The National Financial Regulatory Administration has issued a notice on the promulgation of the "Administrative Measures for Commercial Bank Merger and Acquisition Loans." The notice states that equity participation-type M&A loans refer to loans provided to a single acquirer to acquire an equity stake in a target enterprise without gaining control of it; however, the equity stake acquired in a single transaction must not be less than 20%. Where a single acquirer already holds 20% or more of the target enterprise’s equity and seeks to further increase its equity stake without gaining control, it may apply for an equity participation-type M&A loan; however, the proportion of equity acquired or subscribed in a single transaction must not be less than 5%.