In 2023, Greater China had a total of 1523 M&A deals worth US$174.8bn. The domestic and inbound volume significantly declined by 237 deals from 2022, while outbound volume remained steady with a slight increase of 4 deals. The overall decline is reflective of China’s ongoing political structural issues side by side deflation and real estate crisis faced within 2023.

In terms of aggregate transaction value, however, 2023 saw an overall 12.3% increase from 2022. While domestic and inbound only increased by 1.2%, outbound had a substantial increase of 133.1%. In 2023, putting the other/uncategorized sector aside, utilities showed the most growth within the domestic & inbound sector at 1553.2%. As for the outbound sector, communication services had a massive growth of 7395.6%, while financials came in next at 411.8%.