On January 8, Wind released the 2025 rankings for China's mergers and acquisitions market. According to Wind data, a total of 8,151 M&A transactions were disclosed in the Chinese M&A market (including cross-border M&As by Chinese enterprises) throughout 2025, representing a slight decrease of 0.72% year-on-year. The total transaction value reached approximately 25.894 trillion yuan, marking a significant increase of 16.12% compared to the previous year. There were 28 deals valued over 100 billion yuan, indicating robust activity in large-scale M&A transactions. The judicial auction of a 12.63% stake in Vantone Neo Development Group Co.,Ltd. ranked first with a transaction value of 231.61 billion yuan. China Shenhua Energy Company Limited's directed share issuance to acquire equity in 12 companies, including Guoyuan Power, secured the second spot with a deal size of 133.598 billion yuan. The share swap absorption merger by China International Capital Corporation Limited to acquire 100% equity of both Dongxing Securities Corporation Limited and Cinda Securities Co.,Ltd. ranked third, with a transaction value of 114.275 billion yuan.
In 2025, driven by a recovery in the global M&A market and the push for high-quality domestic economic development, China's M&A market demonstrated strong growth momentum, with transaction volume rising significantly. Supported by policies such as the "Six M&A Guidelines" and the revised "Administrative Measures for Major Asset Restructuring of Listed Companies," the market's institutional environment has become more efficient and inclusive. The implementation of innovative mechanisms like simplified reviews and installment payments for shares has further invigorated M&A market activity. The total annual M&A transaction value increased by approximately 359.5 billion yuan compared to 2024, reflecting a robust recovery in market demand and a positive response from the capital market under policy guidance.
From the perspective of the transaction value involving financial advisors, using the date of the initial announcement as the statistical benchmark, China International Capital Corporation Limited ranked first with 429.801 billion yuan. CITIC Securities and Shenwan Hongyuan secured the second and third positions with 304.691 billion yuan and 139.709 billion yuan, respectively. Using the transaction completion date as the benchmark, CITIC Securities led with 282.899 billion yuan, followed by China Securities and China International Capital Corporation Limited with 193.118 billion yuan and 150.905 billion yuan, respectively. (Note: This ranking includes domestic M&As, outbound M&As, and inbound M&As involving Chinese enterprises, excluding failed transactions.)
M&A Market Overview 1.1 M&A Market Size Statistics Throughout 2025, a total of 8,151 M&A transactions were disclosed in the Chinese M&A market, a decrease of 0.72% year-on-year. The total transaction value was approximately 25.894 trillion yuan, an increase of about 16.12% compared to the previous year. Quarterly breakdown shows M&A transaction values for 2025 were 427.2 billion yuan, 461 billion yuan, 741 billion yuan, and 960.2 billion yuan, respectively. (Note: Events in this section are based on the initial announcement date, excluding failed transactions.)
1.2 Regional Distribution and Rankings Analyzing the regional distribution of participating parties, Beijing was the most active region in China's 2025 M&A market, with a transaction value of 10.93 trillion yuan, up 48.59% year-on-year. Shanghai ranked second with a transaction value of 6.092 trillion yuan, down 14.92% year-on-year. Guangdong placed third with a transaction value of 4.593 trillion yuan, a decrease of 17.89% compared to the previous year.
1.3 Industry Distribution and Rankings Based on the industry distribution of the acquisition targets, the top three sectors by M&A value were Industrials, with a transaction value of 7.605 trillion yuan, up 11.67% year-on-year; the Real Estate sector, with a transaction value of 4.443 trillion yuan, surging 549.36% year-on-year; and the Information Technology sector, with a transaction value of 2.855 trillion yuan, an increase of 35.84% year-on-year.
1.4 Distribution by M&A Method By M&A method, agreement-based acquisitions ranked first with a value of 10.681 trillion yuan, accounting for 39.75% of the total. Share issuance for asset purchases ranked second with a value of 3.319 trillion yuan, constituting 12.35% of the total. Auction-based M&As placed third with a value of 2.645 trillion yuan, representing 9.84% of the overall market.
1.5 Distribution by M&A Purpose Analyzing the purposes of the participating parties, horizontal integration M&As accounted for the largest share by value at 5.966 trillion yuan, representing 22.70% of total transactions. Asset adjustment and strategic cooperation followed, with values of 2.498 trillion yuan and 2.059 trillion yuan, accounting for 9.51% and 7.84% of the total transaction value, respectively.
1.6 Distribution by M&A Scale In terms of deal size distribution, transactions valued over 10 billion yuan had the highest proportion, accounting for 42.14% of the total transaction value. Deals valued between 1 billion and 10 billion yuan ranked second, constituting 34.48% of the total value.
