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August 5, 2021

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M&As hit a record high level

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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