普华永道：上半年中国企业并购市场披露交易总额1715亿美元 同比大幅增长45%

Group 1 - The total disclosed transaction value in China's M&A market reached $171.5 billion in the first half of 2025, representing a significant year-on-year increase of 45% and a 9.58% rise compared to the second half of the previous year, with a total of 5,664 transactions, a 19% increase year-on-year but a 3.59% decrease from the last half of the previous year [1] - PwC's M&A consulting partner Thomas Crasti anticipates a more active M&A market in the second half of the year, driven by factors such as state-owned enterprise reforms, multinational companies optimizing assets, and private equity exits, expecting double-digit year-on-year growth in transaction value [1] - Domestic strategic investors engaged in 1,688 M&A activities with a total investment of $109.2 billion, marking a year-on-year increase of 100% and a 35.31% rise compared to the last half of the previous year, achieving over $100 billion in scale for the first time since the second half of 2023, including 20 transactions exceeding $1 billion [1] Group 2 - Financial investors completed 3,802 M&A transactions, a 20% year-on-year increase but a 4.64% decrease from the last half of the previous year, with a total transaction value of $52.2 billion, reflecting a year-on-year decline of 3% and a 23.46% drop compared to the last half of the previous year [1] - Venture capital (VC) transaction value saw a "double increase," growing by 30% year-on-year and 8.33% from the last half of the previous year to $1.3 billion, while private equity transaction value decreased by 4% year-on-year and 23.91% from the last half of the previous year to $50.9 billion [1] - As the Chinese economy improves and market sentiment becomes more positive, investors are actively seeking exit opportunities, with M&A transactions being the primary exit method for private equity funds, alongside a positive trend in seeking exits through Hong Kong listings, potentially leading to the best year in the past decade [2]