On January 29, 2024, the State Council issued the Provisions on Thresholds for the Declaration of Concentrations of Undertakings (Revised in 2024) (the "Provisions"), with effect from the date of promulgation.

The Provisions aim to relax market access thresholds, reduce the institutional portion of transaction costs for concentrations of undertakings, enhance the efficiency of anti-monopoly regulatory enforcement, and promote investment mergers and acquisitions. The Provisions raise the turnover thresholds for the declaration of concentrations: 1. The combined global turnover threshold for all undertakings participating in a concentration in the previous fiscal year is increased from the current over CNY 10 billion to over CNY 12 billion; 2. The combined domestic turnover threshold for all undertakings participating in a concentration in the previous fiscal year is increased from the current over CNY 2 billion to over CNY 4 billion; 3. For at least two undertakings participating in the concentration, the domestic turnover threshold in the previous fiscal year for each of them is increased from the current over CNY 400 million to over CNY 800 million. In addition, the Provisions require evaluations of the implementation of the declaration thresholds.

(Source: www.gov.cn)