市场监管总局附加限制性条件批准新思科技公司收购安似科技公司股权案 智通财经7月14日电，市场监管总局发布关于附加限制性条件批准新思科技公司收购安似科技公司股权 案反垄断审查决定的公告。鉴于此项经营者集中在全球和中国境内光学软件、光子软件市场、部分 EDA软件市场和设计IP市场具有或者可能具有排除、限制竞争效果，根据申报方提交的附加限制性条件 承诺方案，市场监管总局决定附加限制性条件批准此项集中，要求集中双方和集中后实体履行如下义 务： （三）遵守所有现有客户合同，包括价格和服务水平条款。不得终止现有客户合同，不得拒绝中国客户 续签现有客户合同的要求，公平、合理、无歧视地向中国客户供应主要用于寄生分析、晶体管级电源完 整性分析和功率器件分析的新思科技EDA产品和安似科技EDA产品。 （四）不得以任何方式捆绑搭售交易双方相关产品，不得阻碍或限制客户单独购买或使用新思科技或安 似科技相关产品，不得在服务水平、价格或功能等方面对客户差别对待。 （五）继续支持安似科技相关EDA产品或主要用于寄生分析、功率器件分析和晶体管级电源完整性分 析的新思科技相关EDA产品所支持的行业标准格式。 （六）继续维持并应中国客户要求续签 ...

Core Viewpoint - The approval of All Nippon Airways Holdings' acquisition of Nippon Cargo Airlines by China's State Administration for Market Regulation is aimed at ensuring smooth bilateral trade and maintaining the stability of regional supply chains [1][2]. Group 1: Regulatory Approval - The acquisition involves the consolidation of two major players in Japan's air cargo market, with a focus on the potential impact on competition in the China-Japan air cargo service market [1][2]. - The State Administration for Market Regulation emphasized the importance of maintaining market competition and protecting consumer interests, reflecting China's antitrust enforcement focus on the international air cargo market [2]. Group 2: Market Impact - The combined capacity of All Nippon Airways and Nippon Cargo Airlines on China-Japan routes is significant, potentially weakening competitive levels in the market [1]. - Following the merger, the market shares in Los Angeles and Chicago are projected to reach 30% and 35% respectively, making the combined entity the largest air cargo service provider in those regions [2]. Group 3: Conditions and Commitments - All Nippon Airways has committed to several restrictive conditions to ensure fair competition post-acquisition, including continuing existing ground service agreements and providing ground services to new market entrants [1][3]. - The Japan Fair Trade Commission initially rejected the acquisition due to concerns over market competition, but later approved it after All Nippon Airways made concessions, including a slot-sharing agreement with Polar Air Cargo [2][3].

Core Viewpoint - The U.S. Department of Justice's antitrust division is reviewing Google's acquisition of the security company Wiz [1] Group 1 - The review indicates ongoing scrutiny of major tech companies' mergers and acquisitions [1] - This acquisition could have implications for competition in the cybersecurity market [1] - The outcome of the review may influence future tech industry consolidation efforts [1]

Core Viewpoint - The Chinese regulatory authority has suspended the antitrust review of Synopsys' acquisition of Ansys, adding uncertainty to the deal amid escalating US-China technology tensions [1][2]. Group 1: Acquisition Details - Synopsys announced a final acquisition agreement with Ansys on January 16, 2024, with a total transaction value of approximately $35 billion, where Ansys shareholders are expected to hold about 16.5% of the new company post-merger [1]. - The merger is viewed as a "strong alliance," combining Synopsys' significant position in the EDA (Electronic Design Automation) sector with Ansys' expertise in industrial simulation software, which spans various industries including automotive, aerospace, and electronics [1]. Group 2: Regulatory Environment - The suspension of the antitrust review by Chinese regulators is seen as a cautious decision influenced by the US's recent export control measures targeting China's semiconductor industry, which has led Synopsys to halt sales and technical support activities in China [2]. - Analysts suggest that the Chinese regulatory stance is a response to US actions perceived as attempts to restrict China's chip design capabilities, indicating a need to maintain market competition and assert technological sovereignty [2]. Group 3: Global Antitrust Review Progress - Prior to the suspension, the UK's Competition and Markets Authority (CMA) and the European Commission expressed concerns that the merger could weaken competition in specific markets related to digital chip RTL power analysis software and optical software [3]. - To address these concerns, Synopsys and Ansys proposed several remedial measures, including divesting Ansys' RTL power analysis business and selling Synopsys' optical solutions group, which helped alleviate regulatory worries in Europe [3]. - Despite the ongoing uncertainties, 21 brokerages, including Berenberg, continue to maintain a "buy" rating for Synopsys, although the market remains cautious about the future of the transaction [3].

