China: A Corporate/M&A (PRC Firms) Overview

China’s M&A market rebounded strongly in 2025, amid its economic structure optimisation driven by three key forces: the shift to high-quality development, supportive policy rollouts and restored global capital market confidence. M&A has become a core tool for enterprises to reposition competitively and seize strategic opportunities.

This article reviews the overall landscape of China’s M&A market in 2025 and projects its development trends for 2026, so as to provide market participants with valuable insights and a systematic analytical framework.

Market Overview

Per data from Wind, China’s M&A market saw the disclosure of 8,151 transactions in 2025 (encompassing cross-border deals), a modest 0.72% year-on-year dip. By contrast, the total transaction value soared to CNY2.5894 trillion, marking a robust 16.12% year-on-year surge. Notably, 28 mega-M&A deals – each valued at over CNY10 billion – graced the market; a clear testament to the growing vitality of large-scale transactions across the sector.

Participants: SOEs spearhead key sectors, foreign capital aligns with industrial trends

In terms of market participants, state-owned enterprises (SOEs) continue to take the lead in driving strategic restructuring and specialised integration within key sectors such as energy, telecommunications and high-end manufacturing. While inbound M&A activities by overseas private equity funds and institutional investors have moderated amid geopolitical uncertainties, these investors remain closely attuned to opportunities tied to China’s consumption upgrading and industrial digitalisation trends – two pivotal drivers of long-term market growth.

Industry distribution: strategic emerging industries arise as the core engine

M&A transactions in 2025 were highly concentrated in strategic emerging industries, with sectors including semiconductors, new energy, artificial intelligence, robotics, biomedicine, and high-end equipment manufacturing witnessing particularly vibrant activity. A striking highlight is that the number of major restructuring cases involving listed companies on the STAR Market (note: the Sci-Tech Innovation Board of the Shanghai Stock Exchange, tailored to serve technology and innovation-driven enterprises) reached 36 in 2025 – surpassing the cumulative total of such cases over the six-year period from 2019 to 2024. This milestone underscores a significant acceleration in the restructuring and integration of technology and innovation-focused enterprises.

Cross-border flow: a new two-way flow pattern fuelled by technological dynamics

Against the backdrop of intensifying global technological competition, cross-border M&A has taken on distinct technology-oriented traits. Chinese enterprises’ overseas M&A endeavours have increasingly shifted toward acquiring advanced technologies, core intellectual property rights and high-end brands – strategic moves to enhance their global competitiveness. Concurrently, foreign investment in China’s domestic high-tech enterprises, which boast core technologies and considerable market potential, has seen a corresponding rise. Together, these developments have fostered the emergence of a new pattern characterised by the two-way flow of technology, capital and markets, ushering in a new phase of cross-border M&A development.

Highlight Policies

The resurgence of China’s M&A market in 2025 is inextricably linked to the systematic refinement and guidance of policies and regulations. The optimisation of merger and restructuring rules for listed companies in the capital market, coupled with adjustments to M&A loan policies at the financial level, has furnished robust support for M&A transactions from both institutional and capital standpoints.

Systematic optimisation of major asset restructuring rules

In September 2024, the China Securities Regulatory Commission (CSRC) issued a directive proposing to refine the relevant legal framework governing the merger and restructuring of listed companies. Building on this foundation, the CSRC revised its Major Asset Restructuring Rules, introducing a suite of pragmatic measures, including the following.

Simplify review procedures and improve transaction efficiency

An expedited review mechanism has been put in place for two categories of cases: (i) absorption and merger by qualified listed companies, and (ii) large-cap listed companies issuing shares to acquire assets. This mechanism has drastically shortened the review cycle and alleviated transaction time costs.

Innovate payment mechanisms and enhance transaction flexibility

A phased share payment mechanism for restructuring has been established. Listed companies are permitted to complete one-time registration and conduct phased issuance of shares to purchase assets, with the registration validity period extended to 48 months. This empowers listed companies to flexibly adjust share issuance and payment arrangements in light of the subsequent operating performance of the target assets.

Optimise fund lock-up period and improve exit channels

A reverse linkage mechanism between the private equity fund lock-up period and investment period has been introduced. For private equity funds with an investment period exceeding four years, the lock-up period for their held shares has been shortened from 12 months to six months. This adjustment has effectively boosted the liquidity of private equity funds and widened their exit pathways.

