普华永道：中国企业并购市场2025年中回顾及展望报告.

Overview of the M&A Market - In the first half of 2025, the total scale of China's M&A market exceeded $170 billion, representing a 45% year-on-year increase, primarily driven by domestic strategic investors whose M&A scale surpassed $100 billion, more than doubling compared to the previous year [1][19][24] - There were 20 super-large transactions (over $1 billion each), up from 8 in the same period last year, with nearly half led by state-owned enterprises, focusing on high-tech and healthcare sectors [1][24][27] - The number of venture capital fund transactions increased by 23%, maintaining a high level, driven by emerging technologies such as artificial intelligence [1][19][27] Strategic Investors - Domestic M&A activity is buoyed by factors such as the launch of DeepSeek AI and the recovery of valuations in the Hong Kong capital market [2][27] - The growth in domestic M&A is concentrated in high-tech and mineral resources sectors, aligning with national strategies [2][29] - The number of inbound strategic M&A transactions remains low, with only about 30 transactions recorded [17][27] Financial Investors - Private equity fund transactions amounted to $51 billion, a 4% decrease year-on-year, with the number of transactions also declining by 3% [1][19][35] - Despite a slight decline in private equity financing in 2025 compared to 2024, it remains at a near nine-year high, with a notable advantage in domestic RMB financing [2][35] - The exit activity of private equity funds is strong, with M&A exits accounting for the highest proportion, while exits via mainland listings are weak [2][35] Overseas M&A by Mainland Enterprises - The total amount of overseas M&A transactions by mainland enterprises reached $11 billion, with 133 transactions, a 6% year-on-year decline [1][19] - Only 3 super-large transactions occurred, all in Europe, although there was an increase in transaction amounts compared to the same period in 2024 [1][19] Market Outlook - The market faces challenges such as geopolitical uncertainties and narrowed foreign investment channels, but positive factors include economic recovery and pent-up M&A demand [2][19] - It is anticipated that M&A activities in A-share listed companies and domestic markets may see growth, leading to a more active market in the second half of 2025, with overall transaction amounts expected to achieve a high double-digit growth compared to 2024 [2][19]