- The notifiable thresholds (Order No. 773, effective 26 Jan 2024) are: worldwide turnover >RMB 12bn with two parties each >RMB 800m in China, OR China aggregate >RMB 4bn with two parties each >RMB 800m in China; sub-threshold deals with competition concerns can still be called in.
申报门槛（第773号令，2024年1月26日施行）：全球合计超120亿元且两方中国各超8亿元，或中国合计超40亿元且两方中国各超8亿元；未达门槛但有竞争关切的交易仍可被要求申报。- In 2025 SAMR concluded 706 concentrations (+9.8%); in May 2025–April 2026 it cleared 232 involving private firms with total value RMB 353.4bn, averaging 26.72 days to conclude (15.64 days acceptance / 18.9 days conclusion for simplified cases).
2025年SAMR审结706件（+9.8%）；2025年5月至2026年4月审结涉民营企业232起、总额3534亿元，平均审结26.72天（简易案件受理15.64天/审结18.9天）。- Delegated review became formal in August 2025 and was refined in March 2026; provincial bureaus have cleared deals in as little as 11 days (e.g., Qingyuan Desheng & Shengli Steel).
委托审查于2025年8月转为正式、2026年3月完善；省级局最快11天审结（如清远德晟与圣力钢制品案）。- SAMR issued the Concentration Filing Norms and Non-Horizontal Review Guidelines, plus a penalty-discretion baseline, giving parties a transparent, predictable filing environment.
SAMR出台《经营者集中申报规范》《非横向经营者集中审查指引》及处罚裁量基准，为企业提供透明可预期的申报环境。- A June 2026 special enforcement campaign (June–December) will explore “green channels” for specific industries and strengthen compliance reminders and local guidance windows.
2026年6月启动的专项行动（6–12月）将探索特定行业审查”绿色通道”，并强化申报提醒与地方指导窗口。- Gun-jumping is policed: in 2025 SAMR publicly investigated 4 illegal-concentration cases with RMB 6.95m in fines, and below-threshold deals with competition risk can be called in.
“抢跑”受监管：2025年SAMR公开查处4起违法实施经营者集中案件、罚款695万元，且有竞争风险的未达门槛交易可被要求申报。
Merger-Control Filing in 2026: Thresholds, Simplified Track and Delegated Review | 2026年经营者集中申报：门槛、简易案件与委托审查
When a filing is required
Under the *Provisions on the Notification Thresholds for Concentration of Undertakings* (State Council Order No. 773, effective 26 January 2024), a concentration must be notified to SAMR before implementation where, in the prior fiscal year, the worldwide aggregate turnover of all parties exceeds RMB 12 billion and at least two parties each had China turnover above RMB 800 million; OR the parties’ aggregate China turnover exceeds RMB 4 billion and at least two parties each had China turnover above RMB 800 million. Banking, insurance, securities and futures use sector-specific calculation rules. A concentration is notifiable even where it does not meet these thresholds if there is evidence it may eliminate or restrict competition — SAMR may require a filing.
The 2024 revision raised the earlier levels (RMB 10bn / RMB 2bn / RMB 400m) to RMB 12bn / RMB 4bn / RMB 800m, which SAMR estimated would cut notifiable deals by about 30%, lowering transaction costs for smaller mergers while keeping scrutiny on competitively risky ones.
Throughput and the simplified track
SAMR’s 2025 performance was substantial: 706 concentrations lawfully concluded, up 9.8% year-on-year, with 83% closing at the 30-day preliminary-review stage. The agency applies “fast review without lowering quality” in automotive, photovoltaic and lithium-battery fields to support restructuring.
The simplified track targets a “double 20-day” standard (acceptance and review). In the May 2025–April 2026 window, SAMR concluded 232 concentrations involving private firms, with total transaction value of RMB 353.4 billion; average acceptance time was 17.13 days and average conclusion time 26.72 days. For simplified cases, average acceptance was just 15.64 days and average conclusion 18.9 days — better than the internal “double 20” requirement. For a foreign acquirer, this means a clean, below-concern deal can clear in roughly three to four weeks.