Core Viewpoint - The U.S. Department of Justice (DOJ) is investigating Google's technology transactions with Character.AI to determine potential antitrust violations, highlighting ongoing scrutiny of major tech companies like Google [1][2]. Group 1: Investigation and Background - The DOJ's investigation into Google is part of a broader focus on antitrust issues, with previous lawsuits against Google for monopolistic practices in search engines and advertising [1]. - Character.AI, founded in November 2021 by former Google AI team members, has gained significant attention in the AI sector, particularly after the launch of OpenAI's ChatGPT [2][3]. Group 2: Character.AI's Growth and Challenges - Character.AI's user engagement surged from 18 million visits in December 2022 to 500 million by March 2023, a 27-fold increase, following the rise of generative AI [3][4]. - Despite its popularity, Character.AI faces financial challenges, having raised $150 million in Series A funding but still requiring additional capital to sustain its operations [5]. Group 3: Google's Investment and Talent Acquisition - In August 2024, Google invested $2.7 billion in Character.AI, allowing it to use the company's language model technology while facilitating the movement of key personnel back to Google [5][6]. - The arrangement is viewed as a form of indirect acquisition, raising concerns about the potential decline in Character.AI's innovation and operational capacity due to the loss of its founding team [6][7]. Group 4: Implications of Talent Acquisition - The talent acquisition model used by Google may circumvent traditional antitrust scrutiny, as it does not involve outright acquisition but rather a strategic partnership [7][8]. - This approach reflects a trend among tech giants to secure talent and technology from startups without triggering regulatory challenges associated with mergers and acquisitions [9][10]. Group 5: Regulatory Considerations - The DOJ's investigation into Google's actions may not lead to direct legal action due to the complexities of current antitrust laws regarding talent acquisition [20]. - There is a call for regulatory updates to address the nuances of talent acquisition deals, ensuring they do not undermine competition or innovation in the tech industry [21][23].

Group 1 - Mexico is expected to extend the antitrust approval for Nippon Steel's $14.9 billion acquisition of a U.S. steel company as early as Thursday [1] - Cross-border mergers and acquisitions require approval from antitrust authorities in various countries to ensure that the transaction does not lead to market monopolization or harm competition [1] - Mexico's antitrust agency, such as the Federal Economic Competition Commission, will review whether the acquisition affects the competitive landscape of the domestic steel market, including aspects like pricing, supply, and employment [1]

Core Viewpoint - Synopsys has received formal approval from the FTC for its $34 billion acquisition of Ansys, marking a significant consolidation in the EDA software industry [1][2]. Group 1: Acquisition Details - Synopsys plans to sell its optical and photonic software tools business to Keysight Technologies as part of the acquisition agreement [1]. - Ansys will also divest a power analysis product to Keysight [1]. - The acquisition was initially announced in early 2024 and has undergone global antitrust scrutiny, pending approval from China [1][6]. Group 2: Market Impact - The acquisition is considered a "century acquisition" in the EDA software sector, significantly enhancing Synopsys's market position against its main competitor, Cadence Design Systems [2]. - By acquiring Ansys, Synopsys aims to strengthen its capabilities in chip design simulation, particularly in system-level and integrated simulation tools [2]. - This move is expected to better serve major clients like Nvidia, AMD, and Broadcom, addressing complex design requirements in emerging technologies such as 6G, next-gen AI chip architectures, and quantum computing [2]. Group 3: Financial Performance and Client Base - Synopsys's recent financial results and strong outlook indicate growing demand for its EDA software, driven by major tech companies accelerating AI chip development [3]. - Key clients include top semiconductor firms like Nvidia, AMD, Qualcomm, and Apple, as well as cloud computing giants like Amazon and Microsoft [3]. - Synopsys's tools are crucial for semiconductor manufacturers like TSMC and Samsung, aiding in optimizing chip design and accelerating new process node development [3]. Group 4: Regulatory Environment - The agreement with the FTC reflects a shift towards resolving merger cases through settlements rather than litigation, contrasting with the Biden administration's previous stance [4]. - The FTC plans to release new guidelines on how it will evaluate merger settlements [4]. - The acquisition's approval process is complicated by geopolitical tensions, particularly regarding U.S. restrictions on technology sales to China [6].

