According to Wind statistics, in the first three quarters of 2024, a total of 5,830 M&A events were disclosed in China's M&A market (including cross-border M&A by Chinese enterprises), a year-on-year decrease of 4.86%; The transaction size was approximately RMB1,260.6 billion, representing a year-on-year decrease of approximately 8.51%. There were 17 mergers and acquisitions with a scale of more than 10 billion yuan. China Shipbuilding's merger with China Heavy Industries ranked first with a transaction size of 115.150 billion yuan; The introduction of new strategic investors by Dalian Xinda League, a subsidiary of Wanda, ranked second with a transaction scale of 60.000 billion yuan, and the event of Guolian Securities' private placement and absorption of Minsheng Securities ranked third with a transaction scale of 29.492 billion yuan.
From the perspective of the scale of financial advisers' participation in M&A events, CITIC Securities ranked first in the list of financial advisers with 201.169 billion yuan, while CICC and China Securities Construction Investment ranked second and third with 155.068 billion yuan and 138.924 billion yuan respectively. Based on the date of completion of M&A transactions, CICC topped the list with 48.579 billion yuan, while CITIC Securities and Guosen Securities ranked second and third with 43.423 billion yuan and 10.015 billion yuan respectively.
(Note: The statistical caliber of this list includes domestic M&A, outbound M&A and inbound M&A of Chinese enterprises, and excludes failure events.) ）
Overview of the M&A market
1.1 M&A market size statistics
In the first three quarters of 2024, a total of 5,830 M&A events were disclosed in China's M&A market, a year-on-year decrease of 4.86%; The transaction size was approximately RMB1,260.6 billion, representing a year-on-year decrease of approximately 8.51%. In terms of quarters, the scale of M&A transactions in the first three quarters of 2024 was RMB352.7 billion, RMB419.6 billion and RMB488.3 billion, respectively.
(Note: The events in this chapter are based on the date of the first announcement, and the failure events are excluded.) ）
1.2 Regional distribution and ranking
In terms of the geographical distribution of each participant, Shanghai ranked first in the first three quarters of 2024 with an active M&A market, with an M&A transaction volume of RMB403.8 billion, up 21.24% year-on-year. Beijing ranked second, with a transaction volume of RMB336.6 billion, up 1.82% year-on-year; Guangdong Province ranked third, with a transaction volume of RMB330.8 billion, up 12.28% year-on-year.
1.3 Industry Distribution and Ranking
From the perspective of the industry distribution of M&A targets, the top three industries in terms of M&A scale were capital goods, with a transaction size of RMB210.5 billion, up 29.98% year-on-year; The transaction volume of diversified financial industries increased by 4.08% year-on-year to RMB111.7 billion. The transaction size of the materials industry was 104.7 billion yuan, down 37.01% year-on-year.
1.4 Distribution of mergers and acquisitions
In terms of the distribution of mergers and acquisitions, the mergers and acquisitions by agreement ranked first with a scale of 661.7 billion yuan, accounting for 51.93% of the total scale; Capital increase mergers and acquisitions ranked second with a scale of 222.2 billion yuan, accounting for 17.44% of the total scale; Acquisitions in the secondary market ranked third with RMB123.3 billion, accounting for 9.68% of the total scale.
1.5 Distribution of M&A Objectives
From the perspective of the distribution of M&A objectives of each participant, horizontal integration M&A events accounted for 22.57% of the total transaction size with a scale of RMB262.2 billion, and asset adjustment and strategic cooperation accounted for 5.72% and 5.36% of the total transaction size with RMB66.5 billion and RMB62.3 billion, respectively.
1.6 Distribution of M&A scale
From the perspective of the distribution of M&A scale, the events with a transaction amount of 1 billion yuan to 10 billion yuan accounted for the highest proportion, accounting for 35.35% of the total transaction value. The second highest proportion was the event with a transaction value of more than 10 billion yuan, accounting for 35.20% of the total transaction value.
