【普华永道】2023年中国企业并购市场回顾与前瞻报告_37页_2mb

报告摘要

China's M&A market fell to multi-year lows in 2023, with a 28% decrease in deal volume and a 24% drop in value to US$333 billion.
Deal activity in the second half of 2023 improved somewhat, with a 19% increase in value and a 12% rise in volume compared to the first half.

Domestic strategic deals decreased by 28% in value due to factors like slower economic recovery, policy uncertainties, geopolitical tensions, and lower asset valuations.
Volume also fell, with industrials and high technology sectors remaining dominant. Mega-deals concentrated in industrials, high tech, financials, and energy & power.
In value terms, huge deals (over US$1 billion) increased by 4% year-over-year, but many were SOE-related and targeted government-encouraged themes.

PE fundraising favored renminbi-based funds due to geopolitical issues and economic uncertainty, contrasting with dollar funds struggling to raise capital.
Investment volumes and values plummeted, with PE deals down 42% in volume and 37% in value; foreign PEs were particularly cautious.
Volume trends: Industrials, high tech, and healthcare remained top sectors; consumer deals declined. Venture capital volumes dropped 20% from 2021 peaks.

Mainland China's outbound M&A value continued declining since 2016, reaching US$19 billion—the lowest since 2008.
However, private enterprise-driven outbound investments rebounded by 13% in volume and 62% in value. Top sectors by value and volume included industrials, high tech, and materials.
Destinations favored Asia in value terms and were top three in volume (Asia, US, Europe).

Depends on factors like economic indicators, government support, public equity valuations, and US-China relations.
Potential growth areas: PE exit, MNC portfolio optimization, SOE reform, A-share capital market M&A.
Anticipated outcomes: Double-digit increase in M&A numbers if stabilizing factors emerge. Increased uncertainty could delay deal activity.

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