Shanghai Regulator Tells Banks to Expand Tech Lending, Back Tech M&A

The significance here is less the lending target than the method: letting banks set their own working-capital calculations and vary limits, tenors, pricing and guarantees points to a regulatory effort to fit credit to asset-light tech borrowers that traditional collateral rules exclude. It matters most for Shanghai lenders and early-stage tech firms that have struggled to convert research into bankable cash flow. The open question is whether risk and pricing discretion actually gets used, or whether banks keep defaulting to conservative terms.