- 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 turnover benchmarks to current economic scale.
国务院在2024年修订中上调了申报标准，使全球及中国营业额基准与当前经济规模重新校准。- SAMR operates a simplified (简易) procedure for non-issue, non-rivalrous transactions, materially shortening review time versus the standard track.
市场监管总局对无非竞争关切的集中适用简易程序，相较标准程序显著缩短审查时间。- The 2022 AML introduced a stop-the-clock (停钟) mechanism; incomplete filings or further-review needs pause the statutory clock.
2022年《反垄断法》引入”停钟”机制；申报不完整或需进一步审查时，法定时限暂停计算。- Gun-jumping—closing or integrating before clearance—draws substantially higher fines under the 2022 amendments, making procedural discipline essential.
抢跑——在获批前交割或整合——依2022年修订面临显著提高的罚款，程序纪律因而至关重要。- As of 2026, expect tighter scrutiny of minority acquisitions that confer decisive influence and of filings’ substantive accuracy.
截至2026年，须预期对赋予决定性影响的少数股权收购，以及申报实质准确性，将受到更严审视。
Merger Control Filing in China: Thresholds, Procedure, and 2026 Practice | 中国经营者集中申报：门槛、程序与2026年实践
When a Filing Is Required
Under the 《反垄断法》 and SAMR’s implementing rules, a “concentration” ( merger; acquisition of control; or acquisition of decisive influence over another undertaking) must be notified where the parties’ turnover meets the State Council’s thresholds. The original thresholds, set by the State Council’s 2008 regulation, turned on combined global turnover and China turnover. In its 2024 revision, the State Council raised these thresholds to reflect China’s enlarged economic scale—reducing filings for routine small deals while keeping strategically significant transactions within scope. Because the precise figures are set by State Council regulation and periodically adjusted, deal teams should confirm the current thresholds against the latest SAMR guidance at the time of signing.
The Suspensory Principle
The cardinal rule: a notifiable concentration is suspensory. The parties may sign, but they may not implement the concentration—no control change, no asset integration, no voting-rights exercise—until SAMR clears it. Premature implementation (“gun-jumping”) is an independent violation under the 2022 AML, carrying far higher fines than under the prior regime. This makes the filing not a formality but a gating condition in the SPA.
Two Procedures: Standard and Simplified
SAMR administers two tracks:
| Track | Applicability | Typical duration |
|---|---|---|
| Standard (普通) | Likely competitive concerns or complex facts | Up to 30 days initial + extended phase |
| Simplified (简易) | No substantive concern; e.g., low combined share, non-competitors, passive minority | Materially shorter, often cleared within the initial phase |
The simplified procedure applies where the combined market share is low, the parties are not actual or potential competitors in the same market, or the acquisition is a passive minority stake. Choosing the correct track—and presenting a clean, complete file—directly affects clearance speed.
The Stop-the-Clock Mechanism
A defining feature of the 2022 AML is the stop-the-clock (停钟) rule, operationalised in SAMR’s 经营者集中审查规定. The statutory review clock pauses when:
- The notifying party fails to provide required materials and SAMR requests supplementation; or
- A circumstance arises requiring further review (e.g., third-party opposition, new evidence).
Practically, a careless or incomplete filing can double the effective timeline. Diligent, complete first submission is the cheapest insurance against clock-stoppage.
Substantive Assessment
SAMR assesses whether the concentration would eliminate or restrict competition, considering market share, concentration ratios, entry barriers, efficiencies, and failing-firm defences. Remedies—structural (divestiture) or behavioural (access, non-discrimination)—may be imposed. For market entrants, the key is to demonstrate that the combination does not foreclose rivals or raise barriers in the relevant China market.
2026 Filing Practice
Entering 2026, SAMR’s practice shows:
- Tighter look at “decisive influence” acquisitions—minority stakes that nonetheless confer control-like influence are caught.
- Greater demands for data accuracy in notifications, with scrutiny of market definition.
- Continued use of simplified procedure for clean, non-rivalrous deals, keeping routine inbound acquisitions efficient.
- Coordination with security and data reviews where the target sits in a sensitive sector.
Practical Steps for Filers
- Screen early. Test the transaction against current thresholds at term-sheet stage.
- Choose the track correctly. Mislabeling a standard case as simplified invites rejection and delay.
- Prepare a complete file. Accurate turnover, market definition, and supporting evidence prevent clock-stoppage.
- Sequence with other regimes. Where security or data review applies, align filing timelines.
