China reviewing Qualcomm's bid to buy NXP Semiconductors: MOC

China is reviewing U.S. smartphone chip supplier Qualcomm's bid to acquire its Dutch rival chipmaker NXP Semiconductors based on anti-trust laws, the country's Ministry of Commerce (MOC) said Thursday.

The company has to receive approval from market regulators in nine countries to seal the deal.

The acquisition might lead to a major impact on the market and compromise competition, said MOC spokesperson Gao Feng.

Gao said it will take time for regulators to investigate and analyze the case, and the MOC has talked with Qualcomm over reducing unfavorable influences of the acquisition.

Investigators have decided that the company's remedy proposal might not help address market competition concerns, Gao said.

Qualcomm has withdrawn its previous acquisition application and resubmitted a new one to the MOC. The MOC will conduct an open and fair anti-monopoly investigation on the issue, he added.