According to Wind data, China's merger and acquisition market, including cross-border deals involving Chinese companies, recorded 1,734 disclosed M&A transactions in the first quarter of 2026, marking a 5.86% year-on-year increase. The total transaction value reached approximately 454.1 billion yuan, up about 6.53% compared to the same period last year. Three deals exceeded 10 billion yuan in scale. The sale of Moonton Technology's 100% equity by ByteDance ranked first with a transaction value of 41.339 billion yuan. The change of control in Chifeng Jilong Gold Mining Co., Ltd. took second place with a deal size of 18.258 billion yuan, while the acquisition of a 91.2% stake in Zhengzhou Heying by a subsidiary of YNEC and other investors ranked third with a transaction value of 9.412 billion yuan.
From the perspective of financial advisor involvement in M&A deals, based on the initial announcement date, CITIC Securities led with 31.098 billion yuan, followed by Shenwan Hongyuan with 13.158 billion yuan, and Guoyuan Securities with 4.998 billion yuan. When measured by the completion date of transactions, CITIC Securities also ranked first with 242.122 billion yuan, China International Capital Corporation (CICC) came in second with 126.418 billion yuan, and Huatai United secured third place with 83.207 billion yuan. (Note: This ranking includes domestic, outbound, and inbound M&A transactions by Chinese companies, excluding failed deals.)
**M&A Market Overview** **1.1 Scale and Trends of China's M&A Market Over the Past Three Years** In the first quarter of 2026, China's M&A market reported 1,734 disclosed transactions, a 5.86% year-on-year increase. The total transaction value was approximately 454.1 billion yuan, up 6.53% year-on-year. (Note: Events in this section are based on the initial announcement date, excluding failed transactions.)
**1.2 China's M&A Market in Q1 2026** **1.2.1 Regional Distribution and Ranking** By region of the participating parties, Shanghai was the most active in China's M&A market during Q1 2026, with a transaction value of 219.8 billion yuan, up 66.70% year-on-year. Beijing ranked second with 121.2 billion yuan, an increase of 43.39%, while Guangdong province placed third with 77.2 billion yuan, rising 15.16%.
**1.2.2 Industry Distribution and Ranking** By industry of the target companies, the top three sectors by M&A transaction value were Industrials, with 92.8 billion yuan, down 20.06% year-on-year; Materials, with 43.7 billion yuan, down 36.28%; and Information Technology, with 21.4 billion yuan, down 61.96%.
**1.2.3 M&A Method Distribution** By acquisition method, negotiated acquisitions ranked first with a value of 284.7 billion yuan, accounting for 60.63% of the total. Secondary market acquisitions came second with 55.3 billion yuan, representing 11.78%, while capital increase acquisitions placed third with 49.1 billion yuan, making up 10.45%.
**1.2.4 M&A Purpose Distribution** By purpose of the transactions, strategic cooperation deals accounted for 10.67% of the total value at 52 billion yuan. Horizontal integration and asset adjustment followed with 33 billion yuan (6.77%) and 32.7 billion yuan (6.71%), respectively.
**1.2.5 M&A Scale Distribution** By transaction size, deals exceeding 10 billion yuan had the highest proportion, representing 37.14% of the total value. Transactions between 1 billion and 10 billion yuan ranked second, accounting for 34.05%.
**1.2.6 Top 10 M&A Transactions by Value** According to Wind statistics, the top ten M&A transactions by value as of Q1 2026 are as follows:
1. **ByteDance sells 100% equity of Moonton Technology** Buyer: Savvy Games Group Target: 100% equity of Moonton Technology Seller: Douyin Limited Method: Negotiated Acquisition Value: 41.339 billion yuan
2. **Change of control in Chifeng Jilong Gold Mining Co., Ltd.** Buyer: Zijin Gold (Group) Co., Ltd. Target: 25% equity of Chifeng Jilong Gold Mining Co., Ltd. (600988.SH) Seller: Zhejiang Hanfeng Venture Capital Partnership (L.P.); Li Jinyang Method: Negotiated Acquisition Value: 18.258 billion yuan Buyer's Financial Advisor: CITIC Securities
3. **YNEC subsidiary and other investors acquire 91.2% stake in Zhengzhou Heying** Buyer: Xiantian Computing Power; Other investors Target: 91.2% equity of Zhengzhou Heying Seller: Huailai Heying Data Technology Co., Ltd.; Huailai Heying Cloud Data Technology Co., Ltd.; Huailai Heyingyuan Data Technology Co., Ltd.; Langfang Heying Data Technology Co., Ltd.; Zhongtong Hengdian (Huailai) Comprehensive Energy Service Co., Ltd.; Tianjin Zhengxin; Tianjin Zhengxin Cloud Consulting Partnership (L.P.) Method: Negotiated Acquisition Value: 9.412 billion yuan
