On October 13, the first three quarters of 2025 China M&A market transaction rankings were released. According to data statistics, in the first three quarters of 2025, China's M&A market (including Chinese enterprises' cross-border M&A) maintained steady overall activity, with a total of 5,870 disclosed M&A events, representing a slight increase of 0.51% year-on-year. The transaction value reached approximately 1.498 trillion yuan, down about 2.61% compared to the same period last year.
There were 19 M&A events with transaction values exceeding 10 billion yuan. Hygon Information Technology Co.,Ltd.'s absorption merger of 100% equity in Dawning Information Industry Co.,Ltd. ranked first with a transaction value of 115.967 billion yuan. Enn Natural Gas Co.,Ltd.'s subsidiary's acquisition of 65.89% equity in ENN Energy ranked second with a transaction value of 55.297 billion yuan. Dalian Wanda Commercial Management's sale of 48 Wanda Plazas ranked third with a transaction value of 50 billion yuan.
In terms of financial advisor participation in M&A events by scale, using the initial announcement date as the statistical criterion, CICC ranked first among financial advisors with 241.004 billion yuan, while CITIC Securities and China Post Securities ranked second and third with 240.085 billion yuan and 116.367 billion yuan respectively. Using the M&A transaction completion date as the statistical criterion, CITIC Securities ranked first with 224.834 billion yuan, while CSC Financial and Orient Securities ranked second and third with 156.615 billion yuan and 105.592 billion yuan respectively.
**1.1 China M&A Market Scale and Trends Over the Past Three Years**
In the first three quarters of 2025, China's M&A market disclosed 5,870 M&A events, up 0.51% year-on-year, with transaction value of approximately 1.498 trillion yuan, down about 2.61% year-on-year.
**1.2 Regional Distribution and Rankings**
From the regional distribution of participating parties, the most active region in China's M&A market in the first three quarters of 2025 was Shanghai, with M&A transaction value of 385.9 billion yuan, down 43.98% year-on-year. Beijing ranked second with transaction value of 289.5 billion yuan, down 52.96% year-on-year. Zhejiang ranked third with transaction value of 273.6 billion yuan, up 31.48% year-on-year.
**1.3 Industry Distribution and Rankings**
From the industry distribution of M&A targets, the top three industries by M&A scale were: Technology Hardware & Equipment industry with transaction value of 195.8 billion yuan, up 176.29% year-on-year; Materials industry with transaction value of 162.7 billion yuan, up 52.21% year-on-year; and Capital Goods industry with transaction value of 143.8 billion yuan, down 34.20% year-on-year.
**1.4 M&A Method Distribution**
From M&A method distribution, negotiated acquisition M&A events ranked first with 710.3 billion yuan, accounting for 45.34% of total scale. Capital increase M&A events ranked second with 183 billion yuan, accounting for 11.68% of total scale. External absorption merger events ranked third with 159.7 billion yuan, accounting for 10.19% of total scale.
**1.5 M&A Purpose Distribution**
From the M&A purpose distribution of participating parties, strategic cooperation M&A events accounted for 17.14% of total transaction scale with 261.4 billion yuan. Horizontal integration and asset adjustment accounted for 14.29% and 7.14% of total transaction scale with 218 billion yuan and 108.9 billion yuan respectively.
**1.6 M&A Scale Distribution**
From M&A scale distribution, events with transaction amounts between 1 billion and 10 billion yuan had the highest proportion, accounting for 37.95% of total transaction amount. Events with transaction amounts greater than 10 billion yuan ranked second, accounting for 36.78% of total transaction amount.
