China’s M&A Market Report 2020
China’s M&A Market Report 2020
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出版时间: 2021-04-14 页数:76 咨询电话: 400-600-9460 目录下载
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出版时间: 2021-04-14 页数:76 咨询电话: 400-600-9460
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In 2020, there were 1,893 transactions in China's M&A market, involving a total value of RMB 1,211.178 billion, up 3.3% and 19.6% respectively. Although 2020 is a year of frequent black swan events, it is also a crucial year for China's capital market reform. With the normalization of the SSE STAR Market’s registrations system and the steady implementation of the SZSE ChiNext pilot registration system, the channels to go public are gradually widened, and the ability to realize business integration and upgrading through the capital market is gradually enhanced. The global quantitative easing environment and the abundant capital of listed companies brought by the domestic capital market reform accumulated sufficient "dry powder" to the M&A market, promoting the recovery of the transaction scale.

The change of M&A market is also reflected in hot sectors’ inclination to sci-tech fields. According to M&A targets, the top three sectors in the whole year are machinery manufacturing (216 deals, +36.7%), IT (182 deals, +14.5%) and biotech/healthcare (153 deals, -13.6%), in line with the scientific and technological innovation fields supported by recent policies, which shows that the current M&A boom is more focused on the related real economy fields of science and technology innovation.

Finance, machinery manufacturing, and energy & minerals were the top three sectors in terms of M&A value. The continuous financial risk control and financial supply-side reform since 2018 promoted the restructuring process of relevant institutions and enterprises, and indirectly pushed up the M&A value in the financial sector in 2020.

In terms of geographical distribution, the M&A market is more concentrated in 2020. The number of deals in the top 20 regions accounted for 87.7% of the total number of M&A deals, up 2.3 percentage points compared with 2019; the total value in the top 20 regions accounted for 90.0% of the total, up 2.6 percentage points.

The M&A market at home and abroad has shown polarized trends. The two types of cross-border M&A—the inbound/foreign M&A and the outbound/overseas M&A are subject to the anti-globalization trade policies of the U.S. government, such as restrictions on investment in China, "long-arm jurisdiction" sanctions, and stricter review of M&A.

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