PwC: China's M&A market is expected to significantly rebound by 2025, with transaction volume increasing by 47% year-on-year.

PricewaterhouseCoopers' latest report on the "Review and Outlook of China's M&A Market in 2025" shows that, benefiting from capital market valuation restoration, policy dividends release, and accelerated industrial upgrading, China's M&A market achieved significant warming in 2025, with transaction volume and quantity both increasing substantially, led by domestic strategic investments. The total disclosed transaction amount exceeded $400 billion for the year, a 47% year-on-year increase, marking the first rebound in five years; the total number of transactions exceeded 12,000, a nearly 20% increase, indicating overall market activity enhancement. Among the 34 super-large transactions in the domestic strategic investment sector, over half were driven by state-owned assets, mainly concentrated in industries such as semiconductors, artificial intelligence, and new energy, reflecting deepening industry consolidation under policy guidance.