China’s Merger Filing Standard 2026: A One-Stop Guide for Deal Teams
- The Merger Filing Standard took effect on 1 October 2026, issued by SAMR for the first time in the form of a market-regulation industry standard.
市场监管总局以市场监管行业标准形式发布的《经营者集中申报规范》已于 2026 年 10 月 1 日施行，这是申报要求首次以行业标准形式作系统整合。- The standard consolidates existing filing practice rather than creating a new notification obligation.
该规范整合的是既有申报实务，并未新设申报义务；申报义务仍来自反垄断法与国务院规定的申报标准。- Six chapters and six appendices answer three questions: whether a deal must be filed, what must be submitted, and how acceptance and review run.
六章、六个附录回答三个问题：交易是否需要申报、应提交哪些文件资料、受理与审查流程如何运转。- Four earlier filing guidance documents were repealed once the standard took effect.
原有的四部申报指导性文件在规范施行后予以废止，申报材料应按新规范统一准备。- SAMR’s overseas antitrust compliance platform has been live since 10 September 2026 and covers 135 countries and regions.
市场监管总局海外反垄断合规服务平台已于 2026 年 9 月 10 日上线，汇集 135 个国家和地区的反垄断法律法规、典型案例与执法动态。- The revised overseas antitrust compliance guide has completed public consultation but has not yet been issued.
《企业境外反垄断合规指引》修订稿已完成公开征求意见，但截至目前尚未出台，现行版本仍是有效文本。
China’s Merger Filing Standard 2026: A One-Stop Guide for Deal Teams | 2026 年中国经营者集中申报规范：交易团队实操指南
Overview
Every China-related transaction begins with the same three questions. Does this deal have to be notified? If so, what goes into the filing? And how does the file move through acceptance and review? Since 1 October 2026, a large part of the answer sits in a single document.
The State Administration for Market Regulation (SAMR) has issued the Merger Filing Standard, which for the first time gathers the filing requirements into a market-regulation industry standard. It runs to six chapters and six appendices. It does not create a new duty to notify: that duty continues to flow from the Anti-Monopoly Law and the turnover thresholds set by the State Council. What the standard changes is how the duty is assessed and how a notification is assembled — from separate guidance notes into one structured reference.
That distinction is worth holding on to. A standard is drafted to be applied the same way by different reviewers, which makes it a steadier planning tool for deal teams and makes ad hoc departures from the text harder to justify in an investment paper.
Key developments in 2026
One document, three questions. The standard is organised around what a filing party actually has to decide. First, whether notification is required: the situations that amount to a concentration, the State Council thresholds, the transactions that fall below the thresholds but still need to be notified, and the circumstances in which notification is exempt. Second, what has to be submitted: the main content of the notification form and the particular requirements that apply to simple cases. Third, how to prepare and submit a file, and how acceptance and review proceed.
Four older guidance documents retired. The standard absorbs and replaces four documents that practitioners had worked from for years — the guidance on merger notification, on notification documents and materials, on simple case notification, and on the naming of case filings. All four were repealed when the standard took effect. Any playbook that still cites them is out of date.
Simple cases in the spotlight. On 10 October 2026 SAMR held a press conference on the results of the simple case review system, addressed by Xu Lefu, Director-General of the Second Bureau of Anti-Monopoly. The timing is telling: the lighter procedure for transactions that raise no obvious competition concerns is where clearer filing requirements pay off most directly.
An overseas compliance platform. SAMR’s overseas antitrust compliance service platform went live on 10 September 2026. It gathers antitrust laws and regulations, representative cases and enforcement developments from 135 countries and regions, and offers four functions: legal lookup, outbound guidance, case warnings and regulatory alerts. For a foreign group it is a useful mirror — a way to see how Chinese regulators describe the regimes the group already knows.
A revised outbound guide, still pending. The revision of the Compliance Guide for Enterprises’ Overseas Antitrust Activities has completed its public consultation. The draft reflects regulatory trends such as the digital economy, refines the rules of key jurisdictions, and adds channels for pursuing remedies, 15 typical cases and six appendices of toolkits. It has not been issued. Until it is, the current guide remains the operative text, and planning that leans on the new remedies channels or the case library is planning against a draft.
Capacity building alongside the rules. In July 2026 SAMR launched a special action on overseas antitrust compliance capacity, setting out 12 key tasks across four areas with the aim of visible results within a year. Briefings have been held in Beijing, Shanghai and Jiangsu, and China has signed competition cooperation documents with 39 countries and regions. The authority is building outbound compliance infrastructure while tightening the inbound filing standard.
Practical implications for foreign businesses
- Rebuild the playbook. With the four old guidance documents repealed, templates, board papers and adviser instructions should be re-based on the standard’s six chapters and six appendices. It is easiest before the next deal rather than during it.
