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Announcement No. 58 [2017] of the Ministry of Commerce—Announcement on Decisions from Anti-monopoly Review of the Concentration of Undertakings on Conditional Approval of the Proposed Acquisition of Certain Business of Samsung Electronics Co. by HP Inc. [Effective]
商务部公告2017年第58号――关于附加限制性条件批准惠普公司收购三星电子有限公司部分业务案经营者集中反垄断审查决定的公告 [现行有效]
【法宝引证码】

Announcement of the Ministry of Commerce 

商务部公告

(No. 58 [2017]) (2017年第58号)

MOFCOM Announcement No. 58 of 2017 on Decisions from Anti-monopoly Review of the Concentration of Undertakings on Conditional Approval of the Proposed Acquisition of Certain Business of Samsung Electronics Co. by HP Inc. 关于附加限制性条件批准惠普公司收购三星电子有限公司部分业务案经营者集中反垄断审查决定的公告
The Ministry of Commerce of the People's Republic of China (hereinafter referred to as the “MOFCOM”) received the anti-monopoly declaration for the concentration of undertakings on the acquisition of certain business (hereinafter referred to as the “Target Business”) of Samsung Electronics Co. (hereinafter referred to as “Samsung”) by HP Inc. (hereinafter referred to as "HP").Upon review, the MOFCOM decided to approve the concentration of undertakings with additional restrictive conditions. In accordance with Article 30 of the Anti-monopoly Law of the People's Republic of China (hereinafter referred to as the “Anti-monopoly Law”), relevant matters are hereby announced as follows: 中华人民共和国商务部(以下简称商务部)收到惠普公司(HP Inc.,以下简称惠普)收购三星电子有限公司(Samsung Electronics Co.,以下简称三星)部分业务(以下简称目标业务)案的经营者集中反垄断申报。经审查,商务部决定附加限制性条件批准此项经营者集中。根据《中华人民共和国反垄断法》(以下简称《反垄断法》)第三十条规定,现公告如下:
I. Case-filing and review procedures   一、立案和审查程序
On November 16, 2016, the MOFCOM received the anti-monopoly declaration for the concentration of undertakings on the case. Upon review, the MOFCOM considered that the documents and materials for declaration were incomplete, and required the declarer to make supplementation. On December 23, after further supplementation, the MOFCOM confirmed that the documents and materials complied with Article 23 of the Anti-monopoly Law, and therefore the anti-monopoly declaration for the concentration of undertakings was admitted to be filed, and the preliminary investigation was launched. On January 19, 2017, the MOFCOM decided to further review this concentration of undertakings. Upon further review, the MOFCOM believed that the concentration of undertakings might have the effect of eliminating and restricting competition in the Chinese markets of A4 laser printers and A4 laser printing materials. On April 19, with the consent of the declarer, the MOFCOM decided to extend the further review period. Upon the expiry of the extended further review period, the declarer applied for withdrawal of the case, which was approved by the MOFCOM. On June 21, the MOFCOM conducted the investigation for the re-declaration from the declarer. The case is currently in the further review period. The deadline is October 18. 2016年11月16日,商务部收到本案的经营者集中反垄断申报。经审核,商务部认为该申报文件、资料不完备,要求申报方予以补充。12月23日,商务部确认经补充的申报文件、资料符合《反垄断法》二十三条规定,对该项经营者集中申报予以立案并开始初步审查。2017年1月19日,商务部决定对此项经营者集中实施进一步审查。经进一步审查,商务部认为此项经营者集中对中国A4幅面激光打印机市场和中国A4幅面激光打印耗材市场可能具有排除、限制竞争效果。4月19日,经申报方同意,商务部决定延长进一步审查期限。进一步审查延长期届满时,申报方申请撤回案件并得到商务部同意。6月21日,商务部对申报方的重新申报予以立案审查。目前,该案处于进一步审查阶段,截止日期为10月18日。
In the course of review, the MOFCOM solicited opinions from the relevant government departments, trade associations and the relevant enterprises, held several times of forums for the knowledge of the relevant market definition, market players, market structure, industry characteristics and future development prospects and reviewed the authenticity, completeness and accuracy of the documents and materials submitted by the declarer. 审查过程中,商务部征求了相关政府部门、行业协会和相关企业的意见,多次召开座谈会,了解相关市场界定、市场参与者、市场结构、行业特征、未来发展前景等方面信息,并对申报方提交的文件、资料的真实性、完整性和准确性进行了审核。
II. General information of the case   二、案件基本情况
The acquirer HP is a joint-stock company incorporated in 1998 in the United States. Its establishment can be traced back to 1947. In 1961, it went listing on the New York Stock Exchange. It has a dispersed shareholding structure and no final controllership is mainly engaged in the computer and printer business. 收购方惠普是1998年在美国注册成立的股份有限公司,成立时间最早可追溯到1947年,1961年在纽约证券交易所上市,股权结构分散,无最终控制人。惠普主要从事计算机和打印机业务。
