11月10日，市场监管总局发布公告，附加限制性条件批准智利国家铜业公司（以下简称智利铜业）与智 利化工矿业公司（以下简称智利化工）新设合营企业案。 本案涉及进口碳酸锂供应领域的重要整合，智利铜业与智利化工拟通过资产注入的方式形成合营企业， 共同经营智利阿塔卡马盐湖锂矿项目。 碳酸锂是锂电池、新能源汽车等产业的关键上游原料，市场监管总局在审查过程中，充分考虑交易对中 国境内进口碳酸锂市场竞争可能产生的影响。 通过附加限制性条件，智利铜业、智利化工及合营企业作出继续履约、公平合理无歧视供应、及时报告 重大供应变化等承诺，有利于碳酸锂产品供应稳定、价格合理，保障下游客户和消费者利益，为我国新 能源产业健康有序发展创造公平竞争环境。 以下为公告全文： 市场监管总局关于附加限制性条件批准智利国家铜业公司与智利化工矿业公司新设合营企业案反垄断审 查决定的公告 市场监管总局收到智利国家铜业公司（以下简称智利铜业）与智利化工矿业公司（以下简称智利化工） 新设合营企业案（以下称本案）的经营者集中反垄断申报。经审查，市场监管总局决定附加限制性条件 批准此项经营者集中。根据《中华人民共和国反垄断法》（以下简称《反垄断法》）第三十六 ...

Core Viewpoint - The State Administration for Market Regulation (SAMR) has conditionally approved the merger between Chilean National Copper Corporation (Codelco) and Chilean Chemical Mining Company (SQM), citing potential anti-competitive effects in the lithium carbonate import market in China [2][9][14]. Group 1: Case Background - Codelco, established in 1976, primarily engages in copper and related by-products, holding lithium mining rights in the Maricunga and Pedernales salt lakes [4]. - SQM, founded in 1968 and listed on both Santiago and New York stock exchanges, focuses on the production and sale of lithium, iodine, potassium, and related chemical products [4]. - The joint venture agreement was signed in May 2024, with both companies planning to form a joint entity through asset injection, continuing operations at SQM's lithium project in the Atacama salt flat [4]. Group 2: Relevant Markets - The joint venture will operate in the lithium carbonate and lithium hydroxide markets, with horizontal overlaps between Codelco and SQM [5]. - The import lithium carbonate market is defined as a separate relevant product market due to China's significant reliance on imports, primarily from Chile and Argentina [6][7]. - The lithium hydroxide market is defined globally, as there are no significant barriers to trade in this product [8]. Group 3: Competition Analysis - The merger is expected to enhance the market control of the combined entity in the import lithium carbonate market in China, which has a rigid demand due to a significant resource gap [10][11]. - SQM has been the largest supplier of imported lithium carbonate to China from 2021 to 2024, with market shares ranging from 45% to 70% during this period [11]. - The transaction may increase the likelihood of coordinated behavior among major competitors in the lithium carbonate market due to its stable structure and high market transparency [12]. Group 4: Conditional Approval - SAMR has communicated concerns regarding the potential anti-competitive effects of the merger and engaged in discussions with the parties to mitigate these impacts [13]. - The approved conditional commitments include obligations to continue supplying Chinese customers under existing contracts, maintain fair pricing, and report significant supply changes to SAMR [14][15]. - The commitments are legally binding and will be monitored by SAMR for compliance over a period of ten years [15].

"根据《中华人民共和国反垄断法》第三十条规定，经初步审查，现决定，对福建万辰生物科技集团股 份有限公司收购南京万优商业管理有限公司股权案不实施进一步审查。你公司从即日起可以实施集中。 该案涉及经营者集中反垄断审查之外的其他事项，依据相关法律办理。" 公告指出，本次交易尚需经公司股东会审议批准后方可正式实施，存在一定的不确定性。公司将根据本 次交易的进展情况，严格按照法律法规的规定和要求及时履行信息披露义务。 （企业公告） 10月9日，万辰集团发布公告称，公司筹划支付现金购买南京万优商业管理有限公司49%股权（以下简 称"本次交易"）。根据《中华人民共和国反垄断法》《国务院关于经营者集中申报标准的规定》等相关 规定，本次交易需通过国家市场监督管理总局经营者集中审查。 公司按照相关规定向国家市场监督管理总局申报了经营者集中审查相关材料，并于近日收到国家市场监 督管理总局出具的《经营者集中反垄断审查不实施进一步审查决定书》（反执二审查决定〔2025〕596 号），具体内容如下： (编辑：王璨 林辰)关键字： 零售 ...

