M&As hit a record high level
Print Edition
THE number of Chinese mergers and acquisitions in the first half of 2021 hit a record high.
Domestic M&A and private equity and venture capital activity both performed strongly, according to PwC.
China’s domestic M&A market surged 11 percent to 6,177 transactions in the first half.
“It was driven by strong domestic strategic M&A, which rocketed by 41 percent, and robust PEdeal activity,” said Jenny Chong, PwC’s Asia Pacific International Tax Services Leader.
“But there was some relative slowing in the second quarter with some caution around market uncertainties.”
Deal value, worth US$312.1 billion, fell 29 percent from their spike in the second half of 2020, returning to more normal levels, “due to much fewer one-off state-sponsored and private-sector mega-deals,” Chong said.
There were 45 mega-deals (over US$1 billion) in the first half of 2021, 10 less than the previous Half-year period.
Many were aligned with key domestic economic themes such as industrial upgrade (12 deals worth US$22 billion), dual-circulation (nine deals with US$25 billion), and Environmental, Social, and Governance (five deals of US$16.5 billion).
China’s focus on its domestic economy and rapid rebound from the novel coronavirus pandemic drove domestic M&A volumes to their highest levels since the first half of 2018.
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