普华永道：上半年中国并购市场交易额同比跃升45%，境内战略投资引领增长

Core Insights - The Chinese M&A market saw a significant increase in transaction value, with over $170 billion in disclosed deals in the first half of 2025, representing a 45% year-on-year growth [1] - Domestic strategic investments have been the primary driver of this growth, with transaction volumes more than doubling compared to the previous year [1] - The report anticipates a high double-digit growth in total M&A transaction value for the entire year of 2025, supported by various factors including state-owned enterprise reforms and cross-border asset optimization [1][3] Group 1: Domestic Strategic Investments - Domestic strategic investors have significantly increased their M&A activities, with transaction values surpassing $100 billion, marking a year-on-year growth of over 100% [1] - A total of 20 mega M&A deals (each exceeding $1 billion) were completed, far exceeding the number from the previous year [1] - Key sectors for these mega deals include high technology, particularly semiconductors, health care, and industrial sectors, aligning with national strategic directions [1] Group 2: Financial Investor Activity - Venture capital remains a highlight in the first half of 2025, driven by investment hotspots in emerging technologies such as AI and robotics, maintaining high transaction volumes [2] - Private equity funds have shown strong exit activity, with M&A transactions being the primary exit method, reflecting a growing trend in capital appreciation through these deals [2] Group 3: Outlook for the Second Half of 2025 - Several positive factors are expected to sustain the momentum in the M&A market, including A-share listed companies seeking growth through acquisitions and signs of economic recovery reflected in rising capital market valuations [3] - The Hong Kong capital market's strong performance is anticipated to enhance valuations and create more exit opportunities [3] - Increased overseas investment demand, particularly in Southeast Asia, and ongoing state-owned enterprise reforms are expected to drive large-scale M&A restructuring activities [3]