Xinchao Media

Xinchao Media (成都新潮传媒集团股份有限公司) is a Chinese advertising company specializing in elevator media, operating screens and frames in residential and commercial elevators across China. It is the second-largest player in China's elevator media advertising market, with a market share of 5–10% in 2024, behind Focus Media's 50–55%. The company was founded in Chengdu, Sichuan, and grew by installing digital screens in elevator lobbies and cars, targeting community and residential buildings. In 2025, Focus Media announced its acquisition of Xinchao Media, which underwent antitrust review by China's State Administration for Market Regulation (SAMR). The deal was approved in October 2026 with six restrictive conditions, including price caps, non-exclusivity with property management companies, and commitments to maintain service levels. The combined entity holds a 55–60% share of China's elevator media market. Xinchao Media operates as a subsidiary of Focus Media and continues to provide elevator advertising services under the conditions imposed by the regulator.

Xinchao Media was established as a company focused on elevator media advertising in China, with its headquarters in Chengdu, Sichuan. It grew to become the second-largest operator in the Chinese elevator media market, capturing a 5–10% market share by 2024. The company's network includes digital screens and frames in residential and commercial elevators, providing advertisers with access to community-based audiences. In 2025, Focus Media, the market leader with a 50–55% share, agreed to acquire Xinchao Media. The transaction was notified to China's State Administration for Market Regulation (SAMR) for antitrust review. On October 10, 2026, SAMR announced its decision to approve the acquisition with six restrictive conditions, effective for five years. These conditions require the combined entity to honor existing customer contracts, maintain service levels, cap annual actual transaction prices in each city at the levels of the previous 24 months, provide services on fair and non-discriminatory terms, waive exclusive clauses with property management companies, and strengthen antitrust compliance. The approval marked a significant consolidation in the elevator media industry, with the combined entity holding a 55–60% market share. Xinchao Media now operates as a subsidiary of Focus Media.

• Xinchao Media holds a 5–10% market share in China's elevator media advertising market, ranking second.

• Focus Media agrees to acquire Xinchao Media, triggering antitrust review.

• SAMR approves the acquisition with six restrictive conditions valid for five years.

China's second-largest elevator media advertising operator, focused on residential elevator settings; became a subsidiary of Focus Media after being acquired by it.

• Elevator media advertising

  Advertising services on digital screens and frames installed in residential and commercial elevators.

• 2026

  China's SAMR conditionally approves Focus Media's acquisition of Xinchao Media with restrictive conditions

  On October 9, 2026, China's State Administration for Market Regulation (SAMR) approved with restrictive conditions Focus Media Information Technology Co.'s acquisition of equity in Chengdu Xinchao Media Group Co., after finding the deal could eliminate or restrict competition in China's domestic elevator media advertising market. The decision, announced on October 10, requires Focus Media, Xinchao Media and the post-concentration entity to make six restrictive commitments, including continuing existing customer contracts and service levels, capping annual actual transaction prices at levels from the 24 months before the effective date, providing elevator media advertising services on fair, reasonable and non-discriminatory terms, waiving rights under existing exclusive clauses and not signing new exclusivity or automatic-renewal terms, and improving antitrust compliance. SAMR said it is the first conditionally approved concentration case in China's advertising industry.

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• 2026.10.09

  Reported2026.10.10

  China's SAMR conditionally approves Focus Media's acquisition of Xinchao Media with restrictive conditions[2]市场监管总局附加限制性条件批准分众传媒收购新潮传媒finance.sina.com.cn

  On October 9, 2026, China's State Administration for Market Regulation (SAMR) approved with restrictive conditions Focus Media Information Technology Co.'s acquisition of equity in Chengdu Xinchao Media Group Co., after finding the deal could eliminate or restrict competition in China's domestic elevator media advertising market. The decision, announced on October 10, requires Focus Media, Xinchao Media and the post-concentration entity to make six restrictive commitments, including continuing existing customer contracts and service levels, capping annual actual transaction prices at levels from the 24 months before the effective date, providing elevator media advertising services on fair, reasonable and non-discriminatory terms, waiving rights under existing exclusive clauses and not signing new exclusivity or automatic-renewal terms, and improving antitrust compliance. SAMR said it is the first conditionally approved concentration case in China's advertising industry.

• 2026.10.09

  SAMR conditionally approves Focus Media's acquisition of Xinchao Media equity with restrictive conditions[3]市场监管总局附条件批准分众传媒收购新潮传媒股权案nbd.com.cn

  China's State Administration for Market Regulation (SAMR) conditionally approved Focus Media Information Technology Co.'s acquisition of equity in Chengdu Xinchao Media Group on October 9, 2026, the first conditionally approved concentration case in China's advertising sector. SAMR found the transaction may have the effect of eliminating or restricting competition in China's domestic elevator media advertising market, and required Focus Media, Xinchao Media and the post-transaction entity to make six restrictive commitments covering existing customer contracts and commercial terms, service levels, annual actual transaction price caps tied to the 24 months before the effective date, fair, reasonable and non-discriminatory provision of elevator media advertising services without refusal or tying, abandonment of exclusivity clause rights, and improvement of the antitrust compliance system.

• 2026.06

  Reported2026.08.19

  Shenzhen Stock Exchange suspends review of Focus Media's acquisition of Xinchao Media[4]深交所中止审核分众传媒收购新潮传媒finance.sina.com.cn

  Focus Media's plan to acquire 90.02% of Chengdu Xinchao Media Group via share issuance and cash was suspended from review by the Shenzhen Stock Exchange at the end of June because the financial data in its application materials had expired; the company must submit updated financial materials to resume the review.

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1. 1分众传媒收购新潮通过反垄断审查：带有六项限制性条件，有效期5年finance.sina.com.cn
2. 2市场监管总局附加限制性条件批准分众传媒收购新潮传媒finance.sina.com.cn
3. 3市场监管总局附条件批准分众传媒收购新潮传媒股权案nbd.com.cn
4. 4深交所中止审核分众传媒收购新潮传媒finance.sina.com.cn