市场监管总局反垄断二司副司长于佳木介绍，企业在申报阶段，可在系统内了解反垄断法律法规， 更有针对性地准备材料；在线申报后，系统自动将案件分配至相关处室，企业可实时了解审查进展；审 查决定作出后，系统以短信形式通知到企业，使企业第一时间了解审查决定。同时，为更好服务企业合 规发展，系统上线经营者集中无条件批准案件列表、简易案件公示表查询功能，可供企业查询的信息覆 盖反垄断法实施以来无条件批准案件公示列表信息6000余条、业务系统上线以来简易案件公示信息1800 余条。 3年来，市场监管总局严格依法审查具有或者可能具有排除、限制竞争效果的经营者集中案件，对 10起经营者集中附条件批准，对15起经营者集中案件提出竞争关注，有力维护了半导体、港口航运、农 业、航空、医药等领域公平竞争，有效预防国计民生领域垄断行为的发生。依法查处违法实施经营者集 中行为，对38起违法实施经营者集中案件公开作出行政处罚，同时对37起附条件案件审查决定的执行情 况进行全程、严格监督。 近期，市场监管总局正式委托北京市、上海市、广东省、重庆市、陕西省等5个省（直辖市）市场 监管部门开展部分经营者集中反垄断审查工作。此前，为更好健全经营者集中 ...

Core Insights - The State Administration for Market Regulation (SAMR) has officially commissioned five provincial market regulation departments to conduct antitrust reviews of certain business concentrations, aiming to enhance the efficiency of the review process and maintain fair competition in the market [1][3] Group 1: Antitrust Review Efficiency - Over the three-year pilot period, a total of 1,288 cases were commissioned for review, accounting for 54% of the total submissions received by SAMR, with a total transaction value exceeding 30 trillion yuan [1] - The average acceptance and conclusion times for cases this year were 14.7 days and 17.9 days, respectively, leading to an overall review time of only 32.6 days, positioning the efficiency among the top globally [1][3] Group 2: Smart Regulation Innovations - The established full-chain business system for antitrust regulation allows for online processing of business concentration cases, significantly improving submission convenience and review efficiency [2] - The system provides real-time updates on case progress and notifications of review decisions via SMS, enhancing communication with businesses [2] Group 3: Regulatory Framework and Compliance - SAMR has strictly reviewed cases that may restrict competition, approving 10 cases with conditions and raising concerns on 15 cases, effectively maintaining fair competition in critical sectors such as semiconductors and pharmaceuticals [3] - The revision of the submission standards has increased the threshold for reporting, reducing the number of mergers that require submission by approximately 15% to 20% [3]

《申报规范》的出台进一步完善了经营者集中反垄断审查制度体系，有利于为企业投资并购营造公开、 透明、可预期的制度环境，是市场监管标准化规范化数字化建设的重要成果。《申报规范》为企业申报 经营者集中提供了"一站式"指导，将帮助企业进一步提高申报效率和申报质量，助力企业尽早完成并 购，有利于推进"高效办成一件事"，更大力度促进投资发展，筑牢推动经济持续回升向好基础。 《申报规范》共六章、六个附录，明确了经营者集中申报的申报条件、申报材料、申报流程的相关要 求。一是明确企业在何种条件下需要进行经营者集中申报，包括：构成经营者集中的情形、达到国务院 规定的申报标准、未达到申报标准但申报的情形、豁免申报的情形等，提示企业合规义务。二是明确企 业申报时应当提交的具体文件、资料以及相关要求和说明，包括：申报表的主要内容、简易案件申报的 要求等，帮助申报企业规范、准确填写申报表格和相关材料，提高申报效率。三是明确企业如何准备和 提交申报文件资料以及申报后的受理审查流程，为申报企业提供充分的可预期性。 9月26日，市场监管总局发布《经营者集中申报规范》（以下简称《申报规范》），首次以市场监管行 业标准形式明确申报要求，便利企业规 ...

