Core Insights - The total M&A volume involving mainland China reached $252 billion in the first half of 2025, marking a year-on-year increase of 129.8% but a quarter-on-quarter decline of 21.9% [2] - The number of announced deals was 2,204, reflecting a year-on-year growth of 1.7% and a quarter-on-quarter increase of 8.7% [2] M&A Activity Breakdown - Chinese companies' overseas acquisitions amounted to $10.6 billion, up 105.3% year-on-year, while foreign companies' acquisitions of Chinese firms totaled $7.4 billion, down 31.5% [4] - Domestic M&A activity reached $225.1 billion, showing a significant year-on-year increase of 168.4% [4] - The financial sector dominated M&A activity with a market share of 29.81%, totaling $75.1 billion, a remarkable year-on-year growth of 524.1% [6] - The energy and power sector ranked second with a market share of 16.85%, increasing by 355.3% year-on-year, while the high-tech sector was third with a market share of 16.32% and a year-on-year growth of 119.4% [6] Leading Financial Advisors - CITIC Securities led the M&A advisory rankings for the first half of 2025 with a market share of 20% and a transaction value of $50.4 billion [9] - Goldman Sachs and JPMorgan Chase followed with market shares of 14.3% and 13.3%, respectively [9] - In terms of deal volume, Industrial and Commercial Bank of China, China International Capital Corporation, and CITIC Securities were the top three [10] Legal Advisors Rankings - Yearly rankings for legal advisors showed that Yingke Law Firm, King & Wood Mallesons, and JY Law Firm were the top three by transaction value [11] - In terms of deal count, Fangda Partners, King & Wood Mallesons, and Yingke Law Firm led the rankings [12]

Core Insights - In Q1 2025, the total M&A transaction value involving mainland China reached $124.9 billion, marking a 111.6% increase year-over-year and a 15.9% increase quarter-over-quarter [1] - The number of announced transactions was 935, which represents a decline of 11.3% from the previous quarter and a 43.7% decrease from the same period last year [1][3] Summary by Category M&A Activity - Chinese companies' outbound acquisition value reached $4 billion, a 62% increase compared to the same period last year [3] - Foreign companies' acquisitions of mainland Chinese companies totaled $1.9 billion, down 32.8% year-over-year [3] - Domestic M&A activity in mainland China was robust, totaling $116.8 billion, up 131.3% year-over-year [3] Industry Performance - The financial sector dominated M&A activities involving mainland China, accounting for 57.97% of the market share with a total transaction value of $72.4 billion, a staggering 977.3% increase year-over-year [5] - The high-tech sector followed with an 11.83% market share, growing 43.2% year-over-year [5] - The energy and power sector ranked third, with a market share of 9.56% and a transaction value of $11.9 billion, reflecting a 319.3% increase year-over-year [5] Leading Financial Advisors - Goldman Sachs led the M&A transaction rankings for Q1 2025 with a market share of 14.78% and a total transaction value of $18.5 billion [8] - JPMorgan Chase ranked second with a market share of 14.22%, while Cailin Capital secured third place with a 13.33% market share [8] Legal Advisors - Sullivan & Cromwell, White & Case LLP, and JY Law Firm were the top three legal advisors in Q1 2025 for M&A transactions involving mainland China [10] - Sullivan & Cromwell had a transaction value of $95.5 million, representing a market share of 7.6% [11]