2025年前三季度中国并购市场交易排行榜

Overview of M&A Market - In the first three quarters of 2025, China's M&A market disclosed 5,870 events, a slight increase of 0.51% year-on-year, with a total transaction value of approximately 1,498.1 billion RMB, representing a decrease of about 2.61% year-on-year [3][6]. Regional Distribution and Ranking - The most active region for M&A in the first three quarters of 2025 was Shanghai, with a transaction value of 385.9 billion RMB, down 43.98% year-on-year. Beijing followed with 289.5 billion RMB, down 52.96%, while Zhejiang saw an increase to 273.6 billion RMB, up 31.48% [6]. Industry Distribution and Ranking - The top three industries by M&A transaction value were: - Technology Hardware and Equipment: 195.8 billion RMB, up 176.29% year-on-year - Materials: 162.7 billion RMB, up 52.21% year-on-year - Capital Goods: 143.8 billion RMB, down 34.20% year-on-year [8]. M&A Method Distribution - The distribution of M&A methods showed that: - Agreement acquisitions led with a total of 710.3 billion RMB, accounting for 45.34% of the total - Capital increase acquisitions followed with 183.0 billion RMB, making up 11.68% - External absorption mergers ranked third with 159.7 billion RMB, representing 10.19% [10]. Purpose of M&A Distribution - The purposes of M&A transactions were categorized as follows: - Strategic cooperation: 261.4 billion RMB, 17.14% of total transaction value - Horizontal integration: 218.0 billion RMB, 14.29% - Asset adjustment: 108.9 billion RMB, 7.14% [13]. M&A Scale Distribution - The distribution of M&A transaction sizes indicated that: - Transactions between 1 billion and 10 billion RMB accounted for the highest proportion at 37.95% - Transactions exceeding 10 billion RMB accounted for 36.78% [14]. Top 10 M&A Transactions - The largest M&A transactions in the first three quarters of 2025 included: 1. Haiguang Information's absorption merger of 100% equity of Zhongke Shuguang for 1159.67 billion RMB 2. New Hope's subsidiary acquisition of 65.89% equity of New Hope Energy for 552.97 billion RMB 3. Dalian Wanda's sale of 48 Wanda Plazas for 500.00 billion RMB [18][19][21]. Financial Advisor Rankings - Based on the scale of M&A transactions, the top financial advisors were: 1. CICC: 2410.04 billion RMB 2. CITIC Securities: 2400.85 billion RMB 3. China Post Securities: 1163.67 billion RMB [31][32]. Legal and Accounting Firms Rankings - The leading law firms by transaction scale were: 1. Guofeng Law Firm: 791.90 billion RMB 2. Zhonglun Law Firm: 696.11 billion RMB 3. Jindu Law Firm: 340.18 billion RMB [37]. - The top accounting firms included: 1. Tianjian CPA: 974.93 billion RMB 2. Zhongxi CPA: 561.29 billion RMB 3. Lixin CPA: 505.50 billion RMB [40]. Asset Evaluation Institutions Rankings - The top asset evaluation institutions were: 1. Zhonglian Asset Evaluation: 1019.58 billion RMB 2. Zhongqi Hua Asset Evaluation: 974.05 billion RMB 3. Lixin Asset Evaluation: 588.25 billion RMB [43].