Investment Overview - Tianjin Youfa Steel Pipe Group Co., Ltd. plans to acquire 70.96% equity of Jilin Huaming Pipe Industry Co., Ltd. and increase capital through cash transactions using its own funds [1][2] - The acquisition involves purchasing shares from Panshi Jianlong Steel Co., Ltd. and Shenyang Leiming Steel Pipe Co., Ltd. [1] Transaction Progress - The company has received a non-prohibition decision from the State Administration for Market Regulation regarding the antitrust review of the acquisition [2] - The decision allows the company to proceed with the acquisition and control of Jilin Huaming Pipe Industry Co., Ltd. as per the Anti-Monopoly Law of the People's Republic of China [2]

Core Viewpoint - The Beijing Municipal Market Supervision Administration will officially take over the simplified antitrust review of certain operator concentrations in eight provinces and municipalities starting from August 1, 2025, enhancing the efficiency of merger and acquisition processes in the region [1][2]. Group 1: Antitrust Review Process - Since 2022, the Beijing Municipal Market Supervision Administration has received 274 entrusted cases from the National Market Supervision Administration, covering various industries with a total transaction value exceeding 780 billion yuan [2]. - The establishment of a "Beijing Channel" for mergers and acquisitions aims to streamline the antitrust review process, allowing for more efficient reviews once companies meet the legal declaration threshold [2][4]. - A manual for the review process has been developed to ensure alignment with national standards, along with four supporting rules covering the entire review process [3]. Group 2: Efficiency Improvements - The average acceptance time for cases has been reduced to 14.89 days, and the average conclusion time to 16.23 days, positioning Beijing among the leading pilot provinces and cities [3]. - An online pre-signature and offline signature model has been introduced to optimize internal approval processes [3]. Group 3: Regional Collaboration and Capacity Building - The initiative promotes regional collaboration by enhancing the regulatory capabilities of neighboring provinces and municipalities through training and resource sharing [4]. - A mechanism for information sharing has been established to keep track of the progress of simplified case reviews and to unify review standards across regions [4]. Group 4: Customized Services and Compliance Support - The service model includes one-on-one professional guidance for submissions, aimed at improving communication efficiency and compliance capabilities across various scales and industries [5]. - The initiative also focuses on providing tailored support for state-owned enterprises, multinational corporations, and innovative enterprises [5].

Core Viewpoint - The State Administration for Market Regulation (SAMR) is enhancing its anti-monopoly review efficiency by delegating certain merger and acquisition reviews to local market regulation departments in five provinces and municipalities, aiming to strengthen anti-monopoly and unfair competition measures [1][2]. Group 1: Implementation of Delegated Review System - As of August 1, 2023, SAMR has officially entrusted local market regulation departments in Beijing, Shanghai, Guangdong, Chongqing, and Shaanxi to conduct part of the anti-monopoly reviews for business concentrations [1]. - The pilot program, which started on August 1, 2022, and will last until July 31, 2025, aims to enhance the review system and better serve national economic development strategies [1][2]. Group 2: Achievements of the Pilot Program - Over the three years of the pilot program, SAMR has delegated the review of 1,288 cases, accounting for 54% of all cases during the same period, with a total transaction value exceeding 3 trillion yuan [2]. - The program has significantly improved the efficiency of corporate mergers and acquisitions, effectively stimulating the vitality of business entities [2]. Group 3: Regulatory Improvements and Future Plans - SAMR has revised several regulations, including the "Regulations on the Reporting Standards for Business Concentrations" and the "Guidelines for Anti-Monopoly Compliance in Business Concentrations," to standardize review criteria and reduce transaction costs for enterprises [2]. - Future plans include the development of additional guidelines to enhance the uniformity and standardization of the review process, thereby increasing transparency and predictability in the regulatory environment [2]. Group 4: Enforcement Actions - Recently, SAMR prohibited one business concentration case and conditionally approved three others, highlighting its commitment to maintaining fair competition [3]. - The prohibition of a specific acquisition case marked a significant enforcement action, requiring the involved parties to restore the market to its pre-concentration state [3].

Core Viewpoint - The implementation of the new Anti-Monopoly Law in China aims to enhance the review of operator concentration, streamline the approval process for small mergers and acquisitions, and maintain fair competition in key industries such as semiconductors and pharmaceuticals [1][2][3]. Group 1: Regulatory Changes - The new Anti-Monopoly Law requires a classification and grading review system for operator concentration, with a focus on preventing and controlling potential market dominance [2][3]. - The market regulator has revised the review rules and procedures for operator concentration, enhancing compliance guidance and transparency [2][3]. Group 2: Trial Results - During the three-year trial period, the market regulator reviewed 1,288 cases, accounting for 54% of the total submissions, with a total transaction value exceeding 3 trillion yuan [3][4]. - The regulator prohibited one acquisition and conditionally approved ten others, while raising concerns on 15 cases, effectively maintaining fair competition in various sectors [3]. Group 3: Efficiency Improvements - The review process for simple cases has been optimized, with a target of completing the review within 20 days from submission to acceptance and another 20 days from acceptance to conclusion [4]. - The number of required submission documents has been reduced from three to two, and the information required has decreased from 44 items to 38, significantly improving the efficiency of the review process [4].