**1.7 Top 10 Equity M&A Transactions by Scale**
According to statistics, as of the first three quarters of 2025, the top ten M&A transactions by scale are as follows:
**No.1** Hygon Information Technology Co.,Ltd.'s absorption merger of 100% equity in Dawning Information Industry Co.,Ltd. Buyer: Hygon Information Technology Co.,Ltd. (688041.SH) Target: 100% equity in Dawning Information Industry Co.,Ltd. (603019.SH) M&A Method: External absorption merger Transaction Amount: 115.967 billion RMB Buyer's Independent Financial Advisor: CITIC Securities Target's Independent Financial Advisor: China Post Securities
**No.2** Enn Natural Gas Co.,Ltd.'s subsidiary's acquisition of 65.89% equity in ENN Energy Buyer: Xineng (Hong Kong) Energy Investment Limited; Enn Natural Gas Co.,Ltd. (600803.SH) Target: 65.89% equity in ENN Energy (2688.HK) M&A Method: Tender offer Transaction Amount: 55.297 billion RMB Buyer's Independent Financial Advisor: CICC; CITIC Securities Target's Independent Financial Advisor: Howson Capital
**No.3** Dalian Wanda Commercial Management's sale of 48 Wanda Plazas Buyer: Joint Investment Fund Target: 48 Wanda Plazas Seller: Wanda Commercial M&A Method: Negotiated acquisition Transaction Amount: 50 billion RMB Buyer's Financial Advisor: SDIC Securities Seller's Financial Advisor: CICC
**No.4** PetroChina subsidiaries' acquisition of 100% equity in three gas storage companies Buyer: 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: Xinjiang Petroleum Administration; Sichuan Petroleum Administration; Liaohe Petroleum Exploration Bureau M&A Method: Negotiated acquisition Transaction Amount: 40.016 billion RMB
**No.5** Jiaozuo Wanfang Aluminum Manufacturing Co.,Ltd.'s private placement acquisition of 99.4375% equity in Sanmenxia Aluminum Buyer: Jiaozuo Wanfang Aluminum Manufacturing Co.,Ltd. (000612.SZ) Target: 99.4375% equity in Sanmenxia Aluminum Seller: Jinjiang Group; Hangzhou Zhengcai; Zhejiang Hengjia Holdings Co., Ltd.; Hangzhou Yande Industrial Co., Ltd. and 19 other companies M&A Method: Issuance of shares to purchase assets Transaction Amount: 31.949 billion RMB Buyer's Independent Financial Advisor: Huatai Securities; China Galaxy
**No.6** Dongyang Guanghua's affiliate's acquisition of 100% equity in Chindata Group China Buyer: Yichang Dongshu No.3 Investment Co., Ltd. Target: 100% equity in Chindata Group China Seller: Stack HK Limited; BCPE Stack ZJK Limited; WT Alpha Ltd; Wu Huapeng; Xiao Qian M&A Method: Negotiated acquisition Transaction Amount: 28 billion RMB Seller's Financial Advisor: CICC; CITIC Securities
**No.7** China Resources Land subsidiary's acquisition of 100% equity in Shanghai Xinji Zhou and three other companies plus corresponding debt rights Buyer: Shanghai Hongzhe Real Estate Development Co., Ltd.; Shanghai Nanfang Target: 100% equity in Shanghai Xinji Zhou; 100% equity in Shanghai Xinji Fang; 100% equity in Shanghai Xinzhi Li; 100% equity in Shanghai Xinxian Fang; corresponding debt rights of four companies Seller: Shanghai Urban Renewal Construction Development Co., Ltd.; Shanghai Huangpu Urban Renewal Construction Development Co., Ltd. M&A Method: Negotiated acquisition Transaction Amount: 24.47 billion RMB
**No.8** Dongfeng Technology's indirect shareholder Dongfeng Motor Group's 100% equity acquisition and merger Buyer: Dongfeng Investment Target: 100% equity in Dongfeng Motor Group (0489.HK) M&A Method: External absorption merger; tender offer Transaction Amount: 21.316 billion RMB Buyer's Financial Advisor: CICC Target's Independent Financial Advisor: Howson Capital
**No.9** Xiangcai Co.,Ltd.'s absorption merger of Shanghai Dzh Limited Buyer: Xiangcai Co.,Ltd. (600095.SH) Target: 100% equity in Shanghai Dzh Limited (601519.SH) M&A Method: External absorption merger Transaction Amount: 17.213 billion RMB Seller's Independent Financial Advisor: Caitong Securities Target's Independent Financial Advisor: Yueguo Securities
**No.10** China Overseas Land & Investment subsidiary and others jointly acquire 90% equity in Xindong'an Enterprise and related debt rights and 90% equity in Xinbai'an Buyer: China Overseas Enterprise Development; Shanghai Hongrun Real Estate Co., Ltd.; Hangzhou Tourism Investment Real Estate Development Co., Ltd. Target: 90% equity in Xindong'an Enterprise and related debt rights; 90% equity in Xinbai'an Seller: Shanghai Urban Renewal Construction Development Co., Ltd.; Xuhui Investment M&A Method: Negotiated acquisition Transaction Amount: 15.478 billion RMB
**Intermediary Institution Rankings**
**2.1 Financial Advisor Rankings**
Looking at the scale of participation in M&A events as financial advisors or independent financial advisors, based on statistics for events with initial announcement dates in the first three quarters of 2025, CICC ranked first with transaction scale of 241.004 billion yuan; CITIC Securities ranked second with transaction scale of 240.085 billion yuan; China Post Securities ranked third with transaction scale of 116.367 billion yuan.