Top 10 events in terms of transaction size
According to Wind statistics, as of the end of the third quarter of 2024, the top 10 M&A transactions are as follows:
No.1 China Shipbuilding absorbed and merged with China Heavy Industries
- Buyer: China Shipbuilding
- Target: 100% equity of China Heavy Industries
- M&A method: absorption merger
- Transaction amount: RMB 115.150 billion
- Independent financial adviser to the buyer: CITIC Securities
- Independent financial adviser of the target party: China Securities Construction Investment
No.2 Dalian Xinda League, a subsidiary of Wanda, introduced a new strategic investor
- Buyer: PAG Investment Group; CITIC Capital; ARES MANAGEMENT； Abu Dhabi Investment Authority; Mubadala Investment Company
- Target: 60% equity of Dalian Xinda League
- M&A method: capital increase
- Transaction amount: 60.000 billion RMB
- Financial Adviser of the Target: CICC
No.3 Guolian Securities fixed increase to absorb and merge Minsheng Securities
- Buyer: Guolian Securities
- Target: 99.26% equity of Minsheng Securities
- Seller: 45 shareholders of Minsheng Securities, including Guolian Group and Shanghai Fengquanyu Enterprise Management Co., Ltd
- M&A method: issuance of shares to purchase assets; Absorption and merger
- Transaction amount: RMB 29.492 billion
- Independent financial adviser to the buyer: Huatai Securities
No.4 A subsidiary of China Fortune sold 100% of the equity of Yunuojin and 11 corporate debts
- Buyer: Ping An Life; Ping An Asset Management; Other creditors
- Target: 100% equity of Yunuojin; Claims of 11 target project companies
- Seller: China Fortune (Gu'an) Information Consulting Services Co., Ltd
- M&A method: acquisition by agreement
- Transaction amount: RMB 25.585 billion
- Sell-side Independent Financial Advisor: Daiwa Securities (China)
No.5 Taifu Special Steel acquired 55.25% equity of Nanjing Iron and Steel Group
- Buyer: Taifu Special Steel (Jiangsu) Co., Ltd
- Target: 55.25% equity of Nanjing Iron and Steel Group
- Seller: Hubei Xinyegang Co., Ltd
- M&A method: acquisition by agreement
- Transaction amount: RMB 13.600 billion
- Buy-side financial advisor: CITIC Securities
No.6 China Salt Lake Industry Group acquired 12.54% equity interest in Salt Lake Co., Ltd
- Buyer: China Salt Lake Industry Group Co., Ltd
- Target: 12.54% equity interest in Salt Lake shares
- Seller: Wuhu Xinzeqing Investment Management Partnership (Limited Partnership); Qinghai State Investment
- M&A method: other M&A methods
- Transaction amount: RMB 13.558 billion
- Buy-side financial advisor: CICC
No.7 NIO Holdings increased capital and shares
- Buyer: NIO Group; Jianheng New Energy; Anhui High-tech Investment; SDIC Investment Promotion
- Target: NIO Holdings
- M&A method: capital increase
- Transaction amount: RMB 13.300 billion
- Financial Adviser of the Target: CICC
No.8Genmab acquired 100% equity interest in Pufang Biotech
- Buyer: Genmab
- Target: 100% equity of Pufang Biopharmaceutical (Suzhou) Co., Ltd
- M&A method: acquisition by agreement
- Transaction amount: $1.800 billion
No.9 The National Social Security Fund acquired 6.86% of the shares of China Nuclear Power
- Buyer: National Council for Social Security Fund
- Target: 6.86% equity interest in China Nuclear Power
- M&A method: Obtain the company's issuance of new shares
- Transaction amount: 12.000 billion RMB
No.10 CITIC Financial Assets sold 60% equity interest in Huarong Financial
- Buyer: CITIC Group
- Target: 60% equity interest in Huarong Financial Leasing
- Sell-side: CITIC Financial Assets
- M&A method: acquisition by agreement
- Transaction amount: RMB 11.998 billion
- Buy-side financial advisor: CITIC Securities
- Independent Financial Adviser to the Vendor: Qingke Capital Limited
Ranking of intermediaries
3.1 Financial Adviser Ranking
3.1.1 Ranking of financial advisers for M&A business in China
In terms of the scale of M&A events participating in M&A events as a financial adviser or independent financial adviser, according to the statistics of the first three quarters of 2024 on the date of the first announcement of the event, CITIC Securities ranked first, with a transaction size of 201.169 billion yuan; In second place was CICC, with a transaction size of RMB155.068 billion; In third place was China Securities Construction Investment, with a transaction size of 138.924 billion yuan.
