[The State Administration for Market Regulation approved Focus Media’s acquisition of Xinchao Media’s equity with additional restrictive conditions] On October 10, the State Administration for Market Regulation recently approved Focus Media’s acquisition of Xinchao Media’s equity with additional restrictive conditions. On October 10, the State Administration for Market Regulation introduced the relevant circumstances of the case. This case is the first concentration of undertakings approved with restrictive conditions in China’s advertising industry. The conditional approval of this case is a further deepening of antitrust law enforcement in the advertising media, an important livelihood service field. During the review process, the State Administration for Market Regulation conducted multiple rounds of field surveys, data calculations and market interviews. After review, Focus Media is the leading company in the domestic elevator media advertising market, with a market share of more than 50%, and has a dominant market position. Xinchao Media ranks second in the market. The concentration will further consolidate Focus Media's market dominance. After the concentration, the entity's bargaining power over downstream advertisers will be further enhanced, which may harm the interests of advertisers and consumers by raising prices, lowering service quality, or attaching unreasonable transaction conditions. At the same time, judging from the overall operating conditions of the advertising industry, the continued diversion of online advertising channels and the indirect competition constraints formed by other outdoor advertising categories can weaken the adverse impact of this concentration on competition to a certain extent. This additional condition includes three aspects: canceling the exclusive cooperation clause of the property company and no longer adding new exclusive agreements to ensure fair competition in the industry; maintaining the original service level and transaction price to protect the rights and interests of advertisers; the company must also improve the anti-monopoly compliance system, regularly report the performance of the contract, and achieve long-term supervision. Taken together, the commitment plan with additional restrictive conditions submitted by the declarer can effectively reduce the competitive impact caused by the concentration, and the State Administration for Market Regulation decided to approve the concentration with additional restrictive conditions. (CCTV Finance)