Sou Hu Cai Jing·2026-01-26 06:10Core Findings - The 2025 Chinese M&A market shows significant structural differentiation, characterized by a "volume decrease and price increase" trend, with multiple dynamics including market stabilization, private equity fund exit recovery, and notable regional and industry concentration [1][16]. M&A Market Overview - In 2025, the number of announced M&A transactions decreased by 20.27% year-on-year to 5,086, marking a seven-year low, indicating a cooling market activity. However, the total disclosed amount for 3,499 transactions reached 23,735.15 billion yuan, a year-on-year increase of 29.08%, highlighting a significant expansion in single transaction sizes [13][16]. - The total number of completed transactions for the year was 3,342, a slight increase of 0.45% year-on-year, with the total disclosed amount for 2,026 transactions reaching 14,851.31 billion yuan, a substantial year-on-year growth of 54.41%, reversing the downward trend since 2019 [17][16]. Private Equity Fund Exit Trends - In 2025, private equity funds exited through M&A reached 469, a year-on-year increase of 22.77%, recovering to the highest level since 2022. The total capital returned was 642.15 billion yuan, up 8.54% year-on-year, indicating improved exit efficiency and capital circulation capabilities [2][26]. Major M&A Cases - In 2025, there were 20 transactions exceeding 10 billion yuan, with the largest being China Shipbuilding's merger with China Shipbuilding Industry Corporation at 1,151.50 billion yuan, marking a significant milestone in China's shipbuilding industry [30][31]. Cross-Border M&A Trends - The cross-border M&A market completed 144 transactions in 2025, a year-on-year decrease of 13.77%. The total disclosed amount for 105 transactions was 1,181.46 billion yuan, down 5.73% year-on-year, indicating a continued low activity level in the cross-border M&A sector [33][36]. Industry and Regional Distribution - Guangdong province led the M&A market in China, benefiting from the advantages of the Guangdong-Hong Kong-Macao Greater Bay Area. The electronic information, traditional manufacturing, healthcare, and energy mining sectors emerged as hot spots for M&A activity [3][38]. - In terms of transaction volume, electronic information accounted for 17.32% of the total, while the financial sector led in transaction scale with 2,035.96 billion yuan, representing 13.71% of the total disclosed amount [43][39].