According to a report released by LSEG, the total value of mergers and acquisitions involving China reached $274.1 billion in the first three quarters of 2026, marking a 10% decline year-on-year, while deal value in the third quarter alone rose 31.5% compared with the previous quarter.
During the same period, a total of 4,583 deals were announced, up 18.2% year-on-year, although the number of deals in the third quarter fell 15% from the prior quarter.
The total value of overseas M&A transactions by Chinese enterprises stood at $17.9 billion, up 2.2% year-on-year.
Acquisitions of Chinese companies by foreign firms amounted to $14 billion, representing a 17.4% increase year-on-year.
Domestic M&A activity within China totaled $235.9 billion, down 10.6% compared with the same period a year earlier.
In terms of sectors, high technology ranked first among China-related M&A deals with a market share of 24.8%, recording deal value of $68.1 billion, a year-on-year surge of 69.6%.
The financial sector placed second with a 23.0% market share, though its deal value dropped 28.4% year-on-year.
The industrials sector came in third with a 16.3% market share and deal value of $44.7 billion, up 36.4% year-on-year.
Agricultural Bank of China announced plans to raise up to RMB 160 billion, equivalent to approximately $23.8 billion, through the issuance of A-shares to the Ministry of Finance, China Tobacco Corporation and its related subsidiaries. The proceeds will be used to replenish the bank's core tier-one capital. This transaction represents the largest M&A deal involving China in the first three quarters of 2026.
In the financial advisor rankings for "announced M&A deals involving China" during the first three quarters of 2026, Goldman Sachs took the top spot with $49.2 billion in related deal value and an 18.0% market share. Jialin Capital ranked second with a 10.6% market share, while Morgan Stanley placed third with 9.8%.
By deal count, CITIC Securities, China International Capital Corporation and Tianzhi International ranked as the top three.
In the legal advisor rankings for "announced M&A deals involving China" in the first three quarters of 2026, JunHe Law Offices, Jiayuan Law Offices and Fangda Partners were the top three by related deal value.
By number of transactions, Fangda Partners and Jintiancheng Law Offices took first and second place respectively, while JunHe Law Offices and Zhonglun Law Offices tied for third.