1.7 Top 10 M&A Transactions by Value According to Wind statistics, the top ten M&A transactions by value as of 2025 are as follows: No. 1 Judicial Auction of 12.63% Equity in Vantone Neo Development Group Co.,Ltd. Buyer(s): Shen Zhenyu; Yang Fan; Wei Wei; Xia Lu; Zhong Ge; Yuan Zhengda; Li Lidan; Jian Jiang Target: 12.63% equity in Vantone Neo Development Group Co.,Ltd. (600246.SH) Seller(s): Jiahua Oriental Holdings; Vantone Investment M&A Method: Auction Transaction Value: 231.61 Billion RMB
No. 2 China Shenhua Energy's Directed Share Issuance to Acquire Equity in Guoyuan Power and 11 Other Companies Buyer: China Shenhua Energy Company Limited (601088.SH) Target: Equity in Guoyuan Power and 11 other companies Seller: National Energy Group Western Energy Investment Co., Ltd.; National Energy Investment Group M&A Method: Share Issuance for Asset Purchase Transaction Value: 133.598 Billion RMB Buyer's Independent Financial Advisor: CITIC Securities
No. 3 China International Capital Corporation's Share Swap Absorption Merger for 100% Equity of Dongxing Securities and Cinda Securities Buyer: China International Capital Corporation Limited (601995.SH) Target: 100% equity of Dongxing Securities Corporation Limited; 100% equity of Cinda Securities Co.,Ltd. (601198.SH; 601059.SH) M&A Method: External Absorption Merger Transaction Value: 114.275 Billion RMB Buyer's Financial Advisor: Shenwan Hongyuan; China International Capital Corporation Limited Buyer's Independent Financial Advisor: Industrial Securities Target's Independent Financial Advisor: SDIC Securities; Bank Of China Securities
No. 4 Metallurgical Corporation Of China and Subsidiary Sell 100% Equity of MCC Real Estate and 5 Other Companies, Plus Target Claims Against MCC Real Estate Buyer(s): Minmetals Land; China Minmetals Corporation Target: 100% equity of MCC Real Estate and 5 other companies; Target claims against MCC Real Estate Seller(s): Metallurgical Corporation Of China Ltd. (601618.SH); Huaye Group M&A Method: Agreement-based Acquisition Transaction Value: 60.676 Billion RMB Seller's Financial Advisor: China International Capital Corporation Limited
No. 5 Enn Natural Gas Subsidiary Acquires 65.89% Equity in ENN Energy Holdings Buyer(s): Xinneng (Hong Kong) Energy Investment Co., Ltd.; Enn Natural Gas Co.,Ltd. (600803.SH) Target: 65.89% equity in ENN Energy Holdings (2688.HK) M&A Method: Tender Offer Transaction Value: 55.297 Billion RMB Buyer's Independent Financial Advisor: China International Capital Corporation Limited; CITIC Securities Target's Independent Financial Advisor: Hydra Capital
No. 6 Dalian Wanda Commercial Management Sells 48 Wanda Plazas Buyer: United Investment Fund Target: 48 Wanda Plazas Seller: Wanda Commercial Management M&A Method: Agreement-based Acquisition Transaction Value: 50.0 Billion RMB Seller's Financial Advisor: China International Capital Corporation Limited
No. 7 Semiconductor Manufacturing International Corporation's Directed Share Issuance to Acquire 49% Equity in SMIC Northern Buyer: Semiconductor Manufacturing International Corporation (688981.SH) Target: 49% equity in SMIC Northern Seller(s): National Integrated Circuit Industry Investment Fund; Beijing Integrated Circuit; E-Town Capital; Zhongguancun Development Group; Beijing Industrial Investment M&A Method: Share Issuance for Asset Purchase Transaction Value: 40.6 Billion RMB Buyer's Independent Financial Advisor: Guotai Junan Securities; Haitong Securities
No. 8 PetroChina Subsidiaries Acquire 100% Equity in Three Gas Storage Companies Buyer(s): PetroChina (Xinjiang) Xinjiang Oilfield Hutubi Gas Storage Co., Ltd.; PetroChina (Chongqing) Southwest Oil & Gas Field Xiangguosi Gas Storage Co., Ltd.; PetroChina (Liaoning) Liaohe Oilfield Liaohe Gas Storage Co., Ltd. Target: 100% equity in Xinjiang Oilfield Gas Storage Company; 100% equity in Xiangguosi Gas Storage Company; 100% equity in Liaohe Oilfield Gas Storage Company Seller(s): Xinjiang Petroleum Administration; Sichuan Petroleum Administration; Liaohe Petroleum Exploration Bureau M&A Method: Agreement-based Acquisition Transaction Value: 40.016 Billion RMB
