在新的银监会指引下的第一个并购贷款活动未来会怎样？本科外文翻译.doc

外文文献翻译 原 文： China: First MA Loan Activity Under New CBRC Guidelines: What Does The Future Hold? 02 March 2009 Article by Paul D. McKenzie, Charles Comey, Thomas T.H. Chou, Xiaohu Ma and Sherry Yin Contents 1. MA Loan Activity Since the New Guidelines Were Issued 2. The Substance of the New Guidelines What are the new Guidelines? Who can lend? Who can borrow? How will the loans be structured? 3. Outlook Why issue the Guidelines now? Who will benefit? Market potential 4. Conclusion A number of acquisition loan arrangements have already been inked since the China Bank Regulatory Commission (CBRC) issued new guidelines (the Guidelines) on December 6, 2008 allowing commercial banks to provide loans to domestic enterprises conducting acquisitions within China and abroad. In this legal update, we report on new merger and acquisition (MA) lending activity, describe the substance of the new Guidelines and what changes they bring, and offer an outlook on the effects the Guidelines will have. MA LOAN ACTIVITY SINCE THE NEW GUIDELINES WERE ISSUED Two banks in China are reported to have taken advantage of the new Guidelines already, and another two are in negotiations to do so. Most recently, on January 20, 2009, the China Development Bank signed a contract for a CNY 1.63 billion (USD 240 million) acquisition loan to the CITIC Guoan Group. State media reported that this is the first acquisition loan since the Guidelines were promulgated. CITIC Guoan, a subsidiary of the CITIC Group that invests in the information industry, natural resources development, and real estate development, would use the loan to increase its shareholding stake in the Baiyin Group, a non-ferrous metal processing company in northwest China. The Industrial and Commercial Bank of China (ICBC) has been actively signing agreements establishing cooperative arrangements and lines of credit for MA lending. On January 22, 2009, ICBCs Guangdong branch signed a strategic cooperation