The Target Business is Samsung's global printer business, consisting of several subsidiaries engaged in the printer business and related assets. Samsung is a joint-stock company incorporated in January 13, 1969 in South Korea. It went listing on the Korea Stock Exchange. It has a dispersed shareholding structure and no final controller. 目标业务是三星的全球打印机业务,由数个从事打印机业务的子公司及相关资产组成。三星是1969年1月13日在韩国注册成立的股份有限公司,在韩国证券交易所上市,股权结构分散,无最终控制人。
On September 12, 2016, HP and Samsung signed a concentration agreement, pursuant to which HP will acquire all the equities and assets of the Target Business. After the completion of the transaction, HP will acquire sole control over the Target Business. 2016年9月12日惠普和三星签署集中协议,惠普将收购目标业务所有股权和资产。本次交易完成后,惠普将取得目标业务的单独控制权。
III. Relevant markets   三、相关市场
The MOFCOM defined the relevant commodity markets and relevant geographic markets in the case in accordance with the Anti-monopoly Law, the Guidelines of the Anti-monopoly Commission under the State Council concerning the Definition of Relevant Markets and other provisions. 商务部根据《反垄断法》、《国务院反垄断委员会关于界定相关市场的指南》等规定,界定了本案的相关商品市场和相关地域市场。
(I) Relevant commodity markets. (一)相关商品市场。
1. Printer products. 1、打印机产品。
Both HP and Samsung are engaged in the printer business. A printer is an output device that prints the processing results of a computer or other devices on a related medium. Print format is an important indicator to measure a printer. Generally printers with a print width of exceeding A3 are regarded as large-format printers, while those with a print width of A3 or smaller are regarded as regular-format printers. Regular-format printers are mainly used for office and at home; large-format printers are mainly used in some special occasions or professional areas, such as advertising design and project display. Compared with regular-format printers, in addition to the different functions, the sales prices of large-format printers are also apparently higher than those of regular-format printers. Therefore, there is no substitution relationship between large-format printers and regular-format printers. As for this concentration, the Target Business does not provide large-format printer products, so the anti-monopoly investigation focused on the laterally overlapped regular-format printer products between both sides. 惠普和三星都从事打印机业务。打印机是将计算机或其他设备的处理结果打印在相关介质上的输出设备。打印幅面是衡量打印机的重要指标,一般将打印幅宽超过A3的打印机称为大幅面打印机,而将打印幅宽小于等于A3的打印机称为常规幅面打印机。常规幅面打印机主要应用于办公以及家用;大幅面打印机主要应用于某些特殊场合或者专业领域,例如广告设计、项目展示等。与常规幅面打印机相比,除了功能有所不同外,大幅面打印机的销售价格也明显高于常规幅面打印机。因此,大幅面打印机与常规幅面打印机不存在相互替代关系。就本项集中而言,目标业务并不提供大幅面打印机产品,反垄断调查重点考察双方存在横向重叠的常规幅面打印机产品。
There are many subdivided dimensions in regular-format printers. The anti-monopoly investigation indicates that regular-format printer products can be further subdivided from two dimensions: A3/A4 format and laser/inkjet. 常规幅面打印机产品存在多个细分维度,反垄断调查表明,常规幅面打印机产品可以从A3/A4幅面、激光/喷墨两个维度进一步细分。
(1) A3 format printers and A4 format printers do not belong to the same relevant commodity market. (1)A3幅面打印机与A4幅面打印机不属于同一相关商品市场。
Both HP and the Target Business produce A3 format and A4 format printers. In terms of demand substitution, it is learnt from a functional analysis that A3 format printers can print both A3 format and A4 format data, but A4 format printers cannot print A3 format data. It is further learnt from a price analysis that the average price of A3 format printers is 6-10 times that of A4 format printers. The data analysis of the third-party research agency International Data Corporation (hereinafter referred to as "IDC") shows that between 2010 and 2016, the average price correlation between A3 format printers and A4 format printers in the Chinese market was only 0.12, and even in the global market, the average price correlation of both products was only 0.37, indicating that the substitution between the two products is relatively weak. The research on consumer demand also shows that the two constitute complementary products, rather than substitutable products. Unless there is a rigid printing demand for A3 format materials, consumers will select A4 format printers in consideration of costs.
......
 惠普和目标业务均生产A3幅面和A4幅面打印机。在需求替代方面,从功能上分析,A3幅面打印机既能够打印A3幅面的资料,也能够打印A4幅面的资料,但A4幅面打印机无法打印A3幅面的资料。从价格上分析,A3幅面打印机的平均价格是A4幅面打印机的6-10倍。对第三方调研机构国际数据公司(以下简称IDC)的数据分析显示,2010年至2016年间,中国市场上 A3幅面打印机与A4幅面打印机的平均价格相关系数仅为0.12,即使在全球市场范围内,二者的平均价格相关系数也只有0.37,说明A3与A4幅面打印机之间替代性较弱。对消费需求的调查也表明,二者构成互补产品,而非替代产品,除非有对A3幅面资料的刚性打印需求,消费者出于成本的考虑也会选择A4幅面的打印机。
......

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