普华永道：并购市场持续活跃，2025年交易额或实现两位数增长

Core Insights - PwC's report predicts a double-digit growth in China's M&A transaction volume for 2025, driven by factors such as state-owned enterprise reforms, multinational asset optimization, and private equity exits [1][2] Group 1: M&A Market Overview - In the first half of this year, domestic strategic investors significantly increased M&A activities, with transaction volumes surpassing $100 billion, marking over a 100% year-on-year growth [1] - A total of 20 large-scale M&A transactions were completed during this period, far exceeding the same period last year [1] - Key sectors for these large transactions included high technology, particularly semiconductors, health care, and industrial sectors, aligning with national strategic directions [1] Group 2: Factors Influencing Future M&A Activity - The continued rise in M&A activity in the second half of the year will be influenced by several factors, including A-share listed companies seeking growth through acquisitions and signs of economic recovery reflected in rising capital market valuations [2] - The resurgence of confidence in the technology sector, driven by advancements in AI and robotics, is expected to boost M&A demand [2] - Accumulated M&A demand and private equity exit projects, along with a stronger performance in the Hong Kong capital market, are anticipated to create more opportunities for transactions [2] - Increased overseas investment demand, particularly in Southeast Asia, and a reassessment of business strategies by multinational companies in China may lead to more M&A activities [2] - Ongoing state-owned enterprise reforms are expected to further drive large-scale M&A restructuring activities [2]