Review №3 of Chinese Antitrust News from the Experts of the BRICS Competition Centre
- First M&A Fine in 2026
- Classification of Content Harmful to Minors
- TikTok USDS Joint Venture LLC Established
- First M&A Prohibition in the Utilities Sector
- Survey for Individual Entrepreneurs
- Statistics on Unfair Competition Cases in 2025
- Educational Videos Prohibited on Chinese TikTok
- M&A in 2025: Key Figures
- “Foreign Antitrust Regulation” Series, Episode 2: EU
First M&A Fine in 2026
SAMR imposed a fine on Huaxin (China) Investment for failure to notify an economic concentration — the first antitrust M&A case in 2026.
On December 4, 2023, Huaxin (China) Investment acquired shares in Hangzhou Huaxin Power Cable; however, the notification was submitted to SAMR only ex post, on January 25, 2024. Taking into account the parties’ active cooperation during the review process and SAMR’s conclusion that the acquisition did not restrict competition, the fine was reduced to approximately USD 250,0002023 года Huaxin (China) Investment приобрела акции Hangzhou Huaxin Power Cable.
Under the Anti-Monopoly Law of the PRC, if a transaction constituting an economic concentration meets the thresholds set by the State Council, the parties are required to file a notification with the antitrust authority in advance.
Classification of Content Harmful to Minors
The Cyberspace Administration of China (CAC) has published criteria for classifying online content harmful to the physical and mental health of minors. The document will enter into force on March 1, 2026.
The CAC identifies four categories of such content:
- content that may encourage or induce minors to engage in illegal behavior (sexual provocation, discrimination, cyberbullying, unsafe driving, promotion of unhealthy lifestyles, etc.);
- content that may foster undesirable values (disregard for life, hedonism, pseudoscience, excessive obsession with grades, etc.);
- content involving the unlawful use of images of minors (for the dissemination of inappropriate content, etc.);
- content involving the unlawful disclosure or use of minors’ personal data.
To prevent negative consequences for children and adolescents under 18, the document requires platforms and content creators to refrain from publishing content that falls within these categories.
Source: CAC
TikTok USDS Joint Venture LLC Established
On January 23, pursuant to an executive order by Donald Trump, TikTok USDS Joint Venture LLC was established. This will allow more than 200 million Americans and 7.5 million businesses to continue using TikTok in the United States. A controlling stake in the joint venture is held by U.S. citizens.
U.S. user data will be protected by USDS in accordance with leading industry standards, including requirements of the National Institute of Standards and Technology (NIST) and the Cybersecurity and Infrastructure Security Agency (CISA). USDS will also retrain, test, and update content recommendation algorithms based on U.S. user data.
Source: TikTok
First M&A Prohibition in the Utilities Sector
SAMR blocked the establishment of a joint venture by Foshan Nanhai Lanniao Gas with several local liquefied natural gas (LNG) suppliers. This is the first case since the enactment of the Anti-Monopoly Law of the PRC in which the market regulator has prohibited an economic concentration in the utilities sector.
The decision effectively upheld competitive order in the local LNG supply market, preventing price increases and additional financial burdens on consumers.
During its review, SAMR repeatedly sought opinions from competent government authorities and industry associations and commissioned an independent economic analysis by a third-party organization.
Survey for Individual Entrepreneurs
SAMR has launched a survey for individual entrepreneurs. The questionnaire can be completed via social media platforms or on the website https://www.gtgsh.com/gt7/. The aim is to collect information on business activities and challenges faced by individual entrepreneurs in 2025. The survey includes questions such as “Do you require financial support?”, “Do you plan to increase staff?”, and “Has the number of your employees decreased compared to 2024?”, among others.
Source: SAMR
Statistics on Unfair Competition Cases in 2025
In 2025, a total of 1,932 online unfair competition cases were handled nationwide. The total amount of fines and confiscations reached approximately USD 10 million 2025. This active enforcement was partly the result of SAMR’s campaign against unfair competition in the online sphere, including on marketplaces, live-stream marketing, data collection, and the use of AI.
Source: SAMR
Educational Videos Prohibited on Chinese TikTok
The short-video platform Douyin (the Chinese version of TikTok) reiterated its ban on publishing content related to school curriculum materials — so-called K-12 content, covering kindergarten through 12th grade. The most common examples include English pronunciation lessons, math problem-solving videos, and content labeled “for children aged 3 to 18.” The platform will refuse publication, limit traffic, or even block creators’ accounts. Violators face permanent bans and fines.
The ban is linked to attempts by private schools to promote paid educational services, an issue that becomes particularly acute ahead of school holidays.
It should be recalled that in 2021 China announced a ban on commercial tutoring in core school subjectsчто еще в 2021 году Китай объявил о запрете на коммерческое репетиторство по основным школьным предметам.
Source: WeChat
M&A in 2025: Key Figures
In 2025, 706 notifications of economic concentration were reviewed in China. Of these, 687 were approved unconditionally, 13 were withdrawn by the applicants, 5 were approved with remedies, and 1 was prohibited.
The highest level of activity was observed in high-tech and manufacturing sectors, including machinery, chemical raw materials, pharmaceuticals, software development, and information technology.
In 213 cases (31%), transaction value ranged from RMB 100 million to RMB 1 billion; in 187 cases (27.2%), from RMB 1 to 10 billion; in 59 cases (8.6%), from RMB 10 to 100 billion; and in 3 cases (0.4%), exceeded RMB 100 billion.
A total of 407 transactions were concluded between Chinese companies, 190 between foreign companies, and 90 involved both. Foreign parties represented more than 30 countries, including Japan, the United States, the United Kingdom, Singapore, France, and others.
Source: WeChat
“Foreign Antitrust Regulation” Series, Episode 2: EU
SAMR launched a series of infographics describing antitrust legislation and enforcement systems in other jurisdictions. The second publication focuses on the European Union, outlining key applicable laws, notification thresholds for economic concentrations, and potential anticompetitive violations.
The first episode covered U.S. antitrust law.
Source: China Anti-Monopoly
