Core Insights - The merger and acquisition (M&A) market showed signs of recovery in July 2025, with 291 completed transactions, a year-on-year increase of nearly 10%, and a total value of $11.729 billion, reflecting a 23.93% growth compared to the previous year [2][6]. Group 1: Major Transactions - The most notable transaction was TCL Technology Group's acquisition of a 21.53% stake in Huaxing Optoelectronics for 11.562 billion RMB, marking the largest single exit for private equity in July [2][3]. - Shenzhen State-owned Assets Management achieved a significant cash return of 11.562 billion RMB from this transaction, which accounted for nearly 80% of the total private equity exits in July [5][6]. Group 2: Market Overview - In July 2025, the Chinese M&A market exhibited a pattern of "decreased proposal volume but stable pricing," with 405 disclosed M&A proposals, a 25.28% decrease year-on-year, while completed transactions increased by 9.81% [6][12]. - The total value of completed transactions reached $11.729 billion, indicating improved market execution efficiency and gradually restored confidence [6][12]. Group 3: Fund Exits - A total of 45 private equity funds achieved exits in July, doubling the number from the same period last year, with total funds returned amounting to 14.36 billion RMB, the highest in the past year [13][15]. - Notable exits included the sale of 24% equity in Guangzhou Xingke by the National Big Fund, generating approximately 320 million RMB [15].