Since 2020, domestic-enterprise M&A is no longer a commerce-department approval event — it runs through the negative list, information reporting, plus merger control and security review where triggered. 2020 年后，并购境内企业不再是商务部门审批事件——经负面清单、信息报告办理，并在触发时通过经营者集中与安全审查。 Merger-control thresholds (Order No. 773, effective 26 January 2024): worldwide … Foreign M&A in China: process & approvalsRead more
市场准入 / Market Entry
Anti-monopoly & Merger Control Filing
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 … Anti-monopoly & Merger Control FilingRead more
Merger Control in China: Concentration Notification Thresholds and the 2026 Delegated Review (2026)
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 … Merger Control in China: Concentration Notification Thresholds and the 2026 Delegated Review (2026)Read more
Killer-Acquisition Scrutiny in China: Below-Threshold Review
China’s 2022-revised 《反垄断法》 empowers SAMR to review concentrations that fall below the notification thresholds where they may eliminate or restrict competition.中国2022年修订的《反垄断法》授权市场监管总局对未达申报标准、但可能排除限制竞争的集中进行审查。 “Killer” or “sniping” (掐尖式) acquisitions—buying a nascent rival to discontinue or absorb it—are a stated SAMR enforcement priority, especially … Killer-Acquisition Scrutiny in China: Below-Threshold ReviewRead more
Platform M&A Scrutiny in China: Antitrust in the Digital Market
Digital-platform M&A is governed by SAMR’s 2021 《关于平台经济领域的反垄断指南》, which extends classic antitrust tools to multi-sided markets.数字平台并购受市场监管总局2021年《关于平台经济领域的反垄断指南》规范，该指南将经典反垄断工具扩展至多边市场。 Concentrations that entrench a platform’s dominance or eliminate nascent rivals face close review, even where the target is small or pre-revenue.巩固平台支配地位或消除新生竞争对手的集中面临严密审查，即便标的规模小或尚无营收。 VIE-structured platforms are … Platform M&A Scrutiny in China: Antitrust in the Digital MarketRead more
Merger Control Filing in China: Thresholds, Procedure, and 2026 Practice
A concentration is notifiable to SAMR when the parties’ turnover meets the State Council thresholds; the deal is suspensory and cannot close before clearance.当各方营业额达到国务院标准时，集中须向市场监管总局申报；交易具有暂停效力，获批前不得交割。 The State Council raised the notification thresholds in its 2024 revision, recalibrating the global and China … Merger Control Filing in China: Thresholds, Procedure, and 2026 PracticeRead more
Antitrust and Merger Control in China: The 2026 Framework
China’s competition regime is anchored by the 2022-revised 《反垄断法》 (Anti-Monopoly Law), enforced primarily by SAMR, with merger control, conduct enforcement, and fair-competition review as its three pillars.中国竞争制度以2022年修订的《反垄断法》为基石，主要由市场监管总局执行，其三大支柱为经营者集中、行为监管与公平竞争审查。 Merger control is suspensory: a notifiable concentration must be cleared by SAMR before … Antitrust and Merger Control in China: The 2026 FrameworkRead more
Sector Restrictions After Manufacturing Zeroing: Where Foreign Capital Can (and Cannot) Go in 2026
China’s unified Market Access Negative List (2025 edition) was cut to 106 items, down from 117 in 2022, while the foreign-investment access list stands at 29 national items with manufacturing fully zeroed.中国统一市场准入负面清单（2025版）由2022版117项减至106项，外资准入负面清单全国版保留29项、制造业全面清零。 The 2026 policy emphasis has shifted from manufacturing … Sector Restrictions After Manufacturing Zeroing: Where Foreign Capital Can (and Cannot) Go in 2026Read more
Manufacturing Fully Open to Foreign Investment
As of the 2024 negative list, manufacturing is fully open to foreign investment with no remaining restricted entries.自 2024 年版负面清单起，制造业全面向外资产开放，已无残留受限条目。 Foreign investors may wholly own manufacturing WFOEs in China without an equity cap or prior approval for access.外资可全资持有在华制造外商独资企业，无需股比上限或准入事前审批。 The opening … Manufacturing Fully Open to Foreign InvestmentRead more
Telecom and Finance Opening to Foreign Investment
Most financial sub-sectors are now fully open to foreign ownership after caps were removed in 2020–2021.随着 2020—2021 年股比上限取消，多数金融子行业已全面向外资产开放。 Value-added telecom services have been further opened in designated pilot areas rather than nationwide at once.增值电信业务在指定的试点地区进一步开放，而非一次性全国放开。 Foreign banks, securities, fund-management and insurance … Telecom and Finance Opening to Foreign InvestmentRead more