- Screen early against the notification test. The standard sets out the concentration situations, the thresholds, the below-threshold cases that still need filing and the exemptions in one sequence. Running that sequence at term-sheet stage costs far less than discovering an obligation at signing.
- Choose the track deliberately. Simple case filings carry their own documentation requirements, separate from the ordinary pack. The choice should be reasoned and recorded, because it drives both the evidence set and the internal timeline.
- Read the platform as a two-way tool. A platform covering 135 jurisdictions is built for Chinese companies going out, but it also shows foreign groups how their own regimes are summarised for a Chinese audience.
- Do not plan against the draft guide. The revised outbound guide, its 15 typical cases and its six toolkits are not yet in force. Where a compliance memo relies on them, label them as draft material.
Related reading
- SAMR’s antitrust portal, where the standard and related notices are published: https://www.samr.gov.cn/
- Report on the 10 October 2026 press conference: https://www.toutiao.com/article/7694970422000960036/
- Report on the overseas compliance platform and the draft guide: https://www.toutiao.com/article/7694951789489177130/
Sources
- State Administration for Market Regulation — official portal, antitrust publications: https://www.samr.gov.cn/
- CNR report on the standard’s six chapters and six appendices, and the repeal of four guidance documents: https://finance.eastmoney.com/a/202509303527791467.html
- Zhongxin Jingwei report on the 10 October 2026 press conference: https://www.toutiao.com/article/7694970422000960036/
- Xinhua Daily report on the platform and the draft revised guide: https://www.toutiao.com/article/7694951789489177130/
2026 年中国经营者集中申报规范：交易团队实操指南
概述
涉及中国的交易，开头总是同样三个问题：这笔交易要不要申报？如果要，材料里放什么？文件递进去之后，受理和审查怎么走？自 2026 年 10 月 1 日起，这三个问题的答案有很大一部分集中在同一份文件里，而不是散落在若干份年份不同的指导意见当中。
市场监管总局发布了《经营者集中申报规范》，首次以市场监管行业标准的形式，把申报要求系统整合起来。规范共六章、六个附录。它并没有新设申报义务——申报义务仍来自《反垄断法》以及国务院规定的申报标准，这一点在判断交易是否需要申报时不能混淆。规范改变的是判断义务的方式和组装申报文件的方式：过去散落在若干份指导意见里的内容，现在收进了一个有结构的参照文本。
这层区别值得记住。标准是为”不同审查人员按同一口径适用”而写的，对交易团队来说，它是更稳定的规划工具；同时，内部投资备忘录里若想偏离文本另作解释，也更难自圆其说。换句话说，过去申报更像是一门靠经验传授的手艺，现在它被写成了一份可以被逐条对照的文本——这对第一次在中国做交易、或者隔了几年才回来的团队尤其重要。
对境外收购方、合资伙伴及其顾问而言，还有一层附带效果：需要同时翻阅的文件变少了。以往判断一个细节，往往要在几份指导意见之间来回比对，甚至要参考过往案例的做法；现在同一件事大概率能在规范的某一章或某个附录里找到落点。这不意味着判断变简单了，但至少讨论的起点统一了——无论交易团队在北京、香港还是伦敦，翻的是同一份文本，争论的也就不再是”该看哪份文件”。
需要提醒的是，规范的定位是”申报怎么做”，而不是”交易能不能做”。竞争影响的实体评估仍然按《反垄断法》的框架推进，规范解决的是程序与材料层面的确定性。把两者分开，才不会在项目会上把”材料齐了”误当成”审查过了”。
