Wind: The volume of transactions in China's M&A market in the first three quarters of 2025 was about 1498.1 billion yuan

The Zhitong Finance App learned that on October 13, Wind released the ranking of China's M&A market transactions for the first three quarters of 2025. According to Wind statistics, in the first three quarters of 2025, the overall activity of the Chinese M&A market (including cross-border mergers and acquisitions of Chinese companies) remained stable. A total of 5,870 mergers and acquisitions were disclosed, a slight increase of 0.51% over the previous year; the transaction volume was about 1,498.1 billion yuan, down about 2.61% year on year. There were 19 mergers and acquisitions worth more than 10 billion yuan. Among them, the case where Haiguang Information absorbed 100% of Zhongke Shuguang's shares ranked first with a transaction scale of 115,967 billion yuan; the incident where a subsidiary of Xinao Co., Ltd. acquired 65.89% of Xinao Energy's shares ranked second with a transaction scale of 55,297 billion yuan; and the sale of 48 Wanda Plaza by Dalian Wanda Commercial Management ranked third with a transaction scale of 50 billion yuan.

Judging from the scale of financial advisors' participation in mergers and acquisitions, based on the date of the first announcement of the merger and acquisition incident, CITIC Securities and China Post Securities ranked second and third with 240.085 billion yuan and 116.367 billion yuan respectively. Based on the date of completion of the merger and acquisition transaction, CITIC Securities topped the list with 224.834 billion yuan, while CITIC Construction Investment and Orient Securities ranked second and third with 156.615 billion yuan and 105.592 billion yuan respectively.

1.1 The size and trend of China's M&A market in the past three years

In the first three quarters of 2025, China's M&A market disclosed a total of 5,870 mergers and acquisitions, up 0.51% year on year; transaction volume was about 1,498.1 billion yuan, down about 2.61% year on year.

1.2 Regional distribution and ranking

Looking at the regional distribution of participants, in the first three quarters of 2025, Shanghai ranked first, with a volume of M&A transactions of 385.9 billion yuan, a year-on-year decrease of 43.98%; the second place was Beijing, with a transaction scale of 289.5 billion yuan, down 52.96% year on year; the third place was Zhejiang, with a transaction scale of 273.6 billion yuan, up 31.48% year on year.

1.3 Industry distribution and ranking

Judging from the distribution of industries to which the target parties belong, the top three mergers and acquisitions were the technology hardware and equipment industry. The transaction scale was 195.8 billion yuan, up 176.29% year on year; the material industry's transaction scale was 162.7 billion yuan, up 52.21% year on year; and the capital goods industry's transaction scale was 143.8 billion yuan, down 34.20% year on year.

1.4 Distribution of mergers and acquisitions

In terms of the distribution of mergers and acquisitions, agreement mergers and acquisitions ranked first with a scale of 710.3 billion yuan, accounting for 45.34% of the total scale; capital increase mergers and acquisitions ranked second with a scale of 183 billion yuan, accounting for 11.68% of the total scale; and external merger and acquisition cases of 159.7 billion yuan ranked third, accounting for 10.19% of the total scale.

1.5 Distribution of M&A purposes

Judging from the distribution of mergers and acquisitions among participants, strategic cooperation mergers and acquisitions accounted for 17.14% of the total transaction scale at a scale of 261.4 billion yuan, while horizontal integration and asset adjustments accounted for 14.29% and 7.14% of the total transaction scale at 218 billion yuan and 108.9 billion yuan, respectively.

1.6 Distribution of mergers and acquisitions

Judging from the distribution of mergers and acquisitions, incidents with a transaction amount of 1 billion yuan to 10 billion yuan accounted for the highest proportion, accounting for 37.95% of the total transaction amount; the second highest proportion was the event with a transaction amount greater than 10 billion yuan, accounting for 36.78% of the total transaction amount.

