In the first quarter of 2025, the Chinese market ranked list of mergers and acquisitions with a transaction volume of approximately 777.9 billion yuan, a year-on-year increase of about 115.30%.

According to Wind data, in the first quarter of 2025, the Chinese M&A market (including Chinese companies' cross-border M&A) disclosed a total of 1,647 M&A events, an increase of 0.98% year-on-year; with a transaction volume of about 777.9 billion yuan, an increase of about 115.30% year-on-year, indicating a significant increase in market activity. There were a total of 9 M&A events with a transaction volume of over 10 billion yuan. The top three events in terms of transaction volume were related to major supportive measures by the Ministry of Finance to inject capital into state-owned banks, with the event of Bank of China's 8.48% equity change ranking first with a transaction volume of 160 billion yuan; the event of Postal Savings Bank of China's 15.54% equity change ranking second with a transaction volume of 117.58 billion yuan; the event of BANKCOMM's 10.92% equity change ranking third with a transaction volume of 112.42 billion yuan. The combined volume of these events accounted for the majority of the transaction amount in the first quarter. In terms of financial advisors' participation in M&A events, using the first announcement date of the M&A event as the calculation basis, Guotai Junan ranked first with a transaction volume of 112.42 billion yuan, followed by CITIC Securities and Shenwan Hongyuan Group with transaction volumes of 16.25 billion and 15.896 billion yuan, respectively. Using the completion date of the M&A transaction as the calculation basis, Orient ranked first with a transaction volume of 98.031 billion yuan, while Jalin Capital and BOC International tied for second place with transaction volumes of 97.615 billion yuan. (Note: This ranking criteria includes domestic M&A, outward M&A, and inward M&A by Chinese companies, and excludes failed events.) Overview of M&A Market 1.1 Size and Trends of the Chinese M&A Market in the Past Three Years In the first quarter of 2025, the Chinese M&A market disclosed a total of 1,647 M&A events, an increase of 0.98% year-on-year; with a transaction volume of about 777.9 billion yuan, an increase of about 115.30% year-on-year. (Note: Events in this section are based on the first announcement date and exclude failed events.) 1.2 Situation of the Chinese M&A Market in the First Quarter of 2025 1.2.1 Regional Distribution and Ranking In terms of the geographical distribution of the parties involved, Beijing ranked first in the active regions of the Chinese M&A market in the first quarter of 2025, with a transaction volume of 546.7 billion yuan, an increase of 629.29% year-on-year; Shanghai ranked second with a transaction volume of 163.8 billion yuan, an increase of 92.30% year-on-year; and Guangdong Province ranked third with a transaction volume of 61.9 billion yuan, a decrease of 22.97% year-on-year. 1.2.2 Industry Distribution and Ranking In terms of the industry distribution of the targets of the M&A transactions, the top three industries in terms of transaction volume were banks, with a transaction volume of 504.8 billion yuan, an increase of 3,725.95% year-on-year; materials industry with a transaction volume of 49.5 billion yuan, an increase of 64.48% year-on-year; and capital goods industry with a transaction volume of 30.8 billion yuan, an increase of 67.32% year-on-year. 1.2.3 Distribution of M&A Methods In terms of the distribution of M&A methods, acquisitions of new shares issued by companies ranked first in terms of transaction volume, accounting for 64.33% of the total volume; followed by agreement acquisitions with a transaction volume of 144.9 billion yuan, accounting for 18.38% of the total volume; and capital increase acquisitions with a transaction volume of 40.9 billion yuan, accounting for 5.19% of the total volume. 1.2.4 Distribution of M&A Purposes In terms of the distribution of the purposes of M&A transactions by the parties involved, horizontal integration type M&A events accounted for 67% of the total transaction volume, while strategic cooperation and asset adjustment accounted for 6.52% and 1.73% of the total transaction volume, respectively. 1.2.5 Distribution of M&A Scales In terms of the distribution of M&A scales, events with transaction amounts exceeding 10 billion yuan accounted for the highest proportion, at 71.27% of the total transaction volume. The second highest proportion was events with transaction amounts ranging from 1 to 10 billion yuan, accounting for 16.05% of the total transaction volume. 1.2.6 Top 10 M&A Transaction Scales As of the end of the first quarter of 2025, the top ten M&A events in terms of transaction volume are as follows: No. 1: Bank of China's 8.48% equity change Buyer: Ministry of Finance of the People's Republic of China Target: Bank of China's 8.48% equity (601988.SH) M&A Method: Acquiring new shares issued by a public company Transaction Amount: 165 billion yuan No. 2: Postal Savings Bank of China's 15.54% equity change Buyer: Ministry of Finance of the People's Republic of China Target: Postal Savings Bank of China's 15.54% equity (601658.SH) M&A Method: Acquiring new shares issued by a public company Transaction Amount: 117.58 billion yuan No. 3: BANKCOMM's 10.92% equity change Buyer: Ministry of Finance of the People's Republic of China Target: BANKCOMM's 10.92% equity (601328.SH) M&A Method: Acquiring new shares issued by a public company Transaction Amount: 112.42 billion yuan Target's Financial Advisor: Guotai Junan No. 4: China Construction Bank Corporation's partial equity change Buyer: Ministry of Finance