- Foreign acquisitions, mergers, or acquisitions of control over a Chinese business may trigger a concentration filing to SAMR; the regime is mandatory and suspensory.
外资收购、合并或取得中国企业控制权可能触发向国家市场监督管理总局的经营者集中申报；该制度具有强制性与暂停性。- The 2024 thresholds (State Council Order No. 773, effective 26 January 2024) are global RMB 12bn / China RMB 4bn / RMB 800m (two parties), cutting notifiable deals by an estimated 30%.
2024年阈值（国务院第773号令，2024年1月26日施行）为全球120亿／中国40亿／两方各8亿元，预计减少约30%的申报量。- A minority stake conferring control or decisive influence is still a notifiable concentration; pure intra-group reorganizations are exempt.
赋予控制权或决定性影响的少数股权仍属应申报集中；纯集团内部重组可豁免。- SAMR review runs an ordinary 30+90 day (extendable 60) procedure or a simplified “double 20 days” procedure, with outcomes of unconditional clearance, remedies, or prohibition.
SAMR审查分普通程序30+90日（可延长60）或简易程序”双20天”，结果含无条件批准、附加条件批准或禁止。- “Gun-jumping” (acting before clearance) risks divestiture, fines up to RMB 5 million, and up to 10% of prior-year turnover for serious violations under the 2022 AML amendment.
“抢跑”（获批前实施）风险包括责令恢复原状、最高500万元罚款，及依2022年修法情节严重最高处上一年度营业额10%罚款。- Foreign investors must keep closing, control, and integration waiting for SAMR clearance, and carve out China if a global deal closes elsewhere first.
外国投资者须使交割、控制权与整合等待SAMR批准，若全球交易先在其他法域关闭则应拆分中国部分。
Anti-monopoly & Merger Control Filing | 反垄断与经营者集中申报
Overview
When a foreign investor acquires a Chinese company, merges with a local competitor, or takes control of a domestic business, the transaction may trigger a concentration filing (经营者集中申报) under China’s Anti-Monopoly Law (AML). The filing is made to the State Administration for Market Regulation (SAMR), the national antitrust enforcement authority. The regime is mandatory and suspensory: if thresholds are met, the deal may not close (and control may not be exercised) until clearance is granted. Getting this wrong exposes the parties to “gun-jumping” penalties that, since the 2022 AML amendment, can reach a percentage of turnover.
This article sets out the 2024 turnover thresholds, how SAMR reviews a concentration, the simplified versus ordinary procedure, and the practical risk of closing before clearance.
Turnover thresholds for concentration filing
The current notification thresholds are set by the State Council’s “Provisions on the Notification Thresholds for Concentrations of Undertakings” (Order No. 773), revised and effective 26 January 2024. A concentration must be notified to SAMR in advance, and may not be implemented until cleared, where either of the following is met (based on the parties’ turnover in the previous accounting year):
- Global test: the worldwide aggregate turnover of all participating undertakings exceeds RMB 12 billion, and at least two of them each had China turnover exceeding RMB 800 million; or
- China test: the aggregate China turnover of all participating undertakings exceeds RMB 4 billion, and at least two of them each had China turnover exceeding RMB 800 million.
These thresholds were raised from the prior RMB 10 billion / RMB 2 billion / RMB 400 million, reducing the number of notifiable deals by an estimated 30% and lowering transaction costs. Turnover of the relevant group (not just the target) counts, and special rules apply to banking, insurance, securities, and futures. Even below the thresholds, SAMR may call in a transaction if it is likely to eliminate or restrict competition (the “fall below but suspect” power).
A concentration is defined as: (a) a merger; (b) acquisition of control through equity or assets; or (c) acquisition of control or decisive influence through contracts. Note that acquiring a minority stake that confers control or decisive influence can still be a notifiable concentration. Two exemptions apply: where one party already holds >50% of the other, or where a common parent holds >50% of each — i.e., pure intra-group reorganizations.
SAMR review procedure
Upon submission, SAMR decides whether to accept the filing. Once accepted, the ordinary (non-simplified) review has two phases: an initial 30-day phase, and, if it proceeds, a further 90-day phase (extendable by 60 days in specified circumstances). A simplified procedure applies to non-controversial deals — for example, where the parties are not competitors in the same market, or one party acquires a sole control stake in a joint venture — with a compressed timetable (the regulator targets “double 20 days” for acceptance and review of simplified cases). SAMR may clear unconditionally, clear with behavioural or structural remedies (附加条件批准), or prohibit the concentration.
