What you need to know about Australia’s new merger control regime 澳大利亚并购新规须知

A transaction is notifiable if it meets either of the following monetary notification thresholds 如交易达到下列任一金额门槛，即需申报:

Large merged firm threshold 合并后大型企业门槛

Combined Australian revenue of merger parties (including relevant connected entities) on contract date is at least $200 million; AND 并购双方（包括关联企业）在合同签订日的合并澳大利亚营业额不低于2亿澳元； 且同时满足下列任一条件：

• Revenue of target or assets being acquired is at least $50 million; or 目标公司营业额或被收购资产金额不低于5千万澳元；或
• Transaction value is at least $250 million 交易价值不低于2.5亿澳元。

Acquisitions by very large groups 特大型企业收购门槛

The acquirer’s Australian revenue on contract date is at least $500 million; AND 收购方在合同签订日的澳大利亚营业额不低于5亿澳元，且同时满足下列任一条件：

• the revenue of the target or assets being acquired is at least $10 million 目标公司营业额或被收购资产金额不低于1千万澳元。

Discrete asset acquisitions (from 1 April 2026)  个别资产收购门槛 (2026 年 4 月 1 日起适用 )

For acquisitions of assets that do not form all, or substantially all, of the assets of a business, revised thresholds apply. 如购买的资产只是收购方的部分业务，则下列门槛适用。

• Between 1 January 2026 and 31 March 2026 2026年1月1日至2026年3月31日期间
• Notification required if the combined Australian revenue of the acquirer group is at least $200 million and the global transaction value is at least $250 million; 如收购方集团合并澳大利亚营业额不低于2亿澳元且全球交易价值不低于2.5亿澳元，则需申报。
• From 1 April 2026 2026年4月1日起
• Notification required if: 如达到以下门槛，则需申报：
• The acquirer group’s Australian revenue is at least $200 million and the global transaction value is at least $200 million; or 收购方集团澳大利亚营业额不低于2亿澳元，且全球交易价值不低于2亿澳元。
• The acquirer group’s Australian revenue is at least $500 million and the global transaction value is at least $50 million.  收购方集团澳大利亚营业额不低于5亿澳元，且全球交易价值不低于5千万澳元。

Cumulative acquisitions 连续性收购门槛

• If the combined revenue of the merger parties (including connected entities) is at least $200 million and the cumulative revenue from the acquisitions by the acquirer in the past 3 years involving competitive goods or services is at least 50 million; 如并购双方（包括关联企业）在合同签订日的合并澳大利亚营业额不低于2亿澳元，且收购方在过去三年内累计收购相同或可替代商品或服务的营业额总计不低于5千万澳元，亦需申报。
• If the combined revenue of the merger parties (including connected entities) is at least $500 million and the cumulative revenue from the acquisitions by the acquirer in the past 3 years involving competitive goods or services is at least 10 million; 如并购双方（包括关联企业）在合同签订日的合并澳大利亚营业额不低于5亿澳元，且收购方在过去三年内累计收购相同或可替代商品或服务的营业额总计不低于1千万澳元，同样需申报。

Exemptions  连续性收购豁免情况

The following acquisitions can be excluded from the aggregation: 在计算连续收购的累计交易金额时，若过往交易符合下列任一情形，可予以排除，不计入累计金额：

• Previous acquisitions which have been notified;  该笔过往收购已进行申报；
• Previous acquisitions where target turnover was less than $2 million; and 连续收购中的交易目标公司营业额小于2百万澳元；
• Previous acquisitions where the target was not connected with Australia. 连续收购中的交易目标与澳大利亚不存在任何关联。

A transaction will also be exempted if the target’s Australian revenue is less than $2 million. 此外，如拟收购目标在澳大利亚的年度营业收入低于 2百万澳元，相关交易亦可无须申报。

A transaction is notifiable if it results in the acquirer obtaining control over the target.  Control is a broad concept and will apply if the acquirer: 如交易导致收购方获得对目标公司的控制权，则该交易需进行申报。控制权的认定标准较为宽泛，具体包括：

• Is acquiring a majority stake; or 收购方取得目标公司多数股权；或
• Is in a position (solely or together with associates) to determine the outcome of decisions about the financial and operating policies of the target company. 收购方（单独或与关联方共同）有能力决定目标公司的财务及经营政策相关决策的结果。

New voting power thresholds (from 1 April 2026)  新增投票权门槛   （自 2026 年 4 月 1 日起适用 )

