China is revising the rules on foreign investors’ acquisition of domestic enterprises to streamline procedure and payment terms, with stronger inter-agency coordination.中国正修订外国投资者并购境内企业的规定，优化并购管理流程与对价支付要求，并强化部门协同。 The 2026 “stabilise and optimise foreign investment” action plan explicitly tasks MOFCOM with accelerating the revised M&A provisions.2026 … Foreign Investor M&A of Chinese Enterprises: The 2026 Reform DirectionRead more
National Security Review of Foreign M&A in 2026: Scope, Process and the Meta–Manus Precedent
The Foreign Investment Security Review Measures (NDRC & MOFCOM, issued 19 Dec 2020, effective 18 Jan 2021) are the legal basis; the review working-mechanism office sits in the NDRC, led by NDRC and MOFCOM. 《外商投资安全审查办法》（发改委、商务部，2020年12月19日发布，2021年1月18日施行）是法律依据；安全审查工作机制办公室设在发改委，由发改委、商务部牵头。 Review is mandatory where the … National Security Review of Foreign M&A in 2026: Scope, Process and the Meta–Manus PrecedentRead more
Strategic Investment in Chinese Listed Companies by Foreign Investors (2024 Rules in Force for 2026)
The revised Measures (six agencies, Order No. 3, 2024; published 1 Nov 2024, effective 2 Dec 2024) are the governing rule for foreign strategic investment in A-share listed companies. 修订后的《办法》（六部门，第3号令，2024；2024年11月1日公布，2024年12月2日施行）是外国投资者对A股上市公司战略投资的主管规则。 Qualifying methods are three: directed new issue, agreement transfer, and … Strategic Investment in Chinese Listed Companies by Foreign Investors (2024 Rules in Force for 2026)Read more
Merger-Control Filing in 2026: Thresholds, Simplified Track and Delegated Review
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 … Merger-Control Filing in 2026: Thresholds, Simplified Track and Delegated ReviewRead more
Foreign M&A in China in 2026: Review Map and Timelines
Since the Foreign Investment Law (2020), acquiring a domestic firm is no longer a commerce-approval event; it runs through the negative list, information reporting, plus merger control and security review where triggered. 自《外商投资法》（2020）以来，并购境内企业不再是商务审批事件——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 (State Council Order No. 773, … Foreign M&A in China in 2026: Review Map and TimelinesRead more
Foreign M&A in China: process & approvals
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
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