Delegated review: closer to the market
A notable 2025–2026 reform is delegated review. In August 2025, SAMR moved the pilot delegated review with selected provincial market-regulation bureaus to formal delegated review; in March 2026 it issued an announcement further refining the system. Delegated bureaus use their proximity to bring faster, more localised service. Examples: the Chongqing bureau concluded the Zhejiang Jirun Automobile / Maichi Zhixing joint-venture case in 18 days from filing to clearance; the Guangdong bureau handled the Qingyuan Desheng Investment / Shengli Steel new joint-venture case in just 11 days of review. For foreign investors with deals centred in a delegated province, this can materially shorten the clock.
Transparency and compliance tooling
To make filing predictable, SAMR has issued the *Concentration Filing Norms* and the *Non-Horizontal Concentration Review Guidelines*, opened the operator-concentration antitrust business system with a 6,000-plus-case historical library for real-time query, and released a penalty-discretion baseline (trial) with a self-calculation tool so parties “see and understand at a glance”. It also warned of and acted on “gun-jumping”: in 2025 it publicly investigated 4 illegal-concentration cases with RMB 6.95 million in fines, and in key fields (semiconductors, shipping, minerals) conditionally approved 5 and prohibited 1 to protect supply-chain competition.
The June 2026 efficacy campaign
On 30 June 2026, SAMR launched a special enforcement campaign (June–December) to raise operator-concentration antitrust regulatory efficacy. Its three pillars matter to deal-makers:
- Regulatory capacity — explore “green channels” for specific industries, strengthen complex-issue research, and support delegated provincial bureaus with expert backing.
- Full-chain efficacy — maintain the simplified “double 20-day” standard, optimise the business system, publish typical cases, and handle major-merger reviews with close listening to relevant parties.
- Compliance guidance — improve filing reminders, issue policy guidance, run targeted training for firms above the threshold, and support local “filing guidance windows”.
For foreign acquirers, the practical signals are: faster, more transparent review; a realistic prospect of industry-specific fast lanes; and a clear expectation that below-threshold but competition-risky deals will still be scrutinised.
What to do next
- Run the threshold test early; if close to the line, assume a filing and budget the timeline.
- Prefer the simplified track where the deal is clean (no overlap or minor overlap); target the ~3–4 week clearance.
- Check whether your province runs delegated review; if so, file there to use local proximity.
- Use SAMR’s case library and filing norms to pre-assess overlap and prepare a tight submission.
- Do not close before clearance — gun-jumping draws public penalties even for foreign parties.
- Watch for industry “green channels” announced in the 2026 campaign when planning sensitive-sector deals.
What to submit and how long it really takes
A filing package centres on the notification form, the parties’ audited turnover, the transaction documents (SPA, shareholder agreements), and a competitive-effects analysis where overlap exists. SAMR’s published norms and the 6,000-plus case library let counsel benchmark whether a deal is “simple” (little or no horizontal overlap, no vertical foreclosure) and thus eligible for the simplified track. For a clean deal, the realistic clock is acceptance (~15 days) plus review (~20 days) — about a month — though parties should still build buffer for information requests.
Sector sensitivity: semiconductors, minerals, pharma
2025–2026 enforcement shows where scrutiny concentrates. SAMR prohibited one deal and conditionally approved five in semiconductors, shipping and minerals, protecting supply-chain competition. In the May 2025–April 2026 window, notable conditional approvals included the Synopsys–Ansys (新思科技收购安似科技) and Bunge–Viterra (邦吉收购蔚特) cases, and the Chilean copper / Chilean chemical joint venture (lithium carbonate supply) — conditioned to secure stable, reasonably priced supply for downstream Chinese firms, including private new-energy buyers. The lesson: deals touching critical inputs or semiconductor capacity should expect a substantive review even if turnover is modest.
