Building on Past Achievements and Launching a New Journey: 2024 China Antitrust Year in Review

• In the area of merger control, the State Administration for Market Regulation is shifting focus to higher-profile cases, and continues to be active in enforcing regulations and consulting with the public
• A number of cases concerning monopoly agreements and the abuse of market dominance indicate the success of flexible supervision measures
• There has also been a strengthened emphasis on fair competition review, legislation and enforcement
• As antitrust judicial proceedings continue to increase, clearer guidance has been issued in relation to compliance in China

1. Merger Control

(i) New filing threshold officially published and implemented
With a sharp increase in the turnover threshold, the number of cases closed in 2024 dropped significantly, with 514 cases reported—a 36% decrease compared to the previous year. In the future, it is expected that the State Administration for Market Regulation (SAMR) will dedicate more resources to handling high-profile cases.

Additionally, although the proposed market value-based threshold targeting so-called “killer acquisitions” was not included in the officially published version, SAMR reviewed at least two below-threshold cases, including the Ansys/Synopsys case, due to potential competition concerns.

(ii) Increasing risk of “gun-jumping”
In 2024, SAMR imposed penalties in three cases of illegal concentrations that were implemented without prior approval from the authorities, applying the revised Anti-Monopoly Law (AML) （反垄断法）, which significantly increased the upper limit of legal liability for ”gun-jumping".

In August 2024, SAMR publicly sought opinions on the Discretion Benchmark for Administrative Punishment for Implementing Concentrations against AML (Draft for Comments) (违反〈中华人民共和国反垄断法〉实施经营者集中行政处罚裁量权基准（征求意见稿）). The Exposure Draft outlines SAMR’s stance on the methodology it intends to employ in determining penalties for gun-jumping cases. Notably, it suggests that the illegal implementation of concentrations that have or may have the effect of excluding or restricting competition should be subject to a direct fine amounting to 10% of the sales revenue of the parties from the preceding year. This could also apply to situations such as below-threshold but call-in cases where the filing party failed to make the necessary filing, as well as remedy cases where the obligor did not fully comply with the restrictive conditions. This signals a strong priority for law enforcement.

(iii) Aligning with international standards for horizontal mergers
In December 2024, SAMR released the Guidelines for the Review of Horizontal Concentrations of Business Operators (Horizontal Merger Guidelines) (横向经营者集中审查指引). The guidelines are grounded in recent Chinese merger review practices and methodologies and, in many respects, align closely with the analytical factors and review priorities of both the EU and the U.S.