Beijing, January 23, 2026 — China’s State Administration for Market Regulation (SAMR) has fined Huasin (China) Investment CNY 1.75 million (approximately $250,946) for implementing a reportable concentration before obtaining clearance, in what SAMR said is the first publicly disclosed gun-jumping enforcement case of 2026.
Gun-Jumping Finding
SAMR said Huasin completed its acquisition of an equity stake in Hangzhou Huasin Power Cable Co., Ltd. by finalising the share change registration on December 4, 2023, but only filed the transaction for merger review on January 25, 2024.
The authority found this sequence breached China’s pre-notification obligation for concentrations meeting the notification thresholds, meaning the deal was implemented before clearance.
No Competition Harm Found
SAMR said its assessment concluded the transaction did not have the effect of eliminating or restricting competition, but the late filing still constituted an infringement of the merger control rules.
Fine Reduced for Cooperation and Compliance
In setting the penalty, SAMR cited several mitigating factors, including that Huasin:
- Actively cooperated with the investigation
- Established and implemented an antitrust compliance management system
- Was being sanctioned for the first time for the unlawful implementation of a concentration
SAMR said it applied its discretion under the Anti-Monopoly Law and the authority’s penalty guidelines to reduce the fine within the statutory range.
Authority Reminder to Companies
SAMR reiterated that companies must notify qualifying concentrations in advance and must not implement transactions before approval, warning businesses to strengthen internal compliance and legal assessment during M&A activity to avoid enforcement action.
Source: https://www.samr.gov.cn/xw/zj/art/2026/art_7c6de75560bb4893a5b68ed8c7a403a7.html
