PwC’s mid‑year China deal review shows a strong 1H 2026 rebound as capital
markets and policy support boosted activity. Deal count rose to 7,316 (+~30%
YoY), a record high; deal value climbed to $241.6bn (+56% YoY), the best
half‑year since 2023. Recovery was led by financial investors—deal count and
value up roughly 50% and 85% YoY, respectively. Strategic buyers’ deal count
fell ~7% YoY while deal value rose nearly 40%. Mega deals (> $1bn) held steady
at 27, broadly flat YoY. PwC says M&A capital is concentrating in high‑tech and
hard‑tech and that state capital is increasingly acting as a stabilizing force
in industry consolidation, which PwC expects to be a primary driver of future
structural market growth.
