased to a maximum of 80%.

The Tianjin Local Financial Supervision Bureau, Tianjin Securities Regulatory Bureau, Municipal Finance Bureau, and other seven departments recently jointly released the "Tianjin Measures to Support Mergers and Acquisitions". Among them, it was proposed to support the establishment of M&A mother funds through government capital linkage and long-term funds such as the Haihe Industrial Fund, to strengthen the integration of industrial chains; to attract market-oriented private equity funds to gather, and accelerate the formation of an M&A fund ecosystem. Promote the pilot of fund share transfer in regional equity markets, explore simplifying exit processes, optimizing pricing mechanisms, support private equity funds to use the "reverse linkage" policy of investment period and lock-up period, and establish a "raising, investing, managing, and exiting" virtuous cycle. Encourage financial institutions to provide M&A loans, bonds, insurance, and other diversified tools, broaden direct financing channels, and reduce costs. Focus on increasing support for technology-based small and medium-sized enterprises, make good use of the pilot M&A loans for technology companies, and allow the proportion of M&A transaction loans to be relaxed to a maximum of 80%.