--- title: "The State Administration for Market Regulation conditionally approved Tencent's acquisition of equity in Ximalaya" type: "News" locale: "en" url: "https://longbridge.com/en/news/286071741.md" description: "On May 12th, the State Administration for Market Regulation announced conditional approval for Tencent's acquisition of equity in Himalaya. This case aims to maintain fair competition in China's online audio streaming market and prevent \"involution\" competition. The regulatory authority requires Tencent and Himalaya to make five restrictive commitments, including not raising service prices and maintaining the proportion of free content, to protect the legitimate rights and interests of consumers and relevant parties. The regulatory authority will strictly supervise the fulfillment of these commitments to ensure the maintenance of market order" datetime: "2026-05-12T09:44:05.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/286071741.md) - [en](https://longbridge.com/en/news/286071741.md) - [zh-HK](https://longbridge.com/zh-HK/news/286071741.md) --- # The State Administration for Market Regulation conditionally approved Tencent's acquisition of equity in Ximalaya According to the Zhitong Finance APP, on May 12, the State Administration for Market Regulation issued an announcement, approving Tencent Holdings Limited (hereinafter referred to as Tencent) to acquire equity in Himalaya (hereinafter referred to as Himalaya) with additional restrictive conditions. This case is of significant importance for maintaining fair competition in the online audio streaming platform market and the online music streaming platform market in China, preventing "involution" competition in the platform sector, and promoting innovation and healthy development of the platform economy. After review, the State Administration for Market Regulation believes that this case may have the effect of excluding or restricting competition in the online audio streaming platform market and the online music streaming platform market in China. To effectively reduce the adverse effects that may arise from this concentration of operators, the State Administration for Market Regulation, after comprehensive review and scientific demonstration, made a conditional approval decision in accordance with the law, requiring Tencent, Himalaya, and the post-concentration entity to make five restrictive commitments: not to raise service prices for online audio streaming platforms, lower service levels, or impose unreasonable trading conditions; not to reduce the proportion of free content and popular free content on online audio streaming platforms; not to reach exclusive licensing agreements with copyright holders of online audio streaming platforms and to terminate existing exclusive licensing agreements within the specified period; not to bundle online audio streaming platforms or online music streaming platforms with automobile manufacturers, or obstruct or restrict their procurement of competing products; and not to restrict hosts from settling on multiple online audio streaming platforms or distributing their copyrighted works. After assessment, the State Administration for Market Regulation believes that this commitment plan can effectively reduce the competition issues caused by this concentration, safeguard the legitimate rights and interests of consumers, copyright holders, hosts, and automobile manufacturers, and maintain fair competition order in the relevant markets. On May 11, it legally approved this case with additional restrictive conditions. The State Administration for Market Regulation will strictly supervise both parties to effectively fulfill their restrictive commitments, fully leverage the preventive role of pre-review of operator concentration, effectively maintain fair competition order in China's online audio streaming platform market and online music streaming platform market, safeguard the legitimate rights and interests of operators and consumers, prevent "involution" competition in platforms, and promote win-win development for platform enterprises and operators and workers within the platforms ### Related Stocks - [00700.HK](https://longbridge.com/en/quote/00700.HK.md) - [TCTZF.US](https://longbridge.com/en/quote/TCTZF.US.md) - [21213.HK](https://longbridge.com/en/quote/21213.HK.md) - [TCEHY.US](https://longbridge.com/en/quote/TCEHY.US.md) - [80700.HK](https://longbridge.com/en/quote/80700.HK.md) - [HTCD.SG](https://longbridge.com/en/quote/HTCD.SG.md) ## Related News & Research - [CHINA’S MARKET REGULATOR CONDITIONALLY APPROVES TENCENT’S ACQUISITION OF SHARES IN XIMALAYA $TCEHY (](https://longbridge.com/en/news/286076004.md) - [DeepSeek could be valued at up to $50 billion in first fundraising, sources say](https://longbridge.com/en/news/285373932.md) - [Water Quality Reports Available Online for Maryland American Water Customers | AWK Stock News](https://longbridge.com/en/news/285995546.md) - [Omdia: Social media advertising to command nearly half of global online ad revenue by 2030 as market reaches $640 billion | TTGT Stock News](https://longbridge.com/en/news/286063203.md) - [SBS Launches SnapBallot, Self Service Online Voting Software for HOAs and Small Organizations](https://longbridge.com/en/news/285921363.md)