Throughout the full year of 2025, a total of 40 A-share companies underwent review meetings for their mergers and acquisitions (M&A) restructuring projects. Among these, 18 were listed on the Shanghai Main Board, 5 on the STAR Market, 12 on the Shenzhen Main Board, 4 on the ChiNext Board, and 1 on the Beijing Stock Exchange. All 40 companies successfully passed the review, achieving a 100% approval rate.
This article compiles the performance rankings of the intermediary institutions involved in these 40 approved M&A restructuring deals from 2025, as detailed below.
In the category of Independent Financial Advisers (IFA), a total of 19 IFAs were engaged for sponsorship work on these 40 approved projects. For cases involving multiple IFAs, each firm was credited with one deal.
The top three ranked firms are: First Place: Huatai United Securities (8 deals) Second Place: China Securities Co., Ltd. (7 deals) Third Place: CITIC Securities (6 deals)
For Legal Advisory services, a total of 25 law firms handled the legal aspects of these projects. Engagements with multiple law firms were counted separately, with each firm credited for one deal.
The leading firms are: First Place: King & Wood Mallesons (Beijing) (5 deals) Second Place: Jia Yuan Law Offices (Beijing) (4 deals) Third Place: Zhong Lun Law Firm (Beijing) (3 deals), AllBright Law Offices (Shanghai) (3 deals), and Zhejiang Tiance Law Firm (3 deals)
In the Accounting Firms category, 19 firms conducted the audit services for these deals. Cases with multiple accounting firms were counted individually, with each firm receiving credit for one engagement.
The top performers are: First Place: Tianjian Certified Public Accountants (9 deals) Second Place: Lixin Certified Public Accountants (7 deals) Third Place: ShineWing Certified Public Accountants (4 deals)
Regarding Asset Appraisal Institutions, 20 firms performed the asset valuation work for these projects. Engagements involving multiple appraisers were tallied separately, crediting each firm with one deal.
The ranking leaders are: First Place: China United Assets Appraisal Group (10 deals) Second Place: Goldin Assets Appraisal (5 deals) Third Place: China Enterprise Appraisal Company (4 deals)
