2024 was a year of significant development in the APAC region. Competition regulators continued to flex their muscle in merger control and remain committed to tighter controls on big tech. Looking ahead to 2025, competition regulators in the APAC region are prioritising legislative reforms to address competition concerns and safer market practices. This article provides a snapshot of key antitrust developments in the APAC region across Australia, China, Hong Kong, the Philippines, Japan, South Korea and Singapore.
Australia
Mandatory Merger Control Regime
In December 2024 the Australian government passed legislation moving Australia to a mandatory and suspensory merger control regime from 1 January 2026 (Mandatory Regime). Transactions that close on or after 1 January 2026 and meet financial thresholds will require merger clearance from the Australian Competition and Consumer Commission (ACCC), irrespective of its effect on competition. To facilitate the transition to the Mandatory Regime, from 1 July 2025 merger parties may voluntarily notify the ACCC of transactions.
Key aspects include:
- A Mandatory Regime based on notification thresholds relating to turnover and transaction value (see our previous alert)
- The substantial lessening of competition test will include an expanded evaluation of whether the merger has the effect or is likely to have the effect of creating, entrenching, or strengthening a position of market power
- The substantial lessening of competition test will raise the evidentiary standard for merger parties with significant market power
- The Treasurer will have the authority to mandate filing obligations for certain classes of acquisitions, regardless of whether the initial monetary thresholds are met
Looking forward, the ACCC has indicated that it will commence consultation on its process and analytical guidelines in addition to the proposed notification forms in Q1, with guidance published on transitional arrangements in Q2 – key documents that will guide the approach to the ACCC's operations under the mandatory regime.
Proposed Digital Competition Regime
Australia is proposing to introduce a new digital platforms regime aimed at targeting anti-competitive behaviors by major digital platforms particularly in respect of search engines, app stores and social media (similar to the European Union's Digital Markets Act). The Australian government is seeking public consultation on its proposal paper published on 2 December 2024 until 14 February 2024.1
Key aspects include:
- The responsible Government Minister will have the power to designate companies as subject to the regime post an ACCC investigation
- Designation will be based on quantitative thresholds, relating to Australian and/or global revenue (firm-wide and service specific), number of Australian users and/or its market capitalisation. Designation will also include qualitative factors, relating to market position, degree of market power and whether it serves as an important intermediary platform for business users to connect with end users
- Upon designation, companies will be obliged to comply with broad obligations and service-specific obligations
- The ACCC will administer the regime
- The maximum financial penalties proposed are to be either: $50 million, three times the value of the benefit obtained, or 30 per cent of adjusted turnover during the breach period (which matches the Competition and Consumer Act)
These new regulations will require designated companies to abide by broad obligations which prohibit anti-competitive tying and self-preferencing, as well as introduce new requirements regarding transparency and data portability.
Conversely, obligations can be tailored for specific services. For example, ad tech services may be subject to obligations to disclose ad tech pricing, auction processes, and ad performance, and prevent conflicts of interest by not using information from one ad tech product to benefit another.
The proposal to introduce tightened regulations in the digital platforms sector signals the Australian Government's priority of enforcing stricter anti-competitive oversight across the digital economy in 2025.
China
Revised Notification and Publicity Forms for Simple Cases
On 12 October 2024, China's State Administration for Market Regulation (SAMR) implemented revised Notification and Publicity Forms,2 streamlining submission requirements for transactions that are unlikely to significantly affect competition in China (Simple Cases).3
The revised Notification Form for Simple Cases removes the requirement for notifying parties to submit both a confidential and non-confidential version of the Notification Form, though a non-confidential version may later be requested by SAMR. Additionally, the optional requirement to submit additional research, analysis and reports prepared by either the notifying parties or third parties has been removed.
These updates follow SAMR's implementation of increased turnover thresholds that took effect in early 2024 (see our previous alert), highlighting China's focus on enhancing the efficiency of mandatory merger filing notifications that involve international businesses.
SAMR Reviews in 2024
SAMR reviewed 643 cases in 2024 – 623 were unconditionally approved, 19 were withdrawn and one review cleared subject to conditions. SAMR cleared 566 of these cases within 30 days after acceptance (noting that pre-formal acceptance may be 4-6 weeks). Domestic enterprises accounted for around 57% of all cases, 29% were foreign-to-foreign transactions and 14% between Chinese and foreign enterprises.4
Hong Kong
HKCC's first criminal case relating to non-compliance with investigation powers
The Hong Kong Competition Commission's (HKCC) enforcement focus on combatting price fixing cartels (as detailed in the HKCC's Annual Report for 2022/2023) has led to the announcement of its first criminal case in relation to non-compliance with its investigation powers, demonstrating that such interference can lead to criminal penalties.