From 1 April 2026, certain share acquisitions that do not result in the acquirer gaining "control" will nonetheless be required to be notified (subject to the monetary thresholds being met) where the voting power exceed the following thresholds: 

自2026年4月1日起，即使收购方未获得"控制权"，但如达到金额门槛且出现以下投票权变动情形，仍需履行申报义务:

• Private company 非上市非广泛持股公司: from ≤20% to >20%; 投票权从≤20%增至>20%;
• Private or public company 所有公司类型: from ≥20% to >50%;  投票权从≥20%增至>50%;
• Public company (no current control) 上市公司（收购方未获得控制权）: <20% to ≥50%; 投票权从<20%增至≥50%；
• Public company (already controlled) 上市公司（收购方已拥有控制权）: from ≤20% to >20%. 投票权从≤20%增至>20%.

Exemptions  控制权豁免情况

Exemption applies if the acquirer obtains less than 20% voting power or already has over 20% and is acquiring more in a:  如收购方在交易目标中取得的表决权低于20%，或已持有20%以上表决权且进一步增持，且交易目标属于以下情形之一，则可适用豁免：

• listed company; 上市公司；
• unlisted company with more than 50 members; or 股东人数超过50人的非上市公司；
• listed registered scheme. 上市投资公司。

A target is connected with Australia if the share is in a body corporate or the asset is used in a business carried on in Australia. 如目标公司在澳大利亚境内开展业务，或目标资产被用来在澳大利亚境内开展业务，则视为与澳大利亚存在关联。

• the acquirer does not obtain control of the target or had already controlled the target before the acquisition, unless a determination requires notification despite the acquisition not resulting in control 收购方未获得对目标公司的控制权，或在收购前已对目标公司拥有控制权（除非有特别规定要求即使未获得控制权也需申报）；
• the target is a listed company, unlisted company with more than 50 members or listed registered scheme and the acquisition results in a voting power of 20% or less. 如目标公司为上市公司、股东超过50人的非上市公司或上市投资公司，且本次收购后表决权比例不超过20%。

• land acquisitions made in relation to residential property development; 与住宅地产开发相关的土地收购；
• land acquisitions for any purpose by a business primarily engaged in buying, selling, leasing or developing land, other than to operate a commercial business on the land that is not ancillary or incidental to the primary purpose;主要从事土地买卖、租赁或开发业务的企业为上述目的而进行的土地收购（但不包括为开展与主营业务无关的商业经营而取得土地;
• lease extensions and renewals; 租赁期限的延长或续租；
• land acquisitions where an acquisition of an equitable interest in the land was previously notified; 此前已就该土地的衡平权益收购完成申报的土地收购；
• sale and leaseback arrangements. 售后回租安排。
• land acquisitions made in the ordinary course of business (subject to any targeted notification requirements such as those applying to supermarkets). This exemption is intended to cover routine acquisitions such as land for offices, headquarters, warehouses, manufacturing facilities, solar farms or commercial property investment.  在正常经营过程中进行的土地收购（但须受到特定行业申报要求的约束，例如适用于超市的规定）。该豁免旨在涵盖常规性土地收购，如用于办公场所、总部、仓库、制造设施、太阳能发电场或商业地产投资的土地。
• Progressive land acquisition exemptions now also apply to "quasi-land", which includes certain mining, quarrying or prospecting rights, water entitlements, and rights in relation to land for forestry operations. 渐进式土地收购豁免现已扩展适用于"准土地权益"，包括特定的采矿、采石或勘探权、水权以及林业用地相关权利。

• debt instruments, debt interests in an entity, money lending, asset securitisation arrangements, securities financing transactions, financial accommodation, security interests and derivatives where the acquisition does not result in control; 不涉及控制权变更的债务工具、实体债权、贷款、资产证券化安排、证券融资交易、金融便利、担保权益及衍生品收购；
• rights issues and fundraising (including underwriting), share buy-backs and dividend reinvestment； 配股及融资（包括承销）、股份回购及股息再投资；
• financial market infrastructure, including clearing and settlement facilities, exercising a contractual right of set-off, or of combination of accounts, or to close out a transaction; 金融市场基础设施，包括清算与结算设施，行使合同约定的抵销权、账户合并权或交易平仓权；
• nominees and other trustees, and custodial or depository services. 名义持有人及其他受托人、托管或保管服务。