Brussels, 28 May 2026

The European Commission announced on Thursday that it is conducting an in-depth review of the planned acquisition of MediaMarktSaturn by Chinese e-commerce giant JD.com, citing preliminary concerns over potential market-distorting foreign subsidies.

Regulatory Concerns

The Commission's preliminary investigation suggests that JD.com may have received foreign subsidies that could distort the EU internal market. "Die vorläufige Untersuchung deutet darauf hin, dass JD.com möglicherweise ausländische Subventionen erhalten hat, die den EU-Binnenmarkt verzerren könnten," the Brussels authority stated.

The probe also examines whether the transaction could allow the merged entity to pursue investment and business strategies affecting competitive conditions in the EU. The Commission expressed preliminary concerns that "die Transaktion es dem fusionierten Unternehmen ermöglichen könnte, Investitions- und Geschäftsstrategien zu verfolgen, die sich auf die Wettbewerbsbedingungen im EU-Binnenmarkt auswirken könnten."

JD.com, which reported annual revenue of nearly 159 billion US dollars in 2024, is the largest Chinese retail group according to the EHI research institute and ranks among the top ten globally. The company employs around 570,000 people and operates in sectors including technology, logistics, and healthcare.

The Companies Involved

MediaMarktSaturn, currently owned by Ceconomy, is Europe's largest electronics retailer. Ceconomy was created in 2017 as a spin-off from Metro. The retail group is the fourth-largest online shop in Germany, trailing only Amazon, Otto, and Zalando.

The Commission has set a deadline of October 2 for its final decision on the acquisition. The in-depth review marks a significant regulatory hurdle for the deal, which would combine one of China's largest companies with a dominant European consumer electronics chain.

JD.com responded to the investigation by describing the in-depth review as a 'usual procedural step' — or "üblichen Verfahrensschritt" in the company's German-language statement. The company also stated that it has not received any state subsidies in connection with this proceeding, saying "man in Zusammenhang mit diesem Verfahren keine staatlichen Subventionen erhalten habe."

JD.com's Response

The European Commission's Foreign Subsidies Regulation, which entered into force in 2023, gives the EU executive power to investigate financial contributions from non-EU governments to companies active in the bloc. This case represents one of the highest-profile tests of the new regulatory framework.

The investigation will assess whether subsidies attributable to the Chinese state may have enabled JD.com to make a higher offer for MediaMarktSaturn than would otherwise have been possible, potentially putting European competitors at a disadvantage.

Broader Implications

MediaMarktSaturn operates hundreds of stores across multiple European countries, including Germany, Austria, and Spain. The chain has been a fixture of European retail for decades, and its potential acquisition by a Chinese state-linked entity has drawn significant political and regulatory attention.

The outcome of the probe could set a precedent for how the EU handles acquisitions by companies that benefit from state support in their home countries. A decision to block the deal or impose conditions could have far-reaching implications for cross-border M&A activity involving Chinese firms.