Avoiding gun-jumping penalties
“Gun-jumping” — closing or integrating before clearance — is actively policed, with RMB 6.95m in fines across four cases in 2025 and public naming. Foreign parties are not exempt. The safe pattern is to sign subject to a condition precedent (merger-control clearance), keep the businesses separate until approval, and resist operational integration (shared pricing, combined sales forces, unified procurement) during the pending period. Where a deal is below the thresholds but competitively sensitive, assume SAMR may call it in and pre-empt by consulting the agency.
Filing readiness: a pre-filing checklist
To avoid avoidable delay, assemble the package before signing. Confirm the correct turnover figures from audited statements for the relevant fiscal year; map the overlap matrix (horizontal shares, vertical relationships) across the parties’ product markets; prepare the transaction documents and any remedy proposals; and decide whether to request the simplified track. Where a party is foreign, localise the turnover evidence and appoint a China-registered agent if needed. Engagement with SAMR or the delegated provincial bureau ahead of formal filing — using the published norms and case library — often surfaces a fatal overlap early, when it is still cheap to restructure rather than after a prohibition.
Looking ahead from the 2026 campaign
The June–December 2026 efficacy campaign signals a steady-state direction: faster, more transparent, and more sector-aware review. The exploration of industry “green channels” means that, later in 2026, certain strategic sectors may get a dedicated fast lane, while the emphasis on filing reminders and local guidance windows lowers the cost of getting it right the first time. For foreign acquirers, the trend is favourable — provided the deal is genuinely clean and the submission is well-prepared. The agency’s message is consistent: support lawful consolidation, police the rest.
2026年经营者集中申报：门槛、简易案件与委托审查
何时需要申报
依《国务院关于经营者集中申报标准的规定》（国务院第773号令，2024年1月26日施行），上一会计年度所有当事人全球合计营业额超120亿元且至少两方中国境内各超8亿元，或当事人中国境内合计营业额超40亿元且至少两方中国境内各超8亿元，须在实施前通知SAMR。银行、保险、证券、期货按行业特别规则计算。即使未达上述门槛，若有证据证明可能排除、限制竞争，SAMR亦可要求申报。
