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CN SAMR Conditionally Nods to TENCENT Acquisition of Ximalaya Stake
Recommend 18 Positive 37 Negative 12 |
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China's State Administration for Market Regulation (SAMR) announced today (12th) that it has conditionally approved TENCENT (00700.HK)'s acquisition of an equity stake in Ximalaya. The case is of paramount importance in maintaining fair competition in China's online audio streaming platform market and online music streaming platform market, preventing "involution-style" competition in the platform sector, and promoting innovation and healthy development of the platform economy. After review, the authority considered that the transaction may have the effect of excluding or restricting competition in China's online audio streaming platform market and online music streaming platform market. To effectively mitigate potential adverse impacts arising from this concentration of undertakings, the authority conducted a comprehensive review and scientific assessment and decided to grant conditional approval in accordance with the law. TENCENT, Ximalaya and the post-merger entity are required to undertake restrictive commitments: not to increase service prices, reduce service quality, or impose unreasonable trading conditions on online audio streaming platform services; not to reduce the proportion of free content and free popular content on online audio streaming platforms; not to enter into exclusive licensing agreements with copyright holders of online audio streaming platforms and to terminate existing exclusive licensing arrangements within a specified period; and more. Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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