In large scale merger and acquisition transactions, collaborative behaviors such as exchange of competitive sensitive information and/or business integration between independent market players (a practice also known as “gun jumping”) are issues to be cautious of prior to receiving clearance from the applicable anti-trust authorities in developed jurisdictions such as the US and the EU. Though China does not yet have clear regulation or practical guidance governing gun jumping practices, its anti-trust review authority has commonly borrowed practices from jurisdictions such as US and EU during the antitrust reviews especially in the absence of clear applicable rules. As anti-trust becomes one of the major compliance risks in M&A transactions involving the Chinese market, we believe it is more and more important for the relevant market players to be aware of the various limitations of the collaborative behaviors in an M&A transaction from anti-trust perspective. In this note, we have briefly introduced the common forms of gun jumping practices, the relevant regulations and practices by EU and US, and also gave our practical suggestions in the context of the Chinese market, with a hope to help business players avoid potential hefty fines and lead to a smooth closing of the underlying transaction. (Full text in Chinese only)