Company: FENG
Filing Date: 2025-04-18
Form Type: 20-F
Source: 0000950170-25-055759
Chunk: 61

Company: Phoenix New Media Ltd
Filing Date: 2025-04-18
Form: 20-F
Item: Item 4
Chunk 61
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, 2007, the Standing Committee of the National People’s Congress of the PRC adopted thePRC Anti-Monopoly Law(“ AML”), which took effect on August 1, 2008. Pursuant to the AML, monopolistic conduct, including entering into monopolistic agreements, abuses of dominant market position, and concentrations of undertakings that have the effect of eliminating or restricting competition, is prohibited. To further implement the AML and clarify certain issues, the State Council, the MOFCOM, the NDRC, and the SAMR issued several regulations and rules, including, among others, the Provisions on Thresholds for Prior Notification of Concentrations of Undertakings issued by the State Council on August 3, 2008 and amended on September 18, 2018 and January 22, 2024, and the Guiding Opinions for Declaration of Concentrations of Undertakings issued by the MOFCOM on January 5, 2009, amended on June 6, 2014, and re-issued by the SAMR on September 29, 2018.

On June 24, 2022, the Standing Committee of the National People’s Congress issued the PRC AML (Revised 2022), which took effective on August 1, 2022. The revised version (i) makes changes to the merger review process by enabling SAMR to review non-threshold transactions and introducing the stop-clock system, (ii) changes the rules on anticompetitive agreements by abandoning per se treatment for resale price maintenance, introducing a “safe harbor” for vertical monopoly agreement and providing undertakings “may not organize other undertakings to reach a monopoly agreement or provide substantial assistance for other undertakings to reach a monopoly agreement,” (iii) increases in fines imposed on different parties and creates new fines; and (iv) further targets the digital economy by adding language, which prevents undertakings from “using data and algorithms, technologies, capital advantages, platform rules, etc. to engage in monopolistic behavior prohibited by this Law.” Since the revised version was recently promulgated, there exists uncertainties with respect to its interpretation and implementation.

On March 24, 2023, the SAMR issued the Provisions on the Prohibitions of Monopoly Agreements, the Provisions on the Prohibitions of Acts of Abuse of Dominant Market Positions and theProvisions on Review of Concentration of Undertakings, all