[Combining Leniency and Strictness to Optimize M&A Supervision, China’s First Platform Centralized Hearing Implemented] On October 10, the State Administration for Market Regulation recently held a public hearing on Meituan’s acquisition of the equity in Malt Field. This is the first public hearing in the field of concentration review in China. It is reported that the combined share of both parties in the delivery aggregation platform market exceeds 50%. Upon review, the concentration may restrict small and medium-sized merchants from independently selecting shipping capacity, crowd out third-party shipping capacity providers, and strengthen Meituan’s market control. To this end, the applicant submitted a conditional commitment plan. In order to ensure objectivity and fairness, the General Administration held hearings based on three considerations: First, it involves the interests of merchants, transport operators, riders and other parties, and opinions need to be fully listened to; second, the mechanism of damage to platform economic competition is complex and requires face-to-face cross-examination and debate; third, it is to explore public hearings and improve the level of legalization of law enforcement. The hearing was held on September 18, and invited representatives from Taobao flash sales, JD.com, flash sales, UU errands, industry associations, merchants and riders, experts and scholars to participate. All parties conducted cross-examination debates focusing on the enforceability of the commitment plan and the protection of rights and interests, and achieved the expected results. In the next step, the General Administration will adhere to equal emphasis on development and regulation, promote review in accordance with the law, protect the rights and interests of small and medium-sized merchants and riders, prevent "involution" competition, and continue to explore a public hearing mechanism. (CCTV Finance)