The Competitive Edge Once Upon a Time in China: Amelia McKellar on merger control, involution-style competition and the accidental sad horse in China
Feb 18, 2026
Amelia McKellar, Special Counsel specialising in merger control and antitrust across Asia. She unpacks China’s merger review and industrial policy tug-of-war. Short takes on semiconductor self-sufficiency, SAMR’s call-in powers and China-specific remedies. Lively asides include involution-style competition and the viral accidental sad horse moment.
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Australia's Mandatory Merger Regime Now In Force
- Australia's mandatory suspensory merger regime began 1 January with initial voluntary phase last year.
- Changes include new exemptions, serial acquisition tweaks, and upcoming April rules expanding 'control' triggers to >20% and ≥50% thresholds.
SAMR Treats Mergers As Industrial Policy
- SAMR uses merger control as an industrial policy tool, not just a competition regulator.
- Synopsys‑Ansys shows China may call in sub‑threshold deals in sensitive tech and tie clearance to geopolitical shifts like US export relaxations.
Voluntary Notification Can Protect Timing And Narrative
- Do consider voluntary filings in China even if your deal falls below monetary thresholds.
- Waiting risks SAMR calling the deal in months later and starting the review clock on their terms, losing control of timing and narrative.