1.7 Top 10 equity mergers and acquisitions

According to Wind statistics, as of the first three quarters of 2025, the top ten largest M&A transactions were as follows:

No.1 Haiguang Information absorbs and merges 100% of Zhongke Shuguang's shares

Buyer: Haiguang Information (688041.SH)

Target: 100% equity of Zhongke Shuguang (603019.SH)

M&A method: external absorption and merger

Transaction amount: RMB 115,967 billion

Buyer's Independent Financial Advisor: CITIC Securities

Target Party Independent Financial Advisor: China Post Securities

No. 2 subsidiary of Xinao Co., Ltd. acquired 65.89% of Xinao Energy's shares

Buyers: Xinneng (Hong Kong) Energy Investment Co., Ltd.; Xinao Co., Ltd. (600803.SH)

Target: 65.89% equity of Xinao Energy (2688.HK)

Method of merger and acquisition: Offer

Transaction amount: RMB 55,297 billion

Buyer's Independent Financial Advisors: CICC; CITIC Securities

Target Party Independent Financial Advisor: Haode Financing

No.3 Dalian Wanda Commercial Management sells 48 Wanda Plaza

Buyer: Joint Investment Fund

Target: 48 Wanda Plaza

Seller: Wanda Commercial

Method of merger and acquisition: agreement acquisition

Transaction amount: RMB 50.00 billion

Buyer's Financial Advisor: SDIC Securities

Seller's Financial Advisor: CICC

No.4 CNPC subsidiary acquires 100% of the shares of three gas storage companies

Buyers: CNPC (Xinjiang) Xinjiang Oilfield Hutubi Gas Storage Co., Ltd.; CNPC (Chongqing) Southwest Oil and Gas Field Xiangguosi Gas Storage Co., Ltd.; CNPC (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

Method of merger and acquisition: agreement acquisition

Transaction amount: RMB 40.16 billion

No.5 Jiaozuo Wanfang Dingzeng acquired 99.4375% of Sanmenxia Aluminum's shares

Buyer: Jiaozuo Wanfang (000612.SZ)

Target: 99.4375% equity interest in Sanmenxia Aluminum

Seller: 19 companies including Jinjiang Group; Hangzhou Zhengcai; Zhejiang Hengjia Holdings Co., Ltd.; Hangzhou Yande Industrial Co., Ltd.

M&A method: Issuance of shares to purchase assets

Transaction amount: RMB 31.949 billion

Buyer's Independent Financial Advisor: Huatai Securities; China Galaxy

No.6 Dongyangguang Joint Stock Company acquires 100% of Qinhuai Data China's shares

Buyer: Yichang Dongshusanhao Investment Co., Ltd.

Target: 100% equity in Qinhuai Data China

Seller: Stack HK Limited; BCPE Stack ZJK Limited; WT Alpha Ltd; Wu Huapeng; Xiao Wei

Method of merger and acquisition: agreement acquisition

Transaction amount: RMB 2.80 billion

Seller's financial advisors: CICC; CITIC Securities

No. 7 China Resources Land Subsidiary Acquires Shares and Corresponding Claims in 4 Companies Including 100% Shares in Shanghai Xinjizhou

Buyer: Shanghai Hongzhe Real Estate Development Co., Ltd.; Shanghai Nanfang

Target: 100% shareholding in Shanghai Xinjifang; 100% shareholding in Shanghai Xinjifang; 100% shareholding in Shanghai Xinzhili; 100% shareholding in Shanghai Xinxianfang; corresponding claims of four companies

Seller: Shanghai Urban Renewal Construction Development Co., Ltd.; Shanghai Huangpu Urban Renewal Construction Development Co., Ltd.

Method of merger and acquisition: agreement acquisition

Transaction amount: RMB 24.470 billion

No. 8 Dongfeng Technology's indirect shareholder 100% of Dongfeng Group's shares were acquired and merged

Buyer: Dongfeng Investment

Target: 100% shareholding in Dongfeng Group (0489.HK)

Method of merger and acquisition: external absorption merger; tender acquisition

Transaction amount: RMB 21.316 billion

Buyer's Financial Advisor: CICC

Target Party Independent Financial Advisor: Haode Financing

No.9 Xiangcai Co., Ltd. absorbs mergers and acquires great wisdom

Buyer: Xiangcai Co., Ltd. (600095.SH)

Target: 100% equity in DaWisdom (601519.SH)

M&A method: external absorption and merger

Transaction amount: RMB 17.213 billion

Seller's Independent Financial Advisor: Caitong Securities

Target Party Independent Financial Advisor: Guangdong Development Securities

No.10 China Overseas Development Subsidiary Jointly Acquired 90% of Xindongan Enterprise's shares and related claims and 90% of Xinbaian's shares

Buyers: CNOOC Enterprise Development; Shanghai Hongrun Real Estate Co., Ltd.; Hangzhou Travel Investment Real Estate Development Co., Ltd.