No. 9 Jiaozuo Wanfang Aluminum's Directed Share Issuance to Acquire 99.4375% Equity in Sanmenxia Aluminum Buyer: Jiaozuo Wanfang Aluminum Manufacturing Co.,Ltd. (000612.SZ) Target: 99.4375% equity in Sanmenxia Aluminum Seller(s): Jinjiang Group; Hangzhou Zhengcai; Zhejiang Hengjia Holding Co., Ltd.; Hangzhou Yande Industrial Co., Ltd., and 16 other companies. M&A Method: Share Issuance for Asset Purchase Transaction Value: 31.949 Billion RMB Buyer's Independent Financial Advisor: Huatai Securities; China Galaxy Securities
No. 10 Dongyang Guang's Investee Company Acquires 100% Equity in Chindata Group China Buyer: Yichang Dongshu Sanhao Investment Co., Ltd. Target: 100% equity in Chindata Group China Seller(s): Stack HK Limited; BCPE Stack ZJK Limited; WT Alpha Ltd.; Wu Huapeng; Xiao Qian M&A Method: Agreement-based Acquisition Transaction Value: 28.0 Billion RMB Seller's Financial Advisor: China International Capital Corporation Limited; CITIC Securities
Intermediary Rankings 2.1 Financial Advisor Rankings 2.1.1 China M&A Business Financial Advisor Rankings Based on the transaction value of M&A deals where institutions acted as financial advisors or independent financial advisors, using the initial announcement date in 2025 as the benchmark, China International Capital Corporation Limited ranked first with a transaction value of 429.801 billion yuan. CITIC Securities ranked second with 304.691 billion yuan, and Shenwan Hongyuan placed third with 139.709 billion yuan. Using the transaction completion date as the benchmark, CITIC Securities led with 282.899 billion yuan, followed by China Securities with 193.118 billion yuan, and China International Capital Corporation Limited tied for third with 150.905 billion yuan.
2.1.2 Major Asset Restructuring Financial Advisor Rankings Based on the transaction value of major asset restructuring deals where institutions acted as financial advisors or independent financial advisors, using the initial announcement date in 2025 as the benchmark, China International Capital Corporation Limited ranked first with 182.789 billion yuan. Industrial Securities ranked second with 114.495 billion yuan, and Shenwan Hongyuan placed third with 114.409 billion yuan. Using the completion date of major asset restructuring events as the benchmark, CITIC Securities ranked first with 187.843 billion yuan, China Securities ranked second with 166.972 billion yuan, and Orient Securities ranked third with 105.177 billion yuan.
2.2 Law Firm Rankings Based on the transaction value of M&A deals involving law firms, using the initial announcement date in 2025 as the benchmark, Zhong Lun Law Firm ranked first with a transaction value of 207.455 billion yuan. JunHe LLP placed second with 177.784 billion yuan, and Grandway Law Offices ranked third with 80.184 billion yuan. Using the transaction completion date as the benchmark, Jia Yuan Law Firm ranked first with 186.985 billion yuan, while AllBright Law Offices and Haiwen & Partners placed second and third with 149.893 billion yuan and 104.248 billion yuan, respectively.
2.3 Accounting Firm Rankings Based on the transaction value of M&A deals involving accounting firms, using the initial announcement date in 2025 as the benchmark, Ernst & Young Hua Ming LLP ranked first with a transaction value of 214.538 billion yuan. Pan-China Certified Public Accountants ranked second with 106.263 billion yuan, and BDO China Shu Lun Pan Certified Public Accountants LLP placed third with 72.156 billion yuan. Using the transaction completion date as the benchmark, BDO China Shu Lun Pan Certified Public Accountants LLP ranked first with 257.601 billion yuan, Grant Thornton China placed second with 160.27 billion yuan, and KPMG Huazhen LLP ranked third with 105.767 billion yuan.
2.4 Asset Appraisal Agency Rankings Based on the transaction value of M&A deals involving asset appraisal agencies, using the initial announcement date in 2025 as the benchmark, China United Assets Appraisal Group ranked first with a transaction value of 249.501 billion yuan. China Enterprise Appraisal Co., Ltd. and Zhongshui Zhiyuan Assets Appraisal placed second and third with 248.086 billion yuan and 77.774 billion yuan, respectively. Using the transaction completion date as the benchmark, China Enterprise Appraisal Co., Ltd. ranked first with 79.209 billion yuan, China United Assets Appraisal Group placed second with 65.736 billion yuan, and Tianjian Xingye Assets Appraisal ranked third with 50.847 billion yuan.
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