2026 年的主要进展
一份文件，三个问题。 规范围绕申报方真正要做的判断来组织。第一，是否需要申报：构成集中的情形、国务院规定的申报标准、未达到标准但仍需申报的情形，以及豁免申报的情形。第二，需要提交什么：申报表的主要内容，以及简易案件适用的特别要求。第三，如何准备和提交、受理与审查如何推进。这三组问题原本分散在不同文件里，现在按顺序排在一处，实务上的好处是可以用同一份文本完成从”要不要报”到”怎么报”的整段推演。
四部旧指导文件退场。 规范吸收并取代了实务界沿用多年的四份文件——《关于经营者集中申报的指导意见》《关于申报文件资料的指导意见》《关于简易案件申报的指导意见》《关于规范经营者集中案件申报名称的指导意见》。规范施行后，上述四部文件予以废止。任何仍在引用它们的申报手册、模板库或顾问指示，都已经过期。值得注意的是，其中一份专门规范”案件申报名称”，说明连案卷命名这类细节也被纳入了统一口径，交易团队在立案环节的往返沟通应当相应减少。
简易案件被单独摆到台前。 2026 年 10 月 10 日，市场监管总局召开”经营者集中简易案件审查制度成效”专题新闻发布会，反垄断二司司长徐乐夫出席。会议回顾了简易案件审查制度的运行成效。时点值得注意：对不存在明显竞争关注交易适用的较轻程序，恰恰是”申报要求更清楚”最能直接见效的地方——材料清单明确，申报方就少走弯路，审查方也少发补正通知。把这两件事放在同一场发布里讲，也方便媒体和企业在同一次沟通中理解”标准”与”通道”的关系。
海外合规服务平台。 市场监管总局的海外反垄断合规服务平台已于 2026 年 9 月 10 日上线。平台汇集 135 个国家和地区的反垄断法律法规、典型案例与执法动态，设有法规查询、出海指引、案例警示、动态预警四项功能。四项功能的排列本身透露了使用场景：先查规则，再看路怎么走，然后用案例校准风险判断，最后靠预警盯住变化。对跨国集团来说，它是一面可用的镜子——可以看到中国监管者如何描述自己早已熟悉的那些法域。
境外合规指引修订稿仍在路上。 《企业境外反垄断合规指引》修订稿已完成公开征求意见。修订稿体现数字经济等监管趋势，细化重点司法辖区规定，新增维权救济渠道、15 个典型案例和 6 个附录工具箱。指引尚未出台。在出台之前，现行版本仍是有效文本；依赖新救济渠道或案例库做规划，等于按草案做规划。
这一点在实务上容易被忽略。修订稿新增的内容看起来都很”可用”——救济渠道可以直接写进应对预案，案例可以拿来做培训材料，工具箱可以当作自查清单。但征求意见稿与生效文本之间往往还有距离，条目编号、表述边界甚至章节归属都可能调整。比较稳妥的做法是：把修订稿当作观察监管取向的窗口，把现行指引当作对外承诺的依据。
规则之外的能力建设。 2026 年 7 月，市场监管总局启动”海外反垄断合规能力提升专项行动”，部署 4 方面 12 项重点任务，力争一年见效。北京、上海、江苏等地已开展合规宣讲；我国已与全球 39 个国家和地区签署竞争领域合作文件。把平台与专项行动放在一起看，方向很清楚：在收紧境内申报标准的同时，总局也在搭建面向境外的合规基础设施。对同时在”引进来”和”走出去”两条线上运作的跨国集团而言，这意味着同一套反垄断知识要能同时服务两个方向——境内交易按规范报得清楚，境外交易按平台和指引看得明白。
对外资企业的实务含义
- 重做申报手册。 四部旧指导文件废止后，模板、董事会材料和顾问指示都应以规范的六章六附录为基准重新梳理。这是一项文档工作，不是策略调整，但在下一笔交易之前做，比在交易当中做要省力得多。建议同时清理共享盘里那些来源不明的旧版表格，避免团队成员误用。
- 在早期就过一遍申报测试。 规范把构成集中的情形、申报标准、未达标但仍需申报的情形、豁免情形排在同一个顺序里。在条款清单阶段就跑完这个顺序，成本远低于在签约时才发现存在申报义务。具体做法上，可以把这几步做成一份一页纸的筛查表，由法务与业务在立项会上共同确认。
- 有意识地选择通道。 简易案件申报有自己的文件要求，与普通案件的材料包分开。通道选择应当有理由、有记录，因为它同时决定证据清单和内部时间表；如果一开始按简易案件准备，后来发现需要转普通程序，返工量会集中在最紧张的时间段里。
- 把平台当作双向工具用。 覆盖 135 个法域的平台是为中国企业走出去而建的，但它同时也展示了境外法域如何被概括给中文读者。做集团内部沟通时，这类”对方视角下的我们”往往比自制的说明材料更有说服力。
- 不要按草案做规划。 境外合规指引修订稿及其 15 个典型案例、6 个工具箱尚未生效。合规备忘录如引用这些内容，应明确标注为草案材料，并注明所依据的是征求意见稿而非正式发布文本。
延伸阅读
- 市场监管总局官网反垄断栏目，规范及相关公告的发布渠道：https://www.samr.gov.cn/
- 关于 2026 年 10 月 10 日简易案件审查制度成效发布会的报道：https://www.toutiao.com/article/7694970422000960036/
- 关于海外反垄断合规服务平台与境外合规指引修订稿的报道：https://www.toutiao.com/article/7694951789489177130/
来源
- 国家市场监督管理总局 — 官网，反垄断二司公告与政策发布栏目，可查规范文本及配套发布：https://www.samr.gov.cn/
- 央广网报道 — 《经营者集中申报规范》六章六附录的构成，以及四部申报指导性文件废止的安排：https://finance.eastmoney.com/a/202509303527791467.html
- 中新经纬 — 2026 年 10 月 10 日”经营者集中简易案件审查制度成效”专题新闻发布会报道：https://www.toutiao.com/article/7694970422000960036/
- 新京报 — 海外反垄断合规服务平台上线与《企业境外反垄断合规指引》修订稿征求意见情况：https://www.toutiao.com/article/7694951789489177130/