By Susan Ning, Hazel Yin and Yunlong Zhang The year 2012 marks the fifth year of the enactment and implementation of China’s Anti-Monopoly Law (“AML”). Over the past year, we have witnessed substantial progress of the merger control regime and antitrust administrative investigations, in particular in the area of cartel investigations. With the promulgation of… Continue Reading
Tag Archives: merger control
MOFCOM cleared Joint Venture between ARM, Giesecke & Devrient and Gemalto with Conditions
Posted in Antitrust & CompetitionBy Susan Ning, Ji Kailun and Hazel Yin On December 6th, 2012, the Ministry of Commerce (“MOFCOM“) cleared the proposed establishment of a joint venture (“JV“) by ARM Holdings plc (“ARM“), a UK semiconductor intellectual property (“IP“) supplier, Giesecke & Devrient GmbH (“G&D“) and Gemalto NV (“Gemalto“), both providers of security solutions, with behavioral conditions. … Continue Reading
MOFCOM Approved Wal-Mart’s Acquisition of Controlling Stake in Yihaodian but Said NO to VIE Structure
Posted in Antitrust & CompetitionBy Susan Ning,Hazel YIN,and Han WU On 13 August 2012, the Ministry of Commerce (“MOFCOM”) approved Wal-Mart Stores Inc(“Wal-Mart”)’s proposed acquisition of 33.6% share of Niu Hai Holdings (“Niu Hai”),which enables Wal-Mart to have a controllin stake in the online direct sales business of Yihaodian, the largest e-supermarket in China.1 The approval is not without conditions,though.It… Continue Reading
China’s Anti-Monopoly Law: Retrospect and Prospect on the Fourth Anniversary
Posted in Antitrust & CompetitionBy Susan Ning and Hazel Yin August 1, 2012 marks the fourth anniversary of China’s Anti-Monopoly Law (“AML”). 1 With only 57 articles, the AML introduces a series of new regimes governing not only transactions but also day-to-day operations of domestic and foreign companies. This article presents an overview of how the AML has been implemented… Continue Reading
中国反垄断法实施四周年回顾与展望
Posted in Antitrust & Competition作者：宁宣凤 尹冉冉 金杜律师事务所反垄断组 至2012年8月1日，《中华人民共和国反垄断法》（以下简称《反垄断法》）实施已满四年。1虽然仅有57条，但《反垄断法》确立了一系列崭新的制度，其适用对象不仅包括国内公司，也包括境外企业，适用范围不仅涵盖公司的日常运营，也包括公司间的交易行为。本文简要回顾《反垄断法》四年的实施情况，并对其实施趋势予以展望。 一、合并控制 经营者集中在达到一定营业额标准后，需提交商务部进行经营者集中的反垄断审查。自2008年8月1 日以来，商务部累计审查逾450起交易，其中95%以上的交易获得无条件批准。截至2012年8月1日，商务部已附条件批准14起交易，禁止1起（可口可乐收购汇源）。
香港的新竞争法:反托拉斯革命的大幕即将拉开
Posted in Competition Law, Corporate作者:贺墨亭 黄紫玲 金杜律师事务所公司组 上海办公室 2012年6月22日，香港首部跨部门的实体竞争法在香港特别行政区政府宪报中公布，随之设立了新的监管机构，该机构的设立将会推动亚洲商业经营行为的变革，而该机构本身也拥有广泛的强制执行权力，其中包括有权在相关修订生效后开展黎明突袭，并对违反竞争行为处以严重处罚。 《竞争条例》将禁止卡特尔行为、滥用市场权势和其他形式的违反竞争行为，但一些豁免情况除外（包括考虑经济效率所规定的豁除、集体豁免和最低营业额）。合并审查将继续限制适用于电信部门。 香港竞争事务委员会（竞委会）将享有一系列的调查和强制执行权力，包括有权发出违章通知书、接受承诺、对举报人给予豁免、及启动诉讼处罚程序、和发出禁止担任高管职务的命令。 在本篇法律快讯中，我们将介绍《竞争条例》主要条款的潜在影响，提示企业应在该新法律规制下采取哪些准备措施，并简要列举新成立的竞委会将拥有哪些调查和强制执行权力。
MOFCOM New Merger Filing Form-Clarification on Major Filing Issues
Posted in Antitrust & CompetitionBy Susan Ning and Huang Jing On June 6, 2012, the Ministry of Commerce (“MOFCOM“) promulgates the new merger filing form (the “New Form“). Filings submitted after July 7, 2012 should use this New Form. The New Form is more than just a formal change. MOFCOM has condensed its three and a half years of… Continue Reading
MOFCOM Approves UTC’s Acquisition of Goodrich with Divestiture Requirement
