On 29 July 2025, the State Administration for Market Regulation (SAMR) announced that it concluded a total of 339 merger control cases in the first half of 2025, representing a 14.1% increase compared to the same period last year. Among these, 329 cases were unconditionally approved, while eight filings were withdrawn by the notifying parties after acceptance. Two cases were conditionally approved: Bunge Global’s acquisition of shares in Viterra Ltd., and ANA Holdings’ acquisition of Nippon Cargo Airlines.
Most of the reviewed cases were processed under the simplified procedure. Of the total cases, 296 were classified as simplified cases, accounting for approximately 90%. A large number of these cases – 286 - were concluded during the preliminary review phase without proceeding to further examination, while 43 cases advanced to further review but were ultimately not prohibited. These numbers indicate that the majority of transactions did not raise significant antitrust concerns.
In terms of transaction value, the combined deal volume exceeded RMB1.3 trillion (US$180 billion). The largest single deal reached a transaction value of RMB123 billion (US$17 billion), highlighting the presence of high-value, strategic consolidations.
Domestically, M&A activity remained vibrant. Concentrations among Chinese enterprises totaled 205 cases, accounting for 62% of the total. Cross-border transactions were also active, with 82 cases involving only foreign parties (25%) and 42 involving both Chinese and foreign firms (13%). This reflects strong domestic momentum while maintaining openness to international investment.
The ownership structure of participating enterprises revealed a balanced market dynamic. State-owned enterprises were involved in 194 cases (59%), private enterprises in 123 cases (37%), and foreign-invested enterprises in 127 cases (39%). This suggests a diversified mix of participants and underscores the active role of both public and private capital in driving market integration.
By industry, manufacturing dominated merger activity with 115 cases, making up 35% of all concentrations. Within manufacturing, the automotive sector led with 18 cases, accounting for 16% of manufacturing-related mergers. Among these, 12 transactions involved auto parts and components, representing 67% of automotive cases. Other active sectors included the chemical materials and products industry, general equipment manufacturing, electrical machinery and apparatus manufacturing, pharmaceuticals, and electronics and computer equipment manufacturing. Outside of manufacturing, notable M&A activity was observed in utilities (water, power, gas, heat), finance, transportation, wholesale and retail, information technology services, real estate, and business leasing services.
In terms of transaction types, 181 cases were horizontal mergers between competitors, accounting for 55%. Vertical integrations between upstream and downstream enterprises represented 138 cases, or 42%, while mixed mergers accounted for 97 cases, or 29%. Equity acquisitions remained the dominant transaction mode, totaling 178 cases (54%). Joint venture formations followed closely with 142 cases (43%), and 15 transactions were structured as new company mergers or asset acquisitions.
The geographical distribution of participating enterprises was broad. More than 30 countries and regions were represented, with foreign participants primarily coming from Germany, Japan, the United States, the United Kingdom, and Canada. Within China, the top five regions for registered enterprises involved in merger cases were Beijing, Guangdong, Shanghai, Shandong, and Jiangsu.
Comment
The H1 2025 merger data reflects an increasingly robust and diversified M&A landscape in China. The high number of simplified cases and quick clearances shows greater efficiency in regulatory review, which supports a more predictable environment for business consolidation. The strong activity in manufacturing, especially in automotive components and chemical industries, illustrates China's strategic focus on strengthening its industrial base. The balance of participation among SOEs, private firms, and foreign enterprises also signals a healthy level of competition and openness.
Most of the reviewed cases were processed under the simplified procedure. Of the total cases, 296 were classified as simplified cases, accounting for approximately 90%. A large number of these cases – 286 - were concluded during the preliminary review phase without proceeding to further examination, while 43 cases advanced to further review but were ultimately not prohibited. These numbers indicate that the majority of transactions did not raise significant antitrust concerns.
In terms of transaction value, the combined deal volume exceeded RMB1.3 trillion (US$180 billion). The largest single deal reached a transaction value of RMB123 billion (US$17 billion), highlighting the presence of high-value, strategic consolidations.
Domestically, M&A activity remained vibrant. Concentrations among Chinese enterprises totaled 205 cases, accounting for 62% of the total. Cross-border transactions were also active, with 82 cases involving only foreign parties (25%) and 42 involving both Chinese and foreign firms (13%). This reflects strong domestic momentum while maintaining openness to international investment.
The ownership structure of participating enterprises revealed a balanced market dynamic. State-owned enterprises were involved in 194 cases (59%), private enterprises in 123 cases (37%), and foreign-invested enterprises in 127 cases (39%). This suggests a diversified mix of participants and underscores the active role of both public and private capital in driving market integration.
By industry, manufacturing dominated merger activity with 115 cases, making up 35% of all concentrations. Within manufacturing, the automotive sector led with 18 cases, accounting for 16% of manufacturing-related mergers. Among these, 12 transactions involved auto parts and components, representing 67% of automotive cases. Other active sectors included the chemical materials and products industry, general equipment manufacturing, electrical machinery and apparatus manufacturing, pharmaceuticals, and electronics and computer equipment manufacturing. Outside of manufacturing, notable M&A activity was observed in utilities (water, power, gas, heat), finance, transportation, wholesale and retail, information technology services, real estate, and business leasing services.
In terms of transaction types, 181 cases were horizontal mergers between competitors, accounting for 55%. Vertical integrations between upstream and downstream enterprises represented 138 cases, or 42%, while mixed mergers accounted for 97 cases, or 29%. Equity acquisitions remained the dominant transaction mode, totaling 178 cases (54%). Joint venture formations followed closely with 142 cases (43%), and 15 transactions were structured as new company mergers or asset acquisitions.
The geographical distribution of participating enterprises was broad. More than 30 countries and regions were represented, with foreign participants primarily coming from Germany, Japan, the United States, the United Kingdom, and Canada. Within China, the top five regions for registered enterprises involved in merger cases were Beijing, Guangdong, Shanghai, Shandong, and Jiangsu.
Comment
The H1 2025 merger data reflects an increasingly robust and diversified M&A landscape in China. The high number of simplified cases and quick clearances shows greater efficiency in regulatory review, which supports a more predictable environment for business consolidation. The strong activity in manufacturing, especially in automotive components and chemical industries, illustrates China's strategic focus on strengthening its industrial base. The balance of participation among SOEs, private firms, and foreign enterprises also signals a healthy level of competition and openness.