PwC sees China M&A deal value rising by double digits in 2025

Big Four accounting firm PwC expects mergers and acquisitions involving Chinese companies to grow by a double-digit rate this year, driven by state-owned enterprise reforms, multinational asset reshuffling and concentrated exits by private equity funds.

The accounting firm said disclosed deal value in the first half of 2025 exceeded US$170 billion (HK$1.33 trillion), up 45 percent from a year earlier, as transaction volumes continued their steady rebound over the past two and a half years.

Domestic strategic investors were the main driver, with deal value topping US$100 billion — more than double last year’s level, PwC said.

There were 20 mega-transactions worth over US$1 billion each, concentrated in semiconductors, healthcare and industrials, while financial sector consolidation also stood out, it added.

STAFF REPORTER