Posted in Antitrust & CompetitionBy Susan Ning and Hazel Yin On June 15, 2012, the Ministry of Commerce (“MOFCOM”) approved the acquisition of Goodrich Corporation (“Goodrich”) by United Technologies Corporation (“UTC”) subject to the divestment of the electronic systems business of Goodrich. Both companies are headquartered in the United States and active in the production and sale of aviation… Continue Reading
Hong Kong’s new competition law: get ready for the antitrust revolution
Posted in CorporateBy Martyn Huckerby Jill Wong King & Wood Mallesons’ Foreign Direct Investment Group, Shanghai Office On June 22, 2012, Hong Kong’s first cross-sector substantive competition law regime was published in the official gazette, bringing with it a new regulator ready to change business practices in the Asian region, and armed with extensive enforcement powers, including… Continue Reading
Launch of Youku Tudou Inc.
Posted in Antitrust & CompetitionBy Susan Ning, Zheng Ziqing and Wu Han On March 12, two Chinese Internet video giants Youku and Tudou announced that the two companies have signed a final agreement on March 11 to combine their services in a 100% stock-for-stock transaction to create a new service provider, Youku Tudou Inc, allowing Tudou to exit the… Continue Reading
Western Digital/Hitachi Received Conditional Nod from MOFCOM
Posted in Antitrust & CompetitionBy Susan Ning, Ji Kailun and Hazel Yin On March 2nd, 2012, the acquisition by Western Digital ("WD") of Hitachi Global Storage Technologies ("Hitachi") finally received conditional nod from the Ministry of Commerce ("MOFCOM"), three month after MOFCOM conditionally cleared the Seagate/Samsung deal1 . Review Timeline According to MOFCOM’s announcement 2, this review process is… Continue Reading
CSRC’s Guidance on Merger Control of Listed Chinese Companies
Posted in Antitrust & CompetitionBy Susan Ning, Liu Jia and Hazel Yin China Securities Regulation Commission ("CSRC") is the authority in charge of supervising Chinese listed companies. In August 2010 and November 2011, CSRC published on its website two FAQs addressing application of the merger control regime under the Anti-Monopoly Law ("AML") to listed companies.
MOFCOM Issued the Second Conditional Clearance on Joint Venture
Posted in Antitrust & CompetitionBy Susan Ning, Liu Jia and Hazel Yin On February 9, 2012, the Ministry of Commerce ("MOFCOM") published its first conditional clearance decision in 2012, approving the proposed joint venture ("JV") established by Henkel Hong Kong Holdings Co., Ltd. ("Henkel HK") and Tiande Chemical Industry Co., Ltd. ("Tiande") ("Transaction"). This is the second conditional clearance… Continue Reading
商务部将加大未依法申报经营者集中查处力度
Posted in Antitrust & Competition作者 宁宣凤、吉凯伦、尹冉冉 2011年12月30日，商务部发布了《未依法申报经营者集中调查处理暂行办法》（“暂行办法”），将于2012年2月1日正式实施。该暂行办法就达到申报标准但未依法申报的经营者集中，规定了调查处理程序。 根据暂行办法，任何单位和个人均有权向商务部举报涉嫌应报未报的经营者集中，商务部也可能通过其他途径获得相关信息。如果有初步事实和证据表明存在未依法申报嫌疑，商务部就应当立案，并书面通知被调查的经营者。
MOFCOM Getting Tough on Failure to Notify a Concentration
Posted in Antitrust & CompetitionBy Susan Ning, Ji Kailun and Hazel Yin On 30 December 2011, the Ministry of Commerce ("MOFCOM") promulgated the Interim Measures on Investigation and Punishment of Failure to Duly Notify Concentrations of Undertakings (《未依法申报经营者集中调查处理暂行办法》, "Interim Measures"), effective from February 1, 2012.1 The Interim Measures set down the procedures for MOFCOM to investigate and penalize companies… Continue Reading
With Conditions, MOFCOM Clears Seagate/Samsung Deal
