1、February 2024China M&A 2023Review and OutlookPwCForewordThe data presented is based on information compiled by Refinitiv Eikon(formerly named“ThomsonReuters”),CV Source,AVCJ,public news and PwC analysis unless stated otherwiseThomson Reuters and CV Source record announced deals.Some announced de

2、als will not go on to completeThe deal volume figures presented in this report refer to the number of deals announced,whether or not a value is disclosed for the deal The deal value figures presented in this report refer only to those deals where a value has been disclosed(referred to in this presen

3、tation as“disclosed value”)“Domestic”means China including Hong Kong,Macau and Taiwan“Outbound”relates to mainland China company acquisitions abroad“Inbound”relates to overseas company acquisitions of domestic companies“Private Equity deals”or“PE deals”refer to financial buyer deals with deal value

4、over US$10mn and invested mainly by private equity GPs but also including direct investments by financial institutions and conglomerates which are of the nature of private equity type investment2Explanation of data shown in this presentation(1)PwC“VC deals”refer to financial buyer deals with deal va

5、lue of