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CN SAMR Conditionally Greenlights TENCENT Acquisition of Ximalaya Stake
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China's State Administration for Market Regulation (SAMR) announced that it has conditionally approved TENCENT (00700.HK)'s acquisition of an equity stake in Ximalaya. The regulator stated that the transaction is significant for 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. The market regulator requires TENCENT, Ximalaya and the post-merger entity to undertake five restrictive commitments. These include: not raising service prices, reducing service quality, or imposing unreasonable transaction conditions on online audio streaming platform services; not reducing the proportion of free content and free popular content on the online audio streaming platform; not entering into exclusive licensing agreements with copyright holders of online audio streaming platforms, and terminating existing exclusive licensing arrangements within a specified period; not bundling online audio streaming platforms or online music streaming platforms to automobile manufacturers, or obstructing or restricting their procurement of competing products; and not restricting hosts from operating on multiple online audio streaming platforms or distributing works for which they hold copyrights. Ximalaya responded that the antitrust review process has been completed and declined to comment further. 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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