Posted in Antitrust & CompetitionBy Susan Ning, Ji Kailun and Yin Ranran On December 12th, 2011, the Ministry of Commerce ("MOFCOM") conditionally approved the acquisition of the hard disk drive ("HDD") business of the Korean Samsung Electronics ("Samsung") by the US Seagate Technology ("Seagate")1. This is the 4th conditional approval of this year and the 10th conditional approval by… Continue Reading
MOFCOM Passed Provisional Rule on Failure to Notify on Concentration
Posted in Antitrust & CompetitionBy Susan Ning, Sun Yiming and Liu Jia On December 7, the Provisional Measures on Investigating and Penalizing Violation of Notification Obligations for Concentrations between Business Operators (Provisional Measures) were reviewed and discussed at the No. 57th Ministerial Affairs Meeting of the Ministry of Commerce (MOFCOM) and were passed in principle.1 It was discussed at… Continue Reading
MOFCOM Imposed Conditions on SOEs – GE/Shenhua Deal
Posted in Antitrust & CompetitionBy Susan Ning, Ji Kailun and Yin Ranran Only 10 days after its conditional clearance of the Alpha V/Savio deal1, the Ministry of Commerce (MOFCOM) published, on 10 November 2011, the third conditional merger clearance of this year approving the proposed joint venture between General Electric (China) Ltd. (GE China) and China Shenhua Coal to… Continue Reading
MOFCOM’s 8th Conditional Clearance – Alpha V/Savio Deal
Posted in Antitrust & CompetitionOn 31 October 2011, the Ministry of Commerce (MOFCOM) publicly announced the eighth conditional merger clearance since the enactment of the Anti-monopoly Law (AML) in 2008. According to its announcement, MOFCOM cleared the proposed acquisition by Alpha Private Equity Fund V (Alpha V) of Savio group (an Italia based textile machinery producer, Savio) with four conditions. This is also the second conditional merger clearance this year.
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Alpha V/Savio Deal – A Procedural Overview of MOFCOM’s Decision-making Process
Posted in Antitrust & CompetitionBy Susan Ning and Liu Jia On 31 October 2011, the Ministry of Commerce (MOFCOM) publicly announced the eighth conditional merger clearance since the enactment of the Anti-monopoly Law (AML) in 2008. According to its announcement1 , the review process lasted for 3.5 months starting from 14 July 2011 when the notification was submitted to… Continue Reading
MOFCOM to Promulgate Three New Rules on Merger Control
Posted in Antitrust & CompetitionBy Susan Ning and Huang Jing On 21 September 2011, Mr. Shang Ming, Director General of MOFCOM’s Anti-Monopoly Bureau revealed the most recent legislative plan of MOFCOM’ at the BRICS International Competition Conference 2011 held in Beijing. According to Mr. Shang, MOFCOM will promulgate 3 new rules on merger control within this or next year…. Continue Reading
MOFCOM’s New Antitrust Rules Shed Light on Its Competitive Assessment Process
Posted in Antitrust & CompetitionSusan Ning and Yin Ranran On September 2, 2011, China’s Ministry of Commerce ("MOFCOM") released on its website the Provisional Rules on Assessment of Competitive Effects of Concentration of Business Operators (MOFCOM 2011 Announcement No. 55, the "Rules"). With 14 articles, the Rules elaborated on the factors to be considered by MOFCOM in assessing the… Continue Reading
Merger Control Review 2009 – China
Posted in Antitrust & CompetitionIn China, pre-merger notification is required when the entities participating in the merger possess a certain amount of turnover. Specifically, pre-merger notification is mandatory when, during the previous fiscal year: