- A concentration must be notified to SAMR before closing if it meets the turnover thresholds; failing to file or closing early triggers investigation and penalties.
达到营业额标准的经营者集中，须在实施前事先向市场监管总局申报；未申报或获批前实施将面临调查与处罚。- Current thresholds (raised in the 2024 revision): global aggregate turnover > RMB 12bn, or China aggregate > RMB 4bn with at least two parties each > RMB 0.8bn in China.
现行标准（2024 年修订提高）：全球合计营业额 > 120 亿元，或中国境内合计 > 40 亿元且至少两方中国境内各 > 8 亿元。- The industry standard *Specification for Notification of Concentrations of Undertakings* (effective 1 Oct 2025) consolidates prior guidance into one filing playbook — conditions, materials, workflow.
市场监管行业标准《经营者集中申报规范》（2025 年 10 月 1 日施行）将既往零散指引整合为统一申报手册——申报条件、材料、流程。- From 1 August 2026, SAMR delegates part of non-simplified-case review to five provincial bureaus (Beijing, Shanghai, Guangdong, Chongqing, Shaanxi), shortening timelines for non-problematic deals.
自 2026 年 8 月 1 日起，总局将部分非简易案件委托北京、上海、广东、重庆、陕西五省市局审查，加速无竞争问题交易的落地。- Foreign-to-foreign deals can also be caught when they acquire control of, or decisive influence over, a China-business; the same thresholds and suspensory rule apply.
外资间交易若取得对中国境内企业的控制权或决定性影响，同样触发；适用相同标准与「停表」规则。- Practical tip: run a control-and-turnover test at term sheet; use SAMR’s pre-filing consultation and the online system to compress the clock.
实操提示：在 term sheet 阶段即做控制权与营业额测试；善用总局商谈与在线系统压缩周期。
Merger Control in China: Concentration Notification Thresholds and the 2026 Delegated Review (2026) | 中国经营者集中审查：申报标准与 2026 委托审查
China’s merger-control regime is built on the *Anti-Monopoly Law* and the *State Council Regulation on Notification Thresholds for Concentrations of Undertakings*. The core rule is suspensory: where a concentration reaches the notification thresholds, the parties must file with the State Administration for Market Regulation (SAMR) and may not implement it before clearance. Implementing early — or not filing at all — exposes the parties to investigation and fines.
The thresholds were raised in the 2024 revision. A concentration must be notified if: (a) the aggregate global turnover of all parties in the previous fiscal year exceeds RMB 12 billion, and at least two parties each had China turnover exceeding RMB 0.8 billion; or (b) the aggregate China turnover of all parties exceeds RMB 4 billion, and at least two parties each had China turnover exceeding RMB 0.8 billion. SAMR is required to assess the thresholds against economic development and may adjust them.
To make filing predictable, SAMR issued the industry standard *Specification for Notification of Concentrations of Undertakings* (released 26 September 2025, effective 1 October 2025). It is the first SAMR industry standard to set out concentration notification in a single, structured document, integrating four prior guidance papers (now repealed). It clarifies what constitutes a concentration (merger; acquisition of control via equity/assets; control or decisive influence via contract), the materials required (notification form, simplified-case requirements, appendices on control and turnover calculation), and the workflow (pre-filing consultation, online submission, acceptance review). For foreign investors, this means a clearer, more standardised path to clearance.
A notable efficiency change took effect on 1 August 2026. SAMR expanded its delegated-review system: certain non-simplified cases may be entrusted to the provincial bureaus of Beijing, Shanghai, Guangdong, Chongqing and Shaanxi, within defined market-share bands (e.g., combined share 15–25% in the same relevant market). Simple cases remain delegated to an expanded set of provincial bureaus. The policy aim is “complexity分流” — fast-track deals with no competition concerns so investment closes sooner, while SAMR retains the sensitive matters.
Cross-border relevance is direct. A foreign-to-foreign transaction that acquires control of, or decisive influence over, a Chinese business is not exempt. The same thresholds and the same standstill obligation apply, and SAMR coordinates with foreign enforcers where relevant. Parties should therefore (1) screen control and turnover at the term-sheet stage, (2) consider a pre-filing consultation for novel structures, and (3) use the online system to reduce avoidable back-and-forth. Early, disciplined filing is the cheapest way to keep a deal on schedule.
