1月并购市场整体回落，基金退出较集中-17页_540kb

Summary of Chinese M&A Market in January 2024 by Zhongchou Capital

The January 2024 Chinese M&A market, analyzed by Zhongchou Capital, showed a significant decline due to the Spring Festival holiday. Transaction volumes, including both deal counts and financial values, decreased markedly compared to the previous month and year. Fund exits via M&A were concentrated, with only 20 funds successfully exiting in January—a 60% reduction from the prior month, though this reflected steady capital recycling.

Geographically, Zhejiang Province led with the highest number and value of transactions, mainly in sectors such as traditional manufacturing and electronics. Key deals included Alibaba Health's $17.27 billion acquisition of AJK Technology Holdings Ltd., which aims to integrate digital healthcare services, and other large transactions in energy, logistics, and technology.

The overall market indicated a sector mix favoring traditional industries and digital health, with fund strategy focusing on high-return exits in strategic acquisitions.