Increasing regulatory flexibility and focus on industrial support

Regulatory flexibility has been enhanced in areas such as changes in listed companies’ financial conditions, horizontal competition and related transactions arising from mergers and restructurings. Simultaneously, greater support has been extended to key domains, including mergers and acquisitions in the technology innovation industry and state-owned asset consolidation.

New M&A loan regulations strengthen financial support

In 2025, China successively rolled out a special M&A loan policy for tech enterprises and updated regulations on commercial banks’ M&A loans. These policy initiatives have significantly fortified financial support for M&A transactions in terms of loan ratios, tenures and scope of application.

• Expand the scope of application – enterprises may apply for “equity-participating M&A loans” when acquiring a target company for the first time with a shareholding ratio of no less than 20%. Enterprises already in control of a target company can apply for “controlling M&A loans” when acquiring an additional 5% or more of the company’s shares.
• Increase loan-to-value ratios – the upper limit of the loan ratio for controlling M&A loans has been raised to 70%, with the maximum loan tenure extended to ten years. For equity-participating M&A loans, the upper limit of the loan ratio is set at 60%, with the loan tenure not exceeding seven years in principle.
• Establish a loan replacement mechanism – if an enterprise has paid part of the M&A consideration with its own funds in the early stage, it may subsequently apply for an M&A loan to replace such funds, provided it meets the upper limit of the loan ratio and specified time interval requirements.
• Pilot policy for M&A loans to tech enterprises – the pilot programme is being implemented in selected commercial banks and pilot cities. The ratio of M&A loans for tech enterprises to the total M&A transaction consideration has been increased to 80%, with the maximum loan tenure extended to ten years. This policy effectively addresses the challenges of insufficient funding and maturity mismatch in M&A activities of tech enterprises.

Future Outlook

Looking ahead to 2026, against the backdrop of sustained policy support and improving economic fundamentals, China’s M&A market is poised to maintain its vibrancy. Industrial chain integration and cross-border synergy will deepen further. Aligned with China’s 15th Five-Year Plan, industries such as artificial intelligence, integrated circuits, intelligent vehicles, medical and pharmaceutical sectors, and new energy are expected to remain the focal points of M&A activity.

While global uncertainties persist, China’s vast market scale and well-established industrial chain continue to exert a powerful allure for global capital. Many multinational enterprises are re-evaluating and recalibrating their strategies in the Chinese market – a process that is anticipated to spawn more transaction opportunities through joint ventures, asset divestitures and mergers and acquisitions.

For all market participants, particularly foreign investors, compliance risk management will ascend to the forefront in 2026. When investing in China’s key technology sectors and sensitive industries, investors must adhere to dual regulatory requirements: on one hand, complying with the foreign investment review rules of their home jurisdictions; on the other hand, closely monitoring China’s evolving regulatory landscape regarding export controls, national security reviews, cybersecurity and cross-border data flows. Establishing a robust cross-border compliance system has thus become an indispensable prerequisite for the successful execution of M&A transactions.

在国内经济向高质量发展转型、产业利好政策持续释放及境内外资本市场信心回升的多重因素驱动下，2025年中国经济结构优化升级态势明显，并购市场迎来强劲复苏。本文旨在回顾2025年中国并购市场的整体表现，并展望2026年发展趋势，以期为市场参与者提供有价值的参考与分析框架。

市场全景

根据万得（Wind）数据，2025年全年，中国并购市场（包含跨境并购）共披露交易8,151起，同比略降0.72%；交易规模达25,894亿元，同比增长16.12%；百亿元级并购事件共计28起，大型交易活跃度显著提升。

参与主体：国企主导关键领域，外资聚焦产业趋势

从参与主体看，国企在能源、通信、高端制造等关键领域，持续发挥引领作用，主导了一系列具有战略意义的产业重组与专业化整合，进一步强化了重点产业链的韧性与竞争力。与此同时，受国际地缘政治复杂变化等因素影响，海外私募基金及机构投资者在中国的并购活动整体趋于审慎，但其对中国市场的关注并未减退，投资视线更聚焦于与消费结构升级和产业数字化转型等长期趋势紧密相关的投资机遇。

行业分布：战略性新兴产业成为主力

从行业分布看，并购交易高度集中在战略性新兴产业，半导体、新能源、人工智能、机器人、生物医药、高端装备制造等领域的并购交易尤为活跃。值得关注的是，2025年科创板上市公司重大重组数量达36单，这一数据超过2019至2024年六年的总和，科技创新企业的重组整合步伐全面加快。