Target: 90% of Xindongan's shares and related claims; 90% of Xindongan's shares

Seller: Shanghai Urban Renewal Construction Development Co., Ltd.; Xuhui Investment

Method of merger and acquisition: agreement acquisition

Transaction amount: RMB 15.478 billion intermediary agency ranking

2.1 Ranking of financial advisors

Looking at the scale of participation in mergers and acquisitions as financial advisors or independent financial advisors, according to statistics for the first three quarters of 2025 on the date of the first announcement of the incident, CITIC Securities ranked first; CITIC Securities ranked second, with a transaction scale of 240.85 billion yuan; and China Post Securities ranked third, with a transaction scale of 116.367 billion yuan.

According to statistics on the date the merger and acquisition was completed, CITIC Securities ranked first, with a transaction size of 224.834 billion yuan; CITIC Construction Investment ranked second, with a transaction size of 156.615 billion yuan; and Orient Securities ranked third, with a transaction size of 105.592 billion yuan.

Ranking of financial advisors for major asset restructuring

Judging from the scale of major asset restructuring incidents involving institutions acting as financial advisors or independent financial advisors, according to statistics for the first three quarters of 2025 on the day the incident was first announced, CITIC Securities ranked first, with a transaction scale of 178.280 billion yuan; China Post Securities ranked second, with a transaction scale of 115,967 billion yuan; the third place was CICC, with a transaction scale of 68.514 billion yuan.

According to statistics on the date of completion of major asset restructuring events, CITIC Securities ranked first, with a transaction scale of 145.765 billion yuan; CITIC Construction Investment ranked second, with a transaction scale of 138.117 billion yuan; and Orient Securities ranked third, with a transaction size of 105.177 billion yuan.

2.2 Law firm rankings

Judging from the scale of the law firm's participation in mergers and acquisitions, according to the statistics for the first three quarters of 2025 on the day the incident was first announced, Guofeng Law Firm ranked first in terms of transaction size of 79.190 billion yuan; Zhonglun Law Firm ranked second in terms of transaction size of 69.611 billion yuan; and King & Wood Mallesons ranked third in transaction size of 34.018 billion yuan.

According to statistics on the date the merger and acquisition was completed, Jiayuan Law Firm ranked first in terms of transaction size of 174.428 billion yuan; AllBright Law Firm and Haiwen Law Firm ranked second and third with a transaction size of 150,033 billion yuan and 104.248 billion yuan respectively.

2.3 Ranking of accounting firms

Judging from the scale of the accounting firm's participation in the merger and acquisition incident, according to the caliber statistics for the first three quarters of 2025 on the day the incident was first announced, Tianjian Certified Public Accountants ranked first, with a transaction scale of 97.493 billion yuan; CITIC Certified Public Accountants ranked second, with a transaction scale of 56.129 billion yuan; and Lixin Certified Public Accountants ranked third, with a transaction scale of 50.55 billion yuan.

According to statistics on the date of completion of mergers and acquisitions, Lixin Certified Public Accountants ranked first, with a transaction size of 236.904 billion yuan; in second place was Grant Thornton, with a transaction size of 124.994 billion yuan; and in third place was KPMG, with a transaction size of 105.767 billion yuan.

2.4 Ranking of asset evaluation agencies

Judging from the scale of asset evaluation agencies' participation in mergers and acquisitions, according to statistics for the first three quarters of 2025 on the first announcement date, Zhonglian Asset Assessment ranked first with a transaction scale of 101,9758 billion yuan, while China Enterprise China Asset Assessment and Lixin Asset Assessment ranked second and third with a transaction scale of 97.405 billion yuan and 58.825 billion yuan respectively.

According to statistics on the date of completion of the merger and acquisition incident, China Enterprise China Asset Assessment ranked first with a transaction scale of 73,058 billion yuan, China Union Asset Assessment ranked second with a transaction scale of 66.844 billion yuan; Guorong Xinghua Asset Assessment ranked third with a transaction size of 26.262 billion yuan.