中国经营者集中审查：申报标准与 2026 委托审查
中国的经营者集中制度以《反垄断法》与《国务院关于经营者集中申报标准的规定》为框架。核心规则是「事前审查、停表」：达到申报标准的集中，须事先向市场监管总局（SAMR）申报，未获批准不得实施；抢跑或未申报将触发调查与罚款。
申报标准已在 2024 年修订提高。满足以下之一即须申报：（a）参与集中的所有经营者上一会计年度全球合计营业额超过 120 亿元，且至少两个经营者中国境内各超过 8 亿元；或（b）中国境内合计营业额超过 40 亿元，且至少两个经营者中国境内各超过 8 亿元。总局应根据经济发展情况评估标准实施。
为提升可预期性，总局发布行业标准《经营者集中申报规范》（2025 年 9 月 26 日发布，2025 年 10 月 1 日施行）。这是首部以行业标准形式系统规定经营者集中申报的文件，整合了此前的 4 部申报指导性文件（同步废止），统一明确申报条件（构成集中的情形、控制权判断、营业额计算）、申报材料（申报表、简易案件要求、控制权与营业额计算附录）与流程（商谈、在线提交、受理审查）。对外资而言，这意味着更清晰、标准化的获批路径。
一项提效变化于 2026 年 8 月 1 日生效。总局完善委托审查制度：符合份额区间（如同一相关市场份额合计 15%–25%）的部分非简易案件，可委托北京、上海、广东、重庆、陕西五省市局审查；简易案件受托省级局相应扩容。政策意图是「繁简分流」——让无竞争问题的交易加速落地，敏感事项仍由总局把关。
跨境适用性直接。外资间交易若取得对中国境内企业的控制权或决定性影响，并不豁免；同样适用该标准与停表义务，总局在必要时与境外执法机构协调。交易方应：（1）在 term sheet 阶段即做控制权与营业额筛查；（2）对新颖结构善用商谈；（3）用在线系统减少无效往返。早而规范的申报，是让交易按期完成的最低成本方式。
Filing Playbook for Foreign Investors
Start with the control test. Acquisition of a China business — even as part of a global transaction — can constitute a concentration if it confers control or decisive influence. Map the target’s China revenue and the parties’ global and China turnover against the thresholds before signing. If the deal is close to a threshold, model both the global and the Chinaaggregate tests; the lower of the two can still trigger.
Use the 2025 *Specification* as your template. It consolidates what to submit (notification form, simplified-case annexes, control and turnover appendices) and the workflow (pre-filing consultation, online submission, acceptance review). For straightforward, non-problematic deals, consider the simplified procedure and the expanded provincial delegation effective 1 August 2026, which can shift routine non-simplified review to Beijing, Shanghai, Guangdong, Chongqing or Shaanxi within defined share bands.
Mind the standstill. Do not close, integrate or exercise control before clearance — interim integration (sharing confidential info, appointing managers, consolidating accounts) can be read as early implementation. Build a conditionality and long-stop that reflects the review period, keep the CSRC/security-review workstreams in view if the deal is also an inbound acquisition, and document a clean competition narrative. Early, disciplined filing is the cheapest insurance for deal certainty.
外资申报实操手册
从控制权测试入手。取得中国业务控制权或决定性影响的交易——即便作为全球交易一部分——可能构成集中。签约前将标的中国营收与各党全球/中国营业额对照标准；若接近阈值，同时建模全球与境内合计两种测试，较低者亦可能触发。
以 2025 年《申报规范》为模板。它整合了提交内容（申报表、简易案件附件、控制权与营业额附录）与流程（商谈、在线提交、受理审查）。对清晰无问题的交易，可考虑简易程序及 2026 年 8 月 1 日生效的省级委托扩容——在既定份额区间内将常规非简易案件移至北京、上海、广东、重庆、陕西。
遵守停表。获批前不得交割、整合或行使控制；过渡期整合（共享机密信息、委派管理人、合并账务）可能被认定为提前实施。设定反映审查周期的条件与长停，若同时属 inbound 并购则留意证监会/安审工作流，并备好清晰竞争叙事。早而规范的申报，是交易确定性的最低成本保险。
Practitioner Quick Reference
- Suspensory rule: file with SAMR before closing once thresholds are met; early closing triggers investigation and fines.
- Thresholds: global aggregate > RMB 12bn (≥2 parties each > RMB 0.8bn China); or China aggregate > RMB 4bn (≥2 parties each > RMB 0.8bn China).
- Concentration: merger; equity/asset acquisition of control; control/decisive influence by contract.
- 2025 standard: *Specification for Notification of Concentrations of Undertakings* effective 1 Oct 2025 consolidates prior guidance.
- Delegation: from 1 Aug 2026, part of non-simplified cases delegated to Beijing/Shanghai/Guangdong/Chongqing/Shaanxi.
- Standstill: no closing, integration or control exercise before clearance.
- Cross-border: foreign-to-foreign deals acquiring control of a China business are equally caught.
实务速查
- 停表规则： 达阈值须向 SAMR 申报后方可交割；抢跑触发调查与罚款。
- 标准： 全球合计 > 120 亿元（至少两方各 > 8 亿元中国）；或中国合计 > 40 亿元（至少两方各 > 8 亿元中国）。
- 集中： 合并；取得控制权的股权/资产收购；依合同取得控制或决定性影响。
- 2025 标准： 《经营者集中申报规范》2025 年 10 月 1 日施行，整合既往指引。
- 委托： 2026 年 8 月 1 日起部分非简易案件委托北京/上海/广东/重庆/陕西。
- 停表： 获批前不得交割、整合或行使控制。
- 跨境： 取得中国业务控制权的外资间交易同样被纳入。
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