Parties should expect to submit a notification form, market definitions, turnover calculations, competitive-effects analysis, and (for foreign-to-China deals) information on global filings. Early pre-filing consultation with SAMR is common and reduces the risk of a long Phase 2. Since 2023, SAMR has also piloted delegated review to five provincial market-regulation bureaus for certain simplified cases, improving speed for deals centered in those regions.
Gun-jumping and enforcement risk
“Gun-jumping” means implementing a concentration — or exercising control — before clearance. The 2022 AML amendment significantly strengthened enforcement. Implementing a notifiable concentration without filing, or implementing before clearance, can result in an order to restore the prior state (divestiture / undo the deal), a fine of up to RMB 5 million for the undertaking, and — importantly — for the 2022 amendment’s proportional penalty regime, fines of up to 10% of the undertaking’s turnover in the prior year where the violation is serious. Responsible individuals may also be fined. Even signing and partially closing (e.g., taking board control, consolidating financials, or integrating the business) before clearance can be caught.
The lesson for foreign investors: structure the timetable so that closing, control, and integration wait for SAMR clearance. Use a long-stop date and conditions precedent, and keep the businesses separate (no joint management, no shared systems, no consolidated reporting) until the green light. Where a global deal must close elsewhere first, carve out the China leg or ring-fence the Chinese target to avoid premature exercise of control in China.
What to do next
- Run the threshold test early using worldwide and China turnover of the whole group for the prior year; remember the RMB 12bn / RMB 4bn / RMB 800m (two parties) 2024 thresholds.
- Map the control question — a minority stake conferring control or decisive influence is still a concentration.
- Plan for suspension — make SAMR clearance a condition precedent; do not close, integrate, or exercise control in China before approval.
- Consider simplified procedure if markets don’t overlap, and use pre-filing consultation to compress the timeline.
- Watch the gun-jumping traps — no board control, consolidation, or integration pre-clearance; carve out China if the global deal closes earlier.
Sources
- State Council — 中国政府网 — Provisions on Notification Thresholds for Concentrations of Undertakings (Order No. 773, effective 26 Jan 2024): global RMB 12bn / China RMB 4bn / RMB 800m tests.
- State Administration for Market Regulation (SAMR) — 市场监管总局 — Merger control review, simplified/ordinary procedure, and gun-jumping enforcement (official portal).
- National People’s Congress (NPC) — 全国人民代表大会 — Anti-Monopoly Law (2008, amended 2022, effective 1 Aug 2022): gun-jumping and turnover-proportional penalties.
- SAMR Government Service Platform — 政务服务 — Antitrust review of concentration of undertakings: filing standards and required documents.
Related reading
- see also: Cybersecurity & MLPS (等保) for FIEs — M&A can reset system grading and trigger new filings.
- see also: Foreign-related dispute resolution — litigation vs. arbitration — challenging or enforcing merger decisions.
- see also: CIETAC & international arbitration — arbitrating competition and shareholder disputes.