跨境流动：技术导向下的双向流动新格局

在全球科技竞争加剧的背景下，跨境并购呈现出明显的技术导向特征。中国企业海外并购日益侧重于获取先进技术、核心知识产权和高端品牌。与此同时，外资对国内具备核心技术与市场潜力的高科技企业的投资也相应增加，推动形成了技术、资本与市场双向流动的新格局。

亮点法规

2025年中国并购市场的整体回暖，与政策法规体系的持续完善和精准引导密不可分。在资本市场领域，上市公司并购重组规则迎来系统性优化，有效提升了市场效率与活力；在并购融资支持方面，商业银行并购贷款政策也迎来适度放宽，在贷款比例、贷款期限、资金置换等方面给予更大弹性。上述法规更新从制度供给和资金支持两端为并购交易提供了更为稳固的保障。

重大资产重组规则迎来系统性优化

2024年9月，中国证监会发布《关于深化上市公司并购重组市场改革的意见》（业内称为“并购六条”），提出优化上市公司并购重组相关法律规则，进一步提升上市公司并购重组的灵活性和审核效能，为上市公司通过并购重组实现高质量发展释放了明确的制度红利。2025年5月，中国证监会正式对《上市公司重大资产重组管理办法》进行修订，推出多项务实举措，核心亮点可归纳为以下几点：

简化审核程序，提升交易效率

针对符合条件的上市公司吸收合并，以及大市值上市公司发行股份购买资产两类情形，实行快速审核机制，大幅缩短审核周期，降低交易时间成本。

创新支付机制，增强交易灵活性

建立重组股份分期支付机制，允许上市公司一次完成注册、分期发行股份购买资产。注册有效期延长至48个月，上市公司可根据标的资产后续经营状况，灵活调整股份发行和支付安排。

优化基金锁定期，改善退出渠道

建立私募基金锁定期与投资期反向挂钩机制，私募基金投资期限满四年的，其所持股份锁定期由12个月缩短为六个月，这一调整有效改善私募基金的流动性，拓宽基金退出渠道。

提高监管包容度，聚焦产业支持

在并购重组导致上市公司财务状况变化、同业竞争、关联交易等方面，适当放宽监管要求。同时加大对科技创新行业并购、国有资产整合等重点领域的支持力度。

并购贷款新规强化金融支持

2025年，中国先后出台针对科技企业的专项并购贷款政策（《加快构建科技金融体制 有力支撑高水平科技自立自强的若干政策举措》），以及商业银行并购贷款新规（《商业银行并购贷款管理办法》），从贷款比例、期限、适用范围等维度，大幅强化对并购交易的金融支持。

扩大适用范围

企业第一次并购目标公司，只要持股比例不低于20%，即可申请“参股型并购贷款”；企业已掌握目标公司控制权后，再并购其至少5%的股权，可以申请“控制型并购贷款”。

提高贷款比例

控制型并购贷款的贷款比例上限提高至70%，贷款期限最长延长至十年；参股型并购贷款的贷款比例上限为60%，贷款期限原则上不超过七年。

新增贷款置换机制

企业如果前期用自有资金支付了部分并购款，后续可申请并购贷款替换这部分资金，只需满足贷款比例上限和规定的时间间隔要求即可。

科技企业并购贷款试点政策

在部分商业银行和试点城市开展试点，将科技企业并购贷款占并购交易价款的比例提高至80%，贷款期限最长延长至十年，精准解决科技企业并购资金不足、融资期限错配的问题。

未来展望

展望2026年，在政策持续发力和经济向好的背景下，中国并购市场有望保持活跃，产业链整合与跨界融合将不断深化。在中国“十五五”规划的政策指引下，人工智能、集成电路、智能汽车、医疗医药及新能源等行业预计将继续成为并购重点领域。

虽然全球不确定性依然存在，但中国庞大的市场规模和完整的产业链仍吸引着全球资本。诸多跨国企业正在重新审视和调整其中国战略，这一过程本身也有望通过合资、资产剥离与并购等方式带来更多交易机会。

对于所有市场参与者，特别是外国投资者而言，合规风险管理将成为2026年的核心任务。在对中国关键技术领域和敏感行业进行投资时，投资者需同时满足双重监管要求：一方面要审慎应对其本国司法辖区的对外投资审查规则，另一方面要密切关注中国在出口管制、国家安全审查、网络安全以及跨境数据流动等领域不断更新的监管要求。建立健全的跨境合规体系，已成为确保并购交易成功执行的必要前提。