The HKCC's investigation involved cleaning services companies suspected to be involved in price-fixing, and search warrants were carried out at the offices of the companies involved. During the investigation, an individual attempted to delete documents and information relevant to the HKCC's investigation from several computers. The case was referred by the HKCC to the police. This resulted in the individual being charged with one count of disposal and concealment of documents under section 53(1)(a) of the Competition Ordinance, which carries a maximum penalty of a HK$1,000,000 fine and imprisonment for up to 2 years.5
Japan
New smartphone software laws will be effective by the end of 2025
The Act on Promotion of Competition for Specified Smartphone Software (Act No. 58 of 2024) passed on 12 June 2024, and will be effective by the end of 2025.6 This act promotes competition while ensuring security of software necessary for the use of smartphones (e.g., Mobile OS, App Store, browser, search engines).
This new legislation is focusing on smartphone software, but the Japan Fair Trade Commission (JFTC) remains committed to competition policy in the digital space in general.
New competition law in labor area came into effect
The Act on Ensuring Proper Transactions Involving Specified Entrusted Business Operators (Act No. 25 of 2023),7 a supplementary law to the primary competition law in Japan, the Act on the Prohibition of Private Monopolization and Maintenance of Fair Trade,8 came into effect on 11 November 2024. This law is designed to ensure the propriety of transactions involving freelancers that are not protected by labour laws. For example, a person/company who contracts with a freelancer must specify the terms and conditions of the contract in writing and pay the freelancer no later than 60 days from the date it received goods and/or services.
The JFTC policy in generative AI
On 2 October 2024, the JFTC published the Discussion Paper on Generative AI and Competition (Discussion Paper).9 The Discussion Paper was open to public comments until 22 November 2024.10 The JFTC identified five points for future discussion, including (i) access restrictions and exclusion of competitors, (ii) self-preferencing, (iii) tying, (iv) parallel conduct using generative AI and (v) acquiring expert talent via partnerships.11
The Philippines
PCC Guidelines on Merger Remedies
The Philippine Competition Commission (PCC) published the PCC Guidelines on Merger Remedies (Guidelines) aimed at providing a strategic framework for resolving competition issues associated with M&A transactions. Notably, the Guidelines provide guidance on applying merger remedies in digital markets, including implementing firewall provisions, research commitments, access provisions and mandatory licensing provisions. The Guidelines acknowledge that the proposed remedy for each case will be evaluated on a case-by-case basis. The acceptance of a particular remedy by the PCC in a prior case will not, on that basis alone, be persuasive that the same remedy should be accepted in a new case.12
South Korea
Proposed amendments to the Monopoly Regulation and Fair Trade Act in relation to digital platform operators
South Korea has proposed reforms aimed at regulating anticompetitive market dominance in the digital platform sector under the Partial Amendment Bill to the Monopoly Regulation and Fair Trade Act (MRFTA), Bill No. 4947 (Partial Amendment Bill).13 The Partial Amendment Bill outlines proposed amendments to the MRFTA that specifically target key sectors including online transaction intermediary platforms, search engines, video streaming platforms, social media platforms, operating systems and online advertising.
Proposed amendments to the MRFTA include:
- Establishing new thresholds and procedures for designating digital platform operators' as market dominant.
- Prohibiting four types of anti-competitive conduct related to abuse of market dominance (self-preferencing treatment, product tying, most-favoured nation clauses and multi-homing restrictions).
- Imposing related enforcement measures such as fines, sanctions and investigations to ensure effective compliance.
Under the proposed amendments, if a digital platform operator meets the following thresholds, it will be presumed to be market dominant:
- the digital platform operator has at least a 60% market share in the relevant market and an average of 10 million monthly active users (MAU) over 3 preceding years; or
- if the top 3 or fewer digital platform operators hold a combined market share of 85% or more over 3 preceding years, the digital platform operator has at least a 20% market share, and an average of 20 million MAU over 3 preceding years;
- provided that, any digital platform operators with an annual platform related turnover (direct and indirect) of less than KRW 3 trillion will be exempt from the presumption.