of the People's Republic of China Target: China Construction Bank Corporation's partial equity (601939.SH) M&A Method: Acquiring new shares issued by a public company Transaction Amount: 105 billion yuan No. 5: Xiangcai Co., Ltd. absorption and merger with Shanghai DZH Li.limitedBuyer: Xiangcai Co., Ltd. (600095.SH) Target: Shanghai DZH Limited 100% equity (601519.SH) Acquisition method: External absorption and merger Transaction amount: 17.213 billion RMB No.6 Change of control of Zangge Mining Buyer: Zijin International Holdings Limited (2899.HK) Target: Zangge Mining 24.82% equity (000408.SZ) Sellers: Lin Jifang; Qinghai Zangge Investment; Ningbo Meishan Bonded Port New Sha Hongyun Investment Management Co., Ltd.; Yonghong Industrial Acquisition method: Agreement acquisition Transaction amount: 13.729 billion RMB Buyer's financial advisor: Guotai Securities No.7 Aluminum Corporation of China's subsidiary absorbs and merges 50% equity of Inner Mongolia Huayun Buyer: Baotou Aluminum Industry Target: 50% equity of Inner Mongolia Huayun Acquisition method: External absorption and merger Transaction amount: 11.743 billion RMB No.8 Tcl Corporation acquires 21.5311% equity of Shenzhen Huaxing Semiconductor Buyer: Tcl Corporation (000100.SZ) Target: 21.5311% equity of Shenzhen Huaxing Semiconductor Seller: Shenzhen Major Industrial Development Fund Phase I Ltd. Acquisition method: Issuing shares to purchase assets Transaction amount: 11.562 billion RMB Buyer's independent financial advisor: Shenwan Hongyuan Group No.9 Tongwei Co., Ltd.'s subsidiary Yongxiang shares introduced strategic investors Buyer: Strategic investors Target: 27.03% equity of Yongxiang shares Acquisition method: Capital increase Transaction amount: 10.00 billion RMB No.10 Sequoia Capital acquires partial equity of Marshall Buyer: Sequoia Capital Investment Target: Partial equity of Marshall Acquisition method: Agreement acquisition Transaction amount: 7.888 billion RMB Intermediary agency ranking 2.1 Financial advisor ranking 2.1.1 Financial advisor ranking in the Chinese M&A business According to the scale of M&A events in which financial advisors or independent financial advisors were involved, as of the first quarter of 2025, the top-ranking Guotai Junan had a transaction scale of 112.42 billion RMB; the second-ranked Guotai Securities had a transaction scale of 162.47 billion RMB; and the third-ranked Shenwan Hongyuan Group had a transaction scale of 158.96 billion RMB. Based on the completion date of M&A events, Orient ranked first with a transaction scale of 980.31 billion RMB; followed by Jialin Capital and BOC International, with transaction scales of 976.15 billion RMB each. 2.1.2 Major asset restructuring financial advisor ranking In terms of the scale of major asset restructuring events in which institutions served as financial advisors or independent financial advisors, as of the first quarter of 2025, the top-ranking China Securities Co., Ltd. had a transaction scale of 25.15 billion RMB; followed by EB SECURITIES, with a transaction scale of 5.02 billion RMB; and Huacheng Securities and Cinda, both with transaction scales of 4.00 billion RMB. Based on the completion date of major asset restructuring events, Orient, China International, and Jialin Capital tied for first place, with transaction scales of 976.15 billion RMB. 2.2 Law firm ranking In terms of the scale of M&A events in which law firms participated, as of the first quarter of 2025, King & Wood Mallesons ranked first with a transaction scale of 118.63 billion RMB; Jia Yuan Law Firm ranked second with a transaction scale of 115.62 billion RMB; and Zhong Lun Law Firm ranked third with a transaction scale of 55.36 billion RMB. Based on the completion date of M&A events, Broad & Bright Law Firm ranked first with a transaction scale of 982.80 billion RMB; Haiwen Law Firm and Jia Yuan Law Firm ranked second and third with transaction scales of 976.15 billion RMB and 473.47 billion RMB respectively. 2.3 Accounting firm ranking In terms of the scale of M&A events in which accounting firms participated, as of the first quarter of 2025, Ernst & Young Hua Ming accounting firm ranked first with a transaction scale of 169.94 billion RMB; Rongcheng accounting firm ranked second with a transaction scale of 132.76 billion RMB; and PwC Zhonghe accounting firm ranked third with a transaction scale of 42.66 billion RMB. Based on the completion date of M&A events, KPMG accounting firm ranked first with a transaction scale of 1,049.44 billion RMB; Deloitte accounting firm ranked second with a transaction scale of 1,005.41 billion RMB; and PwC Zhonghe accounting firm ranked third with a transaction scale of 299.06 billion RMB. 2.4 Asset appraisal institution ranking In terms of the scale of M&A events in which asset appraisal institutions participated, as of the first quarter of 2025, Zhonglian Asset Appraisal ranked first with a transaction scale of 207.29 billion RMB; Guozhonglian Asset Appraisal and Zhuoxin Dahua Asset Appraisal ranked second and third with transaction scales of 133.57 billion RMB and 108.33 billion RMB respectively. Based on the completion date of M&A events, Zhonglian Asset Appraisal ranked first with a transaction scale of 322.41 billion RMB; Guorongxinghua Asset Appraisal ranked second with a transaction scale of 176.39 billion RMB; and China Enterprises China Asset Appraisal ranked third with a transaction scale of 100.85 billion RMB.Find the "Declare M&A Event" button on the event details page or the statistics and rankings page, and click the button to generate a declaration email.This article is translated from the WeChat official account "Wind Wan De", edited by GMTEight: Li Cheng