反垄断与经营者集中申报
概述
当外国投资者收购中国企业、与本土竞争者合并，或取得境内企业的控制权时，该交易可能触发《反垄断法》项下的经营者集中申报。申报向国家市场监督管理总局（SAMR）——反垄断执法机构——提出。该制度具有强制性与暂停性：一旦达到阈值，在获得批准前不得实施集中（亦不得行使控制权）。若处理不当，当事人将面临”抢跑”（gun-jumping）处罚；自 2022 年《反垄断法》修订后，罚款可达营业额的一定比例。
本文列明 2024 年营业额阈值、SAMR 如何审查集中、简易与普通程序的区分，以及”获批前Closing”的实务风险。
经营者集中申报的营业额阈值
现行申报阈值由《国务院关于经营者集中申报标准的规定》（第 773 号令）设定，于 2024 年 1 月 26 日修订施行。集中达到以下任一标准（按参与者上一会计年度营业额计算），须事先向 SAMR 申报，未申报不得实施：
- 全球标准：参与集中的所有经营者全球合计营业额超过120 亿元人民币，且其中至少两个上一会计年度在中国境内营业额均超过8 亿元；或
- 中国标准：参与集中的所有经营者中国境内合计营业额超过40 亿元，且其中至少两个上一会计年度在中国境内营业额均超过8 亿元。
上述阈值较此前的 100 亿 / 20 亿 / 4 亿元上调，预计减少约 30% 的申报量，降低交易成本。计算以相关集团（而非仅标的）营业额为准，银行、保险、证券、期货等行业另有特别办法。即便未达阈值，若具有或可能具有排除、限制竞争效果，SAMR 仍可主动要求申报（”未达阈值但有嫌疑”权力）。
集中指：（一）经营者合并；（二）通过股权或资产取得控制权；（三）通过合同取得控制权或决定性影响。注意：取得赋予控制权或决定性影响的少数股权仍可能构成应申报集中。两类豁免适用：一方已持有另一方 50% 以上表决权股份，或同一未参与集中的经营者持有各方 50% 以上表决权股份——即纯集团内部重组。
SAMR 审查程序
受理申报后，SAMR 决定是否予以立案。立案后，普通程序分两阶段：初始30 日审查期；若进一步审查，再加90 日（特定情形下可延长 60 日）。简易程序适用于无争议的 Deal——例如当事方不在同一市场竞争，或一方取得合营企业单独控制权——时间表压缩（监管目标为简易程序”受理与审查双 20 天”）。SAMR 可无条件批准、附行为性或结构性条件批准（附加条件批准），或禁止集中。
当事人应准备申报书、相关市场界定、营业额计算、竞争效果分析，以及（外资赴华交易）全球申报信息。与 SAMR 的事前商谈十分常见，可降低进入第二阶段的风险。自 2023 年起，SAMR 还试点将部分简易案件委托五个省级市场监管部门审查，提升区域集中交易的效率。
抢跑与执法风险
“抢跑”指在未获批准前实施集中或行使控制权。2022 年《反垄断法》修订显著强化了执法。应申报而未申报，或在获批前实施集中，可能导致责令恢复原状（剥离/撤销交易）、对经营者最高500 万元罚款；更重要的是，依 2022 年修订的比例罚款机制，情节严重的可被处上一年度营业额 10% 以下的罚款。直接责任人员亦可能被罚。即便签约并部分 closing（如取得董事会控制、合并财务报表或整合业务），也可能被认定为抢跑。
对外国投资者的启示：时间表应安排为交割、控制权与整合均等待 SAMR 批准。使用最晚截止日与先决条件，在绿灯前保持标的独立（不共同管理、不共享系统、不合并报告）。若全球交易须在其他法域先 closing，应拆分中国部分或对中国标的”隔离”，以避免在中国境内过早行使控制权。
下一步建议
- 尽早做阈值测试：使用整个集团上一年度的全球与中国营业额；牢记 2024 年 120 亿 / 40 亿 / 8 亿（两方）标准。
- 厘清控制权问题——赋予控制权或决定性影响的少数股权仍属集中。
- 规划暂停性：将 SAMR 批准设为先决条件；获批前不在华交割、整合或行使控制权。
- 考虑简易程序：若市场不重叠，并利用事前商谈压缩周期。
- 警惕抢跑陷阱：获批前不得董事会控制、合并报表或整合；若全球先 closing，拆分中国部分。
来源
- 中国政府网（国务院） — 《国务院关于经营者集中申报标准的规定》（第 773 号令，2024 年 1 月 26 日施行）：全球 120 亿 / 中国 40 亿 / 8 亿标准。
- 国家市场监督管理总局（SAMR） — 经营者集中审查、简易/普通程序及抢跑执法（官方门户）。
- 全国人民代表大会（NPC） — 《反垄断法》（2008 年制定，2022 年修订，2022 年 8 月 1 日施行）：抢跑与营业额比例罚款。
- SAMR 政务服务平台 — 经营者集中反垄断审查：申报标准与所需材料。
相关阅读
- 参见：网络安全与等保（外资适用）— 并购可能重置系统定级并触发新备案。
- 参见：涉外争议解决：诉讼与仲裁 — 对集中决定的异议与执行。
- 参见：贸仲与涉外仲裁 — 仲裁竞争与股东纠纷。