欧盟中国商会关于欧盟委员会依据《外国补贴条例》（FSR）对京东拟收购CECONOMY启动深入调...

来源：市场资讯

（来源：法商实验室）

欧盟中国商会关于欧盟委员会依据《外国补贴条例》（FSR）对京东拟收购CECONOMY启动深入调查的答记者问

2026年5月28日，比利时布鲁塞尔

欧盟中国商会注意到，5月28日，欧盟委员会宣布依据《外国补贴条例》（Foreign Subsidies Regulation, FSR）对京东拟收购CECONOMY启动深入调查。我们对相关进展表示高度关注，并希望相关程序严格遵循法律确定性、比例原则与非歧视原则。

商会注意到，欧方此次调查重点之一在于评估所谓“外国补贴”是否可能对交易过程及交易后的市场竞争产生影响。对此，我们认为，相关分析必须严格建立在可验证事实与清晰法律标准之上，避免将企业正常融资能力、市场化经营效率以及在创新与供应链层面形成的竞争优势泛化为所谓“市场扭曲”。

欧委会提到将审查补贴是否可能推动较高收购报价。商会认为，收购溢价较为常见，收购价格受到多重市场因素驱动，包括协同效应预期、技术整合价值及长期增长判断。在评估补贴影响时，对“较高报价”作为依据的使用应保持审慎，应避免单纯基于结果进行推断，并确保在充分证据基础上建立明确的因果关系。

我们呼吁欧方客观看待中国企业效率提升所形成的竞争优势。企业通过技术能力、物流体系和运营效率提升所形成的竞争力，本质上是市场机制发挥作用的结果，这一点在电商等高度竞争、快速迭代的行业中尤为明显。在相关评估中，由市场效率和创新带来的竞争优势应得到充分区分和客观对待，避免监管分析从“纠正市场扭曲”逐步转向对正常市场竞争结果的过度规制。

欧盟中国商会长期以来对FSR实施中的问题保持严正关切，包括外国财政资助定范围过于宽泛、举证责任倒置、企业合规成本高企，域外适用及由此引发的法律冲突等问题。

此前，中国商务部于2025年1月通过调查认定，欧方FSR相关做法构成贸易投资壁垒，并要求欧方纠正相关做法；今年5月，中国司法部已依据《中华人民共和国反外国不当域外管辖条例》就欧盟在对同方威视的FSR调查实践作出明确认定，指出相关措施构成不当域外适用。商会认为，在全球监管密度持续上升的背景下，欧方应严格遵循国际法及各法域管辖边界，避免相关做法的不当扩展适用对企业跨境经营及国际投资环境造成持续影响。

在当前全球经济不确定性上升、跨境投资环境持续复杂化的背景下，政策环境的稳定性与可预期性已成为影响市场信心的关键变量。近年来，中资企业持续扩大对欧投资，通过本地化运营、技术创新、供应链建设及就业创造，为欧洲数字化转型、绿色发展及消费市场发展作出积极贡献。企业并购作为市场经济中的正常商业行为，应当在稳定、透明且基于规则的环境中进行评估。当前，中欧经贸关系处于重要发展阶段。维护开放、公平、透明和非歧视的营商环境，符合双方共同利益。

欧盟中国商会将持续关注案件进展，并愿继续与各利益攸关方保持建设性沟通，共同推动中欧经贸关系健康、稳定与可持续发展。

CCCEU comments on the European Commission’s In-depth Investigation under FSR into JD.com’s Proposed Acquisition of CECONOMY

28 May 2026, Brussels

The China Chamber of Commerce to the EU (CCCEU) notes the European Commission’s announcement on 28 May 2026 to open an in-depth investigation under the Foreign Subsidies Regulation (FSR) into JD.com’s proposed acquisition of CECONOMY.This marks the first time a Chinese acquisition has been subject to a Phase II investigation under the new FSR. We attach great importance to this development and hope that the procedures willadhere to legal certainty, proportionality, and non-discrimination principles.

The CCCEU notes that one of the key focuses of the investigation is the assessment of whether alleged “foreign subsidies” may affect both the transaction process and post-transaction market competition. In this regard, we believe that any analysis must be strictly based on verifiable facts and clear legal standards, and should not generalise normal corporate financing capacity, market-driven operational efficiency, or competitive advantages arising from innovation and supply chain capabilities as so-called “market distortions.”

The Commission has indicated that it will examine whether subsidies contributed to a higher acquisition price. The Chamber considers that price premiums are common in merger and acquisition practice, as transaction prices are driven by multiple market factors, including expected synergies, technological integration value, and long-term growth expectations. In assessing the impact of subsidies, the use of a “high price” as an indicator should be approached with caution. Conclusions should not be drawn solely from outcomes, and a clear causal relationship should be established on the basis of sufficient evidence.

The CCCEU has long expressed serious concerns regarding certain structural issues in the implementation of the FSR, including the overly broad scope of foreign financial contribution definitions, an imbalance in the burden of proof, high compliance costs for enterprises, and issues related to extraterritorial application and resulting legal conflicts.

Earlier, China’s Ministry of Commerce concluded in January 2025 that certain EU practices under the FSR constitute barriers to trade and investmentand called for corrective measures. In May 2026, China’s Ministry of Justice (MOJ), pursuant to the Regulations of the People’s Republic of China on Countering Foreign States’ Unlawful Extraterritorial Jurisdiction,determined that the EU's cross-border investigative measures targeting the Chinese security firm Nuctech under the FSR constitute improper extraterritorial jurisdiction. Against the backdrop of increasing global regulatory density, the Chamber believes that it is important to ensure that relevant measures remain consistent with international law and established jurisdictional principlesso as to avoid unintended extraterritorial effects and resulting uncertainty for cross-border business activities and international investment.

We also call on the EU side to take an objective view of the competitive advantages arising from the efficiency improvements of Chinese enterprises. Such competitiveness, formed through technological capability, logistics systems, and operational efficiency, is fundamentally driven by market forces. This is particularly evident in highly competitive and rapidly evolving sectors such as e-commerce. In relevant assessments, such advantages should be properly distinguished and objectively considered, to avoid a regulatory approach that gradually shifts from correcting market distortions towards over-interpreting normal competitive outcomes.

In the context of rising global economic uncertainty and increasing complexity in cross-border investment, policy stability and predictability have become key determinants of market confidence. In recent years, Chinese enterprises have continued to expand investment in Europe, contributing to Europe’s digital transformation, green development, and consumer market vitality through localisation, technological innovation, supply chain development, and job creation. As a normal practice in market economies, mergers and acquisitions should be assessed within a stable, transparent, and rules-based framework. At a time when China-EU economic relations are at an important stage of development, maintaining an open, fair, transparent, and non-discriminatory business environment serves the common interests of both sides.

The CCCEU will continue to closely follow the development of the case and stands ready to maintain constructive engagement with relevant stakeholdersto promote the stable and sustainable development of China-EU tradeand investment relations.

来源：欧盟中国商会