- Contractual protection. Include conditions precedent, long-stop dates, and allocate gun-jumping risk in the SPA.
Exposure and Remedies
Beyond clearance denial, SAMR may unwind completed unlawful concentrations and impose turnover-based fines. The 2022 amendments raised these ceilings, and responsible individuals can be penalised. For foreign acquirers, disciplined filing practice—correct track, complete file, no pre-clearance integration—is the difference between a routine clearance and a value-destroying remediation.
中国经营者集中申报：门槛、程序与2026年实践
何时需要申报
依据《反垄断法》及市场监管总局实施规则，”经营者集中”（合并；取得控制权；或取得对其他经营者的决定性影响）于各方营业额达到国务院标准时须申报。原始门槛由国务院2008年规定设定，以合计全球营业额与中国营业额为准。在2024年修订中，国务院上调了这些门槛，以反映中国扩大的经济规模——在减少常规小规模交易申报的同时，将具有战略意义的交易保留在范围内。由于具体数字由国务院规定设定并定期调整，交易团队应在签约时对照市场监管总局最新指引确认现行门槛。
暂停原则
首要规则是：须申报的集中具有暂停效力。各方可以签约，但在市场监管总局批准前，不得实施集中——不得变更控制、不得整合资产、不得行使表决权。提前实施（”抢跑”）依2022年《反垄断法》构成独立违法，罚款远高于此前制度。这使得申报不再是形式，而是协议中的一项先决条件。
两种程序：标准与简易
市场监管总局设有两条路径：
| 路径 | 适用情形 | 通常时长 |
|---|---|---|
| 标准（普通） | 可能存在竞争关切或事实复杂 | 初始30日+延长阶段 |
| 简易 | 无非实质关切，如合计份额低、非竞争者、被动少数股权 | 显著更短，常在初始阶段内审结 |
简易程序适用于合计市场份额低、各方非同一市场现实或潜在竞争者，或收购为被动少数股权等情形。选择正确的路径并提交干净、完整的案卷，直接影响获批速度。
停钟机制
2022年《反垄断法》的标志性特征是“停钟”规则，由市场监管总局《经营者集中审查规定》落实。在以下情形，法定审查时限暂停：
- 申报方未提供所需材料，市场监管总局要求补充；或
- 出现需进一步审查的情形（如第三方异议、新证据）。
实践中，草率或不完整的申报可能使实际时间表翻倍。勤勉、完整地首次提交，是防止停钟最廉价的保障。
实质审查
市场监管总局评估集中是否排除、限制竞争，考量市场份额、集中度、进入壁垒、效率及困境企业抗辩等。可能附加救济——结构性（剥离）或行为性（开放接入、非歧视）。对准入者而言，关键在于证明该结合不会在中国相关市场封阻竞争对手或抬高壁垒。
2026年申报实践
进入2026年，市场监管总局的实践显示：
- 对”决定性影响”收购审查更严——虽为少数股权但赋予类控制性影响的交易亦被纳入。
- 对申报数据准确性要求更高，并审视市场界定。
- 继续对干净、非竞争类交易适用简易程序，使常规 inbound 收购保持高效。
- 与安全和数据审查统筹，当标的位于敏感行业时。
申报者实务步骤
- 尽早筛查。 在条款书阶段即对照现行门槛测试交易。
- 正确选择路径。 将标准案件误标为简易将招致退回与延误。
- 备妥完整案卷。 准确的营业额、市场界定及佐证可防止停钟。
- 与其他制度统筹。 如涉及安全或数据审查，须对齐申报时间表。
- 合同保护。 设置先决条件、最晚截止日，并在协议中分配抢跑风险。
风险与救济
除不予批准外，市场监管总局可撤销已完成的违法集中，并处罚以营业额为基础的罚款。2022年修订提高了这些上限，相关责任人员亦可能受罚。对外国收购方而言，纪律化的申报实践——正确路径、完整案卷、获批前不整合——决定着是顺利获批还是陷入摧毁价值的补救。
Sources
- 国务院 (State Council) — 经营者集中申报标准相关规定（2008年制定，2024年修订）
- 国家市场监督管理总局 (SAMR) — 《经营者集中审查规定》及简易案件适用标准
- 全国人民代表大会常务委员会 — 《反垄断法》（2022年修订，2022年8月1日施行）
- 国家市场监督管理总局 (SAMR) — 经营者集中申报指南及停钟规则实施口径