市场监管总局：2025年完成经营者集中反垄断审查706件

Core Insights - The State Administration for Market Regulation concluded 706 cases of operator concentration in 2025, marking a 9.8% increase from the previous year, with 687 cases approved unconditionally, 13 withdrawn, 5 conditionally approved, and 1 prohibited [1] Summary by Categories Case Characteristics - A total of 614 cases were simple cases, accounting for approximately 89.4% of the total. In the preliminary review phase, 591 cases were concluded without further review, representing about 86.0% [2] Transaction Amounts - The total transaction amount for unconditionally approved operator concentrations exceeded 3 trillion yuan, with 213 cases between 100 million and 1 billion yuan (31.0%), 187 cases between 1 billion and 10 billion yuan (27.2%), 59 cases between 10 billion and 100 billion yuan (8.6%), and 3 cases over 100 billion yuan, the highest being 373.55 billion yuan [3] Types of Concentration - Domestic enterprises accounted for the majority with 407 cases (59.2%), while foreign enterprises had 190 cases (27.7%), and mixed domestic and foreign enterprises had 90 cases (13.1%) [4] Ownership Structure - The concentration involved various ownership types, with state-owned enterprises participating in 379 cases (55.2%), foreign enterprises in 297 cases (43.2%), and private enterprises in 244 cases (35.5%) [5] Industry Distribution - The manufacturing sector had the highest concentration with 247 cases (36.0%), followed by water, electricity, gas, and heat production and supply with 74 cases (10.8%). Other active sectors included finance, transportation, wholesale and retail, IT services, real estate, and business leasing. Within manufacturing, the automotive sector led with 41 cases (16.6%), primarily in auto parts manufacturing [6] Transaction Types and Patterns - Horizontal concentrations involving competitors accounted for 395 cases (57.5%), while vertical concentrations involving upstream and downstream enterprises made up 288 cases (41.9%), and mixed concentrations were 196 cases (28.5%). Concentrations through equity acquisition were 379 cases (55.2%), joint ventures 301 cases (43.8%), and new mergers or asset acquisitions 26 cases [7] Geographic Distribution - Companies involved in operator concentrations came from over 30 countries and regions, with foreign enterprises primarily from Japan, the USA, the UK, Singapore, and France [8] - In China, the top five provinces (or municipalities) for registered enterprises participating in concentrations were Beijing, Jiangsu, Guangdong, Zhejiang, and Shanghai [9]