2024年修订将原有标准（100亿/20亿/4亿）提高至120亿/40亿/8亿元，SAMR估计可使申报量减少约30%，在降低中小并购交易成本的同时，保留对具竞争风险交易的审查。
审结量与简易案件
SAMR 2025年表现突出：依法审结经营者集中706件，同比增长9.8%，83%在30天初步审查阶段结案。该局在汽车、光伏、锂电池领域”快审不降质”以支持重组。
简易案件目标为”双20天”（受理与审查）。2025年5月至2026年4月，SAMR审结涉民营企业经营者集中232起，交易总额3534亿元；平均受理17.13天、平均审结26.72天。简易案件平均受理仅15.64天、审结18.9天，优于内部”双20″要求。对外国收购方而言，这意味着干净、无竞争关切的交易约三至四周即可通过。
委托审查：更贴近市场
2025–2026年一项显著改革是委托审查。2025年8月，SAMR将试点委托审查转为正式委托；2026年3月发布公告进一步完善制度。受委托省级局发挥贴近优势，提供更快速、本地化服务。例证：重庆市局审结浙江吉润汽车与迈驰智行新设合营企业案，自申报到审结仅18天；广东省局审查清远德晟投资与圣力钢制品新设合营企业案，审查阶段仅11天。对交易集中于受委托省份的外国投资者，此举可显著缩短周期。
透明度与合规工具
为提升申报可预期性，SAMR出台《经营者集中申报规范》《非横向经营者集中审查指引》，开放经营者集中反垄断业务系统（6000余件历史案例库实时查询），并发布处罚裁量基准（试行）及”行政处罚自算器”，使企业”一看就懂、一算便知”。该局亦警示并查处”抢跑”：2025年公开查处4起违法实施经营者集中案件、罚款695万元；在半导体、航运、矿产等关键领域附条件批准5件、禁止1件，以保障产业链竞争。
2026年6月效能专项行动
2026年6月30日，SAMR启动经营者集中反垄断监管效能提升专项行动（6–12月）。其三大支柱对交易方重要：
- 监管基础能力——探索特定行业审查”绿色通道”，加强复杂问题研究，以外部专家支撑受委托省级局。
- 全链条质效——认真执行简易案件”双20天”，优化业务系统，做好典型案例公开，充分听取相关方对重大并购审查意见。
- 合规指导——完善申报提醒，发布政策指引，对达申报标准企业开展专项培训，支持有条件地区建立申报指导窗口。
对外国收购方的实务信号是：审查更快更透明；特定行业快车道可期待；未达门槛但有竞争风险的交易仍将被审查。
下一步
- 尽早做门槛测试；若接近临界，按需申报并排期。
- 交易干净（无重叠或轻微重叠）时优先走简易案件，目标约3–4周通过。
- 查核所在省份是否实行委托审查；若是，就地申报以利用就近优势。
- 利用SAMR案例库与申报规范预先评估重叠并准备精炼材料。
- 未获核准前不得交割——”抢跑”即便对外方也招致公开处罚。
- 规划敏感行业交易时，关注2026专项行动中宣布的行业”绿色通道”。
应提交什么及真实耗时
申报材料以申报表、各方经审计营业额、交易文件（SPA、股东协议）及存在重叠时的竞争影响分析为核心。SAMR已发布的规范与6000余件案例库，使律师可基准判断交易是否”简单”（横向重叠小或无、无纵向封锁）从而适用简易案件。对干净交易，现实时钟为受理（约15天）加审查（约20天）——约一个月，但仍应为信息补充请求留出缓冲。
行业敏感性：半导体、矿产、医药
2025–2026年执法显示审查集中于何处。SAMR在半导体、航运、矿产领域禁止1件、附条件批准5件，以保障产业链竞争。2025年5月至2026年4月，显著附条件批准包括新思科技收购安似科技、邦吉收购蔚特，以及智利铜业与智利化工新设合营企业案（碳酸锂供应）——附条件以确保下游中国企业（含民营新能源买方）获得稳定、合理价格的供应。启示：触及关键投入或半导体产能的交易，即便营业额不大，也应预期实质审查。
避免”抢跑”处罚
“抢跑”——核准前交割或整合——被积极监管，2025年4起案件罚款695万元并公开点名。外国当事方不豁免。安全做法是签署以经营者集中核准为先决条件的协议，核准前保持业务分离，并在待审期抵制运营整合（共享定价、合并销售队伍、统一采购）。对未达门槛但有竞争敏感性的交易，应预期SAMR可能要求申报，并主动与当局沟通以防患未然。
申报准备：申报前清单
为避免无谓延误，应在签约前备齐材料。依经审计报表确认相关会计年度的正确营业额；绘制各方产品市场的重叠矩阵（横向份额、纵向关系）；准备交易文件与可能的救济方案；并决定是否申请简易案件。当事人一方为外国的，应本土化营业额证据，必要时委任中国注册代理人。在正式申报前借助已发布规范与案例库与SAMR或受委托省级局沟通，往往能尽早暴露致命重叠——此时重构成本低，远胜禁止之后。
自2026专项行动看未来
2026年6–12月效能专项行动指向一个稳态方向：更快、更透明、更具行业意识。对特定行业”绿色通道”的探索意味着，2026年下半年某些战略行业或获专属快车道；而强调申报提醒与地方指导窗口，降低了”一次做对”的成本。对外国收购方，趋势有利——前提是交易确属干净、申报准备充分。该局信号一致：支持合法整合，监管其余。
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