On October 10, the General Administration of Market Regulation issued a notice approving the acquisition of shares of Chengdu Xinchao Media Group Co., Ltd. with additional restrictive conditions. This case is the first operator concentration case approved with additional restrictive conditions in the advertising industry in China. The conditional approval of this case is a further deepening of antitrust enforcement in the field of advertising and media, which is an important livelihood service. It also shows that the General Administration of Market Regulation pays great attention to the competitive order of the traditional service industry. After investigation, the General Administration of Market Regulation believes that the case may have the effect of excluding and limiting competition in the elevator media advertising market in China. In order to effectively reduce the adverse effects that may be caused by this concentration of operators, the General Administration of Market Regulation made a conditional approval decision on the case in accordance with the law, requiring FanZhong Media, Xinchao Media and post-centralized entities to make six restrictive commitments: continue to fulfill existing customer contracts and all commercial terms; continue to maintain the level of service to customers; the actual annual transaction price of each entity's cities after concentration must not exceed the actual transaction prices of the respective cities of mass media and Xinchao Media in the 24 months before the effective date; continue to provide media elevators in accordance with the principles of fairness, rationality and non-discrimination Services must not refuse to provide customers with elevator media advertising services; must not restrict the customer's right to free choice by means of sales or additional unreasonable transaction conditions; relinquish the rights relating to exclusive clauses already established and in force, and must not agree on exclusive clauses and automatic contract renewal clauses for new signings or renewals; the anti-monopoly compliance system should be further improved, and an anti-monopoly compliance management system should be established and perfected. After evaluation, the General Administration of Market Regulation believes that the commitment plan can effectively reduce the competitive impact caused by this concentration, protect the interests of downstream advertisers and consumers, maintain a fair competition order in the relevant markets, and approved this case with additional restrictive conditions in accordance with the law. The General Administration of Market Regulation will strictly urge both parties to the transaction to effectively fulfill their restrictive commitments, give full play to the preventive role of centralized review by operators, and effectively maintain a fair, innovative and orderly competitive ecology in China's elevator media advertising market.

On October 10, the General Administration of Market Regulation issued a notice approving the acquisition of shares of Chengdu Xinchao Media Group Co., Ltd. with additional restrictive conditions. This case is the first operator concentration case approved with additional restrictive conditions in the advertising industry in China. The conditional approval of this case is a further deepening of antitrust enforcement in the field of advertising and media, which is an important livelihood service. It also shows that the General Administration of Market Regulation pays great attention to the competitive order of the traditional service industry. After investigation, the General Administration of Market Regulation believes that the case may have the effect of excluding and limiting competition in the elevator media advertising market in China. In order to effectively reduce the adverse effects that may be caused by this concentration of operators, the General Administration of Market Regulation made a conditional approval decision on the case in accordance with the law, requiring FanZhong Media, Xinchao Media and post-centralized entities to make six restrictive commitments: continue to fulfill existing customer contracts and all commercial terms; continue to maintain the level of service to customers; the actual annual transaction price of each entity's cities after concentration must not exceed the actual transaction prices of the respective cities of mass media and Xinchao Media in the 24 months before the effective date; continue to provide media elevators in accordance with the principles of fairness, rationality and non-discrimination Services must not refuse to provide customers with elevator media advertising services; must not restrict the customer's right to free choice by means of sales or additional unreasonable transaction conditions; relinquish the rights relating to exclusive clauses already established and in force, and must not agree on exclusive clauses and automatic contract renewal clauses for new signings or renewals; the anti-monopoly compliance system should be further improved, and an anti-monopoly compliance management system should be established and perfected. After evaluation, the General Administration of Market Regulation believes that the commitment plan can effectively reduce the competitive impact caused by this concentration, protect the interests of downstream advertisers and consumers, maintain a fair competition order in the relevant markets, and approved this case with additional restrictive conditions in accordance with the law. The General Administration of Market Regulation will strictly urge both parties to the transaction to effectively fulfill their restrictive commitments, give full play to the preventive role of centralized review by operators, and effectively maintain a fair, innovative and orderly competitive ecology in China's elevator media advertising market.