29 July 2025 – Beijing – The State Administration for Market Regulation (SAMR) announced that it approved 329 mergers and acquisitions (M&A) cases unconditionally in the first half of 2025, amid a broader uptick in merger review activity. A total of 339 operator concentration cases were concluded, reflecting a 14.1% year-on-year increase.
Two deals received conditional clearance: Bunge Global Ltd.’s acquisition of a stake in Vitco Ltd., and ANA Holdings Inc.’s acquisition of Nippon Cargo Airlines Co., Ltd. Another eight applications were withdrawn after acceptance.
The combined transaction value across all cases exceeded ¥1.3 trillion (approx. US$180 billion), driven by especially strong activity in the manufacturing sector, notably in automotive and chemical raw materials.
Key Highlights:
- 90% of all cases were categorized as simple and concluded within 30 days of acceptance.
- 62% of the concentrations were between domestic enterprises, indicating vibrant local deal activity.
- State-owned enterprises participated in 59% of cases; private firms in 37%; and foreign firms in 39%.
Sector Trends:
Manufacturing led with 115 cases (35%), making it the most active sector. Automobile manufacturing accounted for 18 deals (16%), with 12 involving auto parts and accessories, or 67% of the auto-related transactions. Other key sectors included:
- Chemical products
- General and electrical equipment manufacturing
- Pharmaceuticals
- Information technology
- Energy and utilities
- Wholesale, retail, real estate, and leasing services
Deal Sizes:
- 106 cases involved deals valued between ¥100 million and ¥1 billion (US$13.8 million to US$138 million) — about 32% of the total.
- 86 cases were valued between ¥1 billion and ¥10 billion (US$138 million to US$1.38 billion) — about 26%.
- 31 cases exceeded ¥10 billion (US$1.38 billion), with the largest single transaction reaching ¥123 billion (approx. US$17 billion).
Deal Types:
- Horizontal mergers (between competitors): 181 cases (55%)
- Vertical mergers (along the supply chain): 138 cases (42%)
- Mixed mergers: 97 cases (29%)
In terms of transaction structure:
- Equity acquisitions: 178 cases (54%)
- Joint ventures: 43%
- Asset acquisitions or new mergers: 15 cases
Geographic Distribution:
The parties involved came from over 30 countries and regions, with overseas companies primarily from Germany, Japan, the United States, the United Kingdom, and Canada. In China, the most active regions were Beijing, Guangdong, Shanghai, Shandong, and Jiangsu.
The mid-year figures highlight a strong and diverse M&A environment in China, with SAMR maintaining an efficient antitrust review process amid rising transaction volume and complexity.
Source: https://www.samr.gov.cn/xw/zj/art/2025/art_fcd838940aca43c7ad0b574c4903cd6d.html
