Following the global trends, total Q3 deal activity in APAC was down compared to the same period in 2021. However, Q3 deal volume slightly outperformed Q2. That also came with a significant drop off in total amount transacted, hurt by the lack of megadeals in the region. This also resulted in smaller average deal size for the quarter, underperforming comparable periods (Q3 2022: $58m versus Q3 2021: $109.8m). China led the region in M&A deal flow, accounting for roughly one third of the total transaction value for the quarter. This was aided by the $8.1b acquisition of Tsinghua Unigroup Co, Ltd by Beijing Zhiguangxin Holding Co., Ltd.