According to the statistics of the date of completion of mergers and acquisitions, CICC ranked first with a transaction size of 48.579 billion yuan, CITIC Securities ranked second with a transaction size of 43.423 billion yuan, and Guosen Securities ranked third with a transaction size of 10.015 billion yuan.
3.1.2 Ranking of financial advisers for major asset restructuring
From the perspective of the scale of major asset restructuring events in which institutions serve as financial advisers or independent financial advisers, according to the statistics of the first three quarters of 2024 on the date of the first announcement of the event, China Securities Construction Investment ranked first, with a transaction size of 130.942 billion yuan; CITIC Securities and Huatai United ranked second and third respectively, with transaction sizes of RMB115.150 billion and RMB31.168 billion, respectively.
According to the statistics of the date of completion of major asset restructuring events, Guosen Securities ranked first with a transaction size of 10.015 billion yuan, CITIC Securities ranked second with a transaction size of 7.244 billion yuan, and CICC ranked third with a transaction scale of 6.285 billion yuan.
3.2 Law Firm Ranking
From the perspective of the scale of law firms' participation in mergers and acquisitions, according to the statistics of the first three quarters of 2024 on the date of the first announcement of the event, Jia Yuan Law Firm ranked first with a transaction size of 145.115 billion yuan; AllBright Law Offices ranked second with a transaction volume of RMB121.777 billion; King & Wood Mallesons ranked third with a transaction volume of RMB53.156 billion.
According to the statistics of the date of completion of the merger and acquisition, Grandway Law Offices ranked first with a transaction size of RMB12.321 billion, while JunHe Law Offices and Commerce & Finance Law Offices ranked second and third with a transaction volume of RMB9.401 billion and RMB7.331 billion respectively.
3.3 Accounting Firm Ranking
From the perspective of the scale of accounting firms' participation in mergers and acquisitions, according to the statistics of the first three quarters of 2024 on the date of the first announcement of the event, ShineWing Certified Public Accountants ranked first with a transaction size of 37.658 billion yuan, Daxin Certified Public Accountants ranked second with a transaction size of 37.657 billion yuan, and Lixin Certified Public Accountants ranked third with a transaction size of 36.220 billion yuan.
According to the statistics of the completion date of the merger and acquisition, the first is Lixin Certified Public Accountants with a transaction size of 23.195 billion yuan, the second is Baker Tilly International Accounting Firm with a transaction size of 22.708 billion yuan, and the third is Tianjian Certified Public Accountants with a transaction scale of 20.957 billion yuan.
3.4 Ranking of asset appraisal institutions
From the perspective of the scale of asset appraisal institutions' participation in mergers and acquisitions, according to the statistics of the first announcement date in the first three quarters of 2024, Zoomlion Appraisal ranked first with a transaction scale of 69.112 billion yuan, and CEA and Wanlong Appraisal ranked second and third with a transaction scale of 31.867 billion yuan and 25.939 billion yuan respectively.
According to the statistics of the completion date of the merger and acquisition, Zoomlion ranked first with a transaction scale of 30.682 billion yuan, Tianjian Xingye ranked second with a transaction scale of 18.019 billion yuan, and CEA ranked third with a transaction scale of 16.822 billion yuan.
Review of historical articles
"Wind China M&A Market Transaction Ranking in the First Half of 2024", "Wind China M&A Market Transaction Ranking in the First Quarter of 2024", "Wind China M&A Transaction Ranking in the First Half of 2023", "Wind China M&A Transaction Ranking in the First Three Quarters of 2023", "Wind China M&A Transaction Ranking in the First Half of 2023"
"2023 Q1 Wind China M&A Transaction Rankings"
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