Core Viewpoint - The global venture capital (VC) market is undergoing a reshuffle influenced by technology and geopolitical factors, with a projected increase in total VC investment to $126.3 billion by Q1 2025, and a growing focus on artificial intelligence (AI) investments. However, compliance risks are also rising, necessitating careful navigation of investment structures and antitrust reviews [1]. Group 1: Differences Between CVC and IVC - Independent Venture Capital (IVC) focuses on financial returns, while Corporate Venture Capital (CVC) aims for business integration and early competitive advantages [2]. - IVC typically has a limited partnership structure and lacks industry resource advantages, whereas CVC can leverage industry experience and resources to provide business collaboration opportunities [2]. - CVC has a higher post-investment engagement level with portfolio companies compared to IVC, which has limited post-investment support [2]. Group 2: CVC Investment Structure - CVC investment structures can involve external fundraising, with companies having the capacity to provide funds and potentially attract external capital [4]. - CVCs often focus on specific sectors such as integrated circuits and new-generation information technology, while also engaging in consumer sectors like dining and retail [4]. Group 3: Compliance Considerations - Key compliance points include transaction document focus areas, such as potential conflicts of interest, antitrust risks, and the need for tax considerations [6][8]. - The importance of understanding the implications of antitrust and national security reviews (CFIUS) is emphasized for CVC investments [9]. - Investors must be aware of special rights and obligations post-transaction, including the need for regular updates on key operational and financial information from portfolio companies [15]. Group 4: Special Rights and IPO Considerations - Special rights of investors must be cleared before an IPO, with specific guidelines on when these rights should be terminated [17][18]. - The necessity for clarity on the ownership structure and the absence of significant disputes over share ownership is a rigid requirement for A-share IPOs [18]. - CVCs must ensure that any agreements do not conflict with the principles of equal treatment among shareholders, particularly during the IPO process [18]. Group 5: Course Overview - A course titled "Legal Compliance Points in Corporate Venture Capital (CVC) Operations" will cover the entire process from fundraising to exit, focusing on compliance techniques and transaction document design [19][20]. - The course will also address the historical development of CVC in the U.S. and China, along with notable case studies [21].

2025年5月12日23时47分，日内瓦国际会议中心灯光通明，中美经贸谈判代表握手合影的瞬间，全球金融市场屏息等待的时刻，香港长江中心的办公室突 然亮起紧急会议的红灯。三小时后，长和集团官网挂出声明，字字暗藏机锋："交易必须符合中国法律法规，需监管部门审查批准" 。此时距离国家市场 监管总局4月27日的警示已过去384小时，距离美国贝莱德集团约定的签约日仅剩10天。 资本市场的反应印证了交易背后的政治风险。在长和发布声明后的24小时内，其港股股价剧烈震荡，振幅达14.7%，成交额创下近三年新高。彭博终端数 据显示，中资机构在当天净卖出18.7亿港元，而来自新加坡的主权基金却大举扫货。更耐人寻味的是，工商银行(亚洲)突然宣布暂停对长和系企业的授信 历史总在重演中书写新章。1993年"银河号事件"中，美国凭借海运情报拦截中国商船；32年后，相似的危机以资本交易的形式重现。当李嘉诚在声明中写 下"合法合规"四个字时，或许想起了霍英东抗美援朝时期突破封锁运输物资的往事。毕竟在民族利益的天平上，任何商业算计都轻如鸿毛。正如《人民日 报》发的评论："资本无国界，但商人有祖国" 。这场还未落幕的港口争夺战，终将在中华民族伟 ...

5月12日深夜，长和（0001.HK）发布公告称，原本计划在5月22日股东周年大会上讲述港口交易的情况，但鉴 于近日不断有股东及传媒查询，集团现作出以下回应： 长江和记实业有限公司特此声明，此交易绝不可能在任何不合法或不合规的情况下进行。有关条文已于2025年 3月4日的公告中说明："交易之完成取决于一系列条件的达成，包括法律和监管部门之同意及批准、不存在违 法或法律禁止的情况、获得公司股东的必要批准以及最终文件中约定的其他适当及常规条件。" 市场监管总局新闻发言人回应表示，我们高度关注有关交易，将依法进行审查。交易各方不得采取任何方式规 避审查，未获批准前，不得实施集中，否则将承担法律责任。 综合自：长和公告、国家市场监督管理总局 责编：罗晓霞 4月27日，国家市场监督管理总局发布消息称，长和港口交易各方不得采取任何方式规避反垄断审查。 日前，市场监管总局新闻发言人就长和港口交易事回答了记者提问。有记者问：据《华尔街日报》4月16日报 道，长和出售海外港口将分拆为两个交易继续进行，国家市场监督管理总局对此有何评论？ 邮箱：bwb@stcn.com 校对：祝甜婷 百万用户都在看 巴基斯坦， 重大突发！ 刚刚！ ...