4. **TCL Technology Group Corporation acquires 45.00% stake in Guangzhou TCL China Star Semiconductor through private placement** Buyer: TCL Technology Group Corporation (000100.SZ) Target: 45.00% equity of Guangzhou TCL China Star Semiconductor Seller: Hengjian Holding; Guangzhou Chengfa Xingguang Investment Partnership (L.P.); Science City Group Method: Share Issuance for Asset Acquisition Value: 9.325 billion yuan Buyer's Independent Financial Advisor: Shenwan Hongyuan
5. **J&T Express subscribes for 4.29% stake in S.F.Holding Co.,Ltd.** Buyer: J&T Express-W (1519.HK) Target: 4.29% equity of S.F.Holding Co.,Ltd. (002352.SZ) Method: Acquisition of Newly Issued Shares from a Public Company Value: 7.459 billion yuan
6. **Aluminum Corporation of China Limited and related parties acquire 68.596% stake in Brazil Aluminum** Buyer: Aluminum Corporation of China Limited (2600.HK); Rio Tinto International Holdings Limited Target: 68.596% equity of Brazil Aluminum Seller: Votorantim Method: Negotiated Acquisition Value: 6.285 billion yuan
7. **Equity change of 33.24% stake in Anhui Wanwei Updated High-Tech Material Industry Co.,Ltd.** Buyer: Conch Group; Anhui Investment Group; Anhui State-owned Capital Operation Target: 33.24% equity of Anhui Wanwei Updated High-Tech Material Industry Co.,Ltd. (600063.SH) Seller: Anhui Wanwei Group Co., Ltd.; Anhui State-owned Assets Supervision and Administration Commission Method: Administrative Transfer or Change of State-owned Equity Value: 4.998 billion yuan Target's Financial Advisor: Guoyuan Securities
8. **Anhui Wenergy Company Limited increases capital in New Energy Company to obtain 51% stake** Buyer: Anhui Wenergy Company Limited (000543.SZ) Target: 51% equity of New Energy Company Method: Capital Increase Value: 4.541 billion yuan
9. **Equity change of 19.99% stake in Deppon Logistics Co., Ltd.** Buyer: JD Logistics Transportation Co., Ltd. Target: 19.99% equity of Deppon Logistics Co., Ltd. (603056.SH) Method: Other M&A Methods Value: 3.853 billion yuan Target's Financial Advisor: CITIC Securities
10. **Equity change of 20.2% stake in Shanghai Vital Microtech Co.,Ltd.** Buyer: Xiandao Technology Group Co., Ltd. Target: 20.2% equity of Shanghai Vital Microtech Co.,Ltd. (600641.SH) Method: Acquisition of Newly Issued Shares from a Public Company Value: 3.510 billion yuan
**Intermediary Rankings** **2.1 Financial Advisor Rankings** **2.1.1 China M&A Business Financial Advisor Rankings** By transaction value where the institution acted as financial advisor or independent financial advisor, based on the initial announcement date in Q1 2026, CITIC Securities ranked first with 31.098 billion yuan, Shenwan Hongyuan second with 13.158 billion yuan, and Guoyuan Securities third with 4.998 billion yuan. Based on the completion date, CITIC Securities led with 242.122 billion yuan, CICC followed with 126.418 billion yuan, and Huatai United placed third with 83.207 billion yuan.
**2.1.2 Major Asset Restructuring Financial Advisor Rankings** By transaction value of major asset restructuring events where the institution served as financial advisor, based on the initial announcement date in Q1 2026, Guorong Securities ranked first with 228 million yuan. Based on the completion date, Huatai United led with 79.297 billion yuan, CITIC Securities came second with 74.516 billion yuan, and China Securities third with 74.503 billion yuan.
**2.2 Law Firm Rankings** By transaction value of M&A deals involving law firms, based on the initial announcement date in Q1 2026, Jia Yuan Law Firm ranked first with 9.325 billion yuan, Jingtian & Gongcheng second with 4.998 billion yuan, and Shihui Law Firm third with 3.853 billion yuan. Based on the completion date, Zhong Lun Law Firm led with 213.53 billion yuan, King & Wood Mallesons and Tian Yuan Law Firm followed with 140.05 billion yuan and 63.518 billion yuan, respectively.
**2.3 Accounting Firm Rankings** By transaction value of M&A deals involving accounting firms, based on the initial announcement date in Q1 2026, Rongcheng Certified Public Accountants ranked first with 14.813 billion yuan, Tianjian Certified Public Accountants second with 5.371 billion yuan, and Grant Thornton third with 5.354 billion yuan. Based on the completion date, Ernst & Young Hua Ming led with 133.998 billion yuan, ShineWing followed with 69.059 billion yuan, and BDO China Shu Lun Pan CPAs placed third with 67.286 billion yuan.
**2.4 Asset Appraisal Agency Rankings** By transaction value of M&A deals involving asset appraisal agencies, based on the initial announcement date in Q1 2026, China United Asset Appraisal ranked first with 15.543 billion yuan, Asia Pacific Lianhe Asset Appraisal second with 11.954 billion yuan, and China Enterprise Appraisal third with 9.119 billion yuan. Based on the completion date, China United Asset Appraisal led with 213.014 billion yuan, China Enterprise Appraisal followed with 196.107 billion yuan, and Kunyuan Zhicheng Asset Appraisal placed third with 28.698 billion yuan.
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