Company: ZHIHF
Filing Date: 2025-04-15
Form Type: 20-F
Source: 0001410578-25-000729
Chunk: 308

Company: Zhihu Inc.
Filing Date: 2025-04-15
Form: 20-F
Item: Item 4
Chunk 308
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 review. According to the Measures for Examination of Concentration of Undertakings, if a concentration of undertakings does not meet the threshold for declaration, but there is evidence suggesting that it has or may have the effect of excluding or limiting competition, the SAMR may order the involved operators to file the concentration of undertakings.
On May 6, 2024, the SAMR promulgated the Interim Provisions on Anti-Unfair Competition on the Internet, which took effect on September 1, 2024. These provisions aim to strengthen the supervision of unfair competition in the Internet sector by prohibiting operators from using technical means to impede or disrupt the normal operation of legally provided internet products or services. The provisions also impose specific obligations on platform operators, including (i) refraining from imposing unreasonable restrictions or conditions on business operators using the platform through service agreements, transaction rules, or other means and (ii) taking necessary and timely measures to address unfair competition activities occurring on the platform, maintaining relevant records, and reporting to the authorities as required.

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M&A Rules and Overseas Listing
On August 8, 2006, six PRC government and regulatory authorities, including the Ministry of Commerce and the CSRC, promulgated the Regulations on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors, which took effect on September 8, 2006 and was amended on June 22, 2009. The Regulations on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors require, among others, that a special purpose vehicle, formed for overseas listing purposes and controlled directly or indirectly by PRC companies or individuals through acquisitions of shares of or equity interests in PRC domestic companies, must obtain the approval of the CSRC prior to the listing and trading of such special purpose vehicle’s securities on an overseas stock exchange.
In addition, in 2011, the General Office of the State Council promulgated the Notice on Establishing the Security Review System for Mergers and Acquisitions of Domestic Enterprises by Foreign Investors, or the Circular 6, which officially established a security review system for mergers and acquisitions of domestic enterprises by foreign investors. To implement Circular 6, the Ministry of Commerce promulgated the Rules of the Ministry of Commerce on Implementation of Security Review System of Mergers and Acquisitions of Domestic Enterprises by Foreign Investors effective in September 2011. Under Circular 6, security review is required for mergers and acquisitions by foreign investors having “national defense and security”