Beijing, January 29, 2026 — China’s antitrust authority completed the review of 706 merger filings in 2025, marking a 9.8% increase year on year and reflecting continued investment activity across manufacturing, automotive and software-related sectors.
Of the cases concluded last year, 687 transactions were cleared unconditionally, five were cleared with conditions, and one transaction was prohibited. In addition, 13 filings were withdrawn by notifying parties after acceptance, according to figures released by the authority.
The vast majority of reviews were handled under simplified procedures. A total of 614 cases — about 89.4% of all concluded filings — were reviewed as simplified cases. Of these, 591 transactions were cleared during the initial 30-day preliminary review phase, while 96 cases were concluded during the extended review phase without prohibition.
Competitive dynamics
Horizontal transactions involving competitors accounted for 395 cases, or 57.5%, while vertical transactions between upstream and downstream firms totalled 288 cases. Mixed transactions accounted for 196 filings. Equity acquisitions remained the most common transaction form, followed by joint ventures.
Participating companies were registered across more than 30 jurisdictions, with Japan, the United States, the United Kingdom, Singapore and France among the most represented foreign origins. Domestically, Beijing, Jiangsu, Guangdong, Zhejiang and Shanghai ranked highest by company registration.
Deal size and transaction structure
Unconditionally approved transactions involved a combined deal value exceeding CNY 3 trillion. Deals valued between CNY 100 million and CNY 1 billion accounted for 213 cases, or 31 percent of the total, while transactions in the CNY 1 billion to CNY 10 billion range represented 187 cases, or 27.2%. Larger deals valued between CNY 10 billion and CNY 100 billion accounted for 59 cases, and three transactions exceeded CNY 100 billion, with the largest valued at CNY 373.55 billion.
Domestic transactions remained dominant, with 407 cases involving only Chinese companies, accounting for 59.2 percent of all filings. Transactions between foreign companies represented 190 cases, while cross-border transactions between domestic and foreign firms accounted for 90 cases.
Sectoral and ownership trends
Manufacturing remained the most active sector, accounting for 247 transactions, or 36% of all cases. Utilities ranked second with 74 transactions, followed by financial services, transport, wholesale and retail, IT services, real estate and business services.
Within manufacturing, automotive-related transactions were the most prominent, accounting for 41 cases, largely concentrated in auto parts and components. Other active sub-sectors included chemicals, electrical machinery, general equipment, non-ferrous metals, electronics, pharmaceuticals and specialised equipment.
From an ownership perspective, transactions involving state-owned enterprises accounted for 379 cases, while foreign-invested enterprises were involved in 297 cases. Private companies participated in 244 transactions, underscoring a relatively balanced ownership mix.
Source: https://www.samr.gov.cn/xw/sj/art/2026/art_8b419017d3ef4d95b888d0a57e0b8f7a.html
