On January 9, Bill Feng, Senior Data Manager of Investment Banking at LSEG, released the 2025 M&A report and rankings. Data revealed that the total value of global mergers and acquisitions involving mainland China reached $474.3 billion in 2025, representing a significant year-on-year increase of 62.6% and a quarter-on-quarter surge of 81.1%. The number of announced transactions stood at 5,504, marking a 9.1% rise compared to the previous year and a 12.4% increase from the prior quarter. Outbound M&A transactions by mainland Chinese entities totaled $24.4 billion, growing 5.2% year-on-year. Conversely, acquisitions of mainland Chinese companies by foreign enterprises amounted to $24 billion, reflecting a slight decrease of 0.7%. Domestic M&A activity within mainland China soared to $412.1 billion, experiencing a substantial year-on-year jump of 82.8%. The financial sector was the primary focus for M&A targets involving mainland China, commanding a 22.62% market share with a total deal value of $107.3 billion, which skyrocketed by 121% year-on-year. The materials industry followed in second place with a 16.39% market share, witnessing a remarkable 158.2% annual growth. The high technology sector ranked third, accounting for 15.26% of the market with a transaction value of $72.4 billion, up 77.3% compared to the previous year. On March 30, 2025, China's four major state-owned banks—Bank of China (03988), China Construction Bank (00939), Bank of Communications (03328), and Postal Savings Bank of China (01658)—announced plans to raise 520 billion yuan through private placements of A-shares to bolster their core tier-1 capital. The Ministry of Finance is set to subscribe to 500 billion yuan of this offering, becoming the primary strategic investor. In 2025, China International Capital Corporation (CICC) (03908) topped the financial advisor rankings for announced M&A deals involving mainland China by transaction value, securing an 18.91% market share with related deals totaling $89.7 billion. CITIC Securities (06030) ranked second with a 15.12% market share, while Goldman Sachs (GS.US) took the third spot with a 9.69% share. When ranked by the number of deals, Industrial and Commercial Bank of China (ICBC) (01398), CITIC Securities, and CICC were the top three advisors. For legal advisors in announced M&A transactions involving mainland China by deal value, King & Wood Mallesons, Linklaters, and Zhong Lun Law Firm occupied the top three positions in 2025. Ranked by the number of transactions, Fangda Partners, King & Wood Mallesons, and Zhong Lun Law Firm were the top three legal advisors.