The regulation of online platforms in South Korea will continue to develop throughout 2025, bringing changes that aim to ensure fair competition, prevent market abuses, and protect consumer interests in the evolving digital economy.
Singapore
First case considered under the CCCS's streamlined process for business collaborations pursuing environmental sustainability objectives
The Competition and Consumer Commission of Singapore (CCCS) has considered its first case under the streamlined process outlined in its Guidance Note on Business Collaborations Pursuing Environmental Sustainability Objectives (Guidance Note). The CCCS assessed the joint establishment and operation of the Beverage Container Return Scheme (BCRS) Ltd. by Coca-Cola Singapore Beverages Pte. Ltd., F&N Foods Pte Ltd and Pokka Pte. Ltd. (Scheme). The Scheme, targeted to launch on 1 April 2026, allows individuals to return certain pre-packaged beverages in plastic and metal containers at designated return points for a refundable deposit of $0.10. The CCCS found that the Scheme was unlikely to infringe sections 34 (Agreements, etc., preventing, restricting or distorting competition) and 47 (Abuse of dominant position) of the Competition Act 2004.14
CCCS brings multiple actions against bid-rigging in Singapore
The CCCS issued an infringement decision on 20 December 2024 against Flex Connect Pte Ltd and Tarkus Interiors Pte Ltd for bid-rigging conduct in several tenders for interior fit-out construction services in non-residential properties across Singapore. Following investigations that began in November 2020, CCCS found the parties engaged in anti-competitive conduct, affecting 12 tenders worth approximately $34,110,000 between August 2016 and August 2021. CCCS imposed financial penalties totaling $9,999,182 on the parties, with Flex Connect Pte Ltd receiving a leniency discount.
This case follows a Proposed Infringement Decision in relation to bid-rigging by Hunan Fengtian Construction Group and Trust-Build Engineering & Construction in October 2024 and an Infringement Decision against Rei Securitie and Soh Chee Keon, suppliers of vulnerability management software in September 2024.15
In its media announcement, the CCCS highlighted its focus on taking firm action against tenderers colluding or participating in any anti-competitive conduct, noting that bid-rigging severely infringes Singapore's competition law by distorting the competitive process for businesses and consumers.
Olivia Tomiyama (White & Case, Graduate, Sydney) contributed to the development of this publication.
1 Australian Government - The Treasury, Digital platforms – a proposed new digital competition regime, 2 December 2024.
2 Known as the Notification Form for Anti-monopoly Review in Concentration of Undertakings (Notification Form) and the Publicity Form in Concentration of Undertakings (Publicity Form).
3 SAMR, Announcement of the SAMR on Revising and Issuing the Notification Form for Anti-Monopoly Review in Summary Cases of Concentration of Undertakings and the Publicity Form for Summary Cases of Concentration of Undertakings, 14 September 2024.
4 SAMR, SAMR unconditionally approved 623 concentration of undertakings cases, 27 January 2025.
5 HKCC, Competition Commission issues statement on first criminal case relating to non-compliance with its investigation powers, 29 August 2024.
6 Act on Promotion of Competition for Specified Smartphone Software (Act No. 58 of 2024).
7 Act on Ensuring Proper Transactions Involving Specified Entrusted Business Operators (Act No. 25 of 2023).
8 Act on the Prohibition of Private Monopolization and Maintenance of Fair Trade (Act No. 54 of 1947).
9 JFTC, Discussion Paper on Generative AI and Competition, 2 October 2024.
10 JFTC, Requests for Information and Comments Concerning Generative AI and Competition, 2 October 2024.
11 JFTC, Discussion Paper on Generative AI and Competition, 2 October 2024.
12 PCC, PCC Guidelines on Merger Remedies, 1 July 2024.
13 The National Assembly of the Republic of Korea, Partial Amendment to the Monopoly Regulation and Fair Trade Act, Bill No. 4947, 3 December 2024.
14 CCCS, CCCS Issues Positive Guidance in First Case Under Streamlined Process for Collaborations Pursuing Environmental Sustainability Objectives, 3 January 2025.
15 CCCS, CCCS Penalises Contractors Specialising in Non-Residential Interior Fit-Out Tenders for Bid-Rigging, 20 December 2024.
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