Based on M&A event completion date statistics, CITIC Securities ranked first with transaction scale of 224.834 billion yuan; CSC Financial ranked second with transaction scale of 156.615 billion yuan; Orient Securities tied for third with transaction scale of 105.592 billion yuan.
**Major Asset Restructuring Financial Advisor Rankings**
Looking at the scale of major asset restructuring events where institutions served as financial advisors or independent financial advisors, based on statistics for events with initial announcement dates in the first three quarters of 2025, CITIC Securities ranked first with transaction scale of 178.28 billion yuan; China Post Securities ranked second with transaction scale of 115.967 billion yuan; CICC ranked third with transaction scale of 68.514 billion yuan.
Based on major asset restructuring event completion date statistics, CITIC Securities ranked first with transaction scale of 145.765 billion yuan; CSC Financial ranked second with transaction scale of 138.117 billion yuan; Orient Securities ranked third with transaction scale of 105.177 billion yuan.
**2.2 Law Firm Rankings**
Looking at law firm participation in M&A by scale, based on statistics for events with initial announcement dates in the first three quarters of 2025, Guofeng Law Firm ranked first with transaction scale of 79.19 billion yuan; Zhonglun Law Firm ranked second with transaction scale of 69.611 billion yuan; King & Wood Mallesons ranked third with transaction scale of 34.018 billion yuan.
Based on M&A event completion date statistics, Jiayuan Law Firm ranked first with transaction scale of 174.428 billion yuan; AllBright Law Offices and Haiwen & Partners ranked second and third with transaction scales of 150.033 billion yuan and 104.248 billion yuan respectively.
**2.3 Accounting Firm Rankings**
Looking at accounting firm participation in M&A events by scale, based on statistics for events with initial announcement dates in the first three quarters of 2025, Tianjian Certified Public Accountants ranked first with transaction scale of 97.493 billion yuan; Zhongxi LLP ranked second with transaction scale of 56.129 billion yuan; BDO China Shu Lun Pan Certified Public Accountants ranked third with transaction scale of 50.55 billion yuan.
Based on M&A event completion date statistics, BDO China Shu Lun Pan Certified Public Accountants ranked first with transaction scale of 236.904 billion yuan; Grant Thornton ranked second with transaction scale of 124.994 billion yuan; KPMG ranked third with transaction scale of 105.767 billion yuan.
**2.4 Asset Appraisal Institution Rankings**
Looking at asset appraisal institution participation in M&A events by scale, based on statistics for initial announcement dates in the first three quarters of 2025, Zhonglian Assets Appraisal ranked first with transaction scale of 101.958 billion yuan, while Zhongqihua Assets Appraisal and BDO Assets Appraisal ranked second and third with transaction scales of 97.405 billion yuan and 58.825 billion yuan respectively.
Based on M&A event completion date statistics, Zhongqihua Assets Appraisal ranked first with transaction scale of 73.058 billion yuan, Zhonglian Assets Appraisal ranked second with transaction scale of 66.844 billion yuan, and Guorong Xinghua Assets Appraisal ranked third with transaction scale of 26.262 billion yuan.
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