Beijing, April 17, 2025 – China’s State Administration for Market Regulation (SAMR) reported a significant uptick in merger activity during the first quarter of 2025. Of the 177 operator concentration cases processed, 174 were approved unconditionally, a 12% increase from the same period last year. Three cases were withdrawn by applicants after submission.
The manufacturing sector led the activity, particularly in automobiles and chemical raw materials, reflecting strong domestic corporate mergers and acquisitions. Among the approved cases, 154 were simple cases resolved in the preliminary review stage, while 24 underwent further review but were not prohibited.
The total transaction value across all mergers exceeded 740 billion yuan, with 117 cases valued over 100 million yuan. Notably, 14 cases surpassed 10 billion yuan, the largest being worth 123 billion yuan.
The majority of mergers involved domestic companies (61%), with foreign-to-foreign mergers accounting for 24% and cross-border mergers 16%. The manufacturing industry dominated the activity, accounting for 39% of all cases, followed by sectors like utilities, wholesale and retail, and IT services.
The transactions primarily took the form of equity acquisitions (52%) and joint ventures (45%). Mergers in Beijing, Guangdong, and Shanghai were particularly prominent, while foreign entities from countries like Germany, Japan, and the U.S. were also active.
Source: https://www.samr.gov.cn/xw/mtjj/art/2025/art_4d255e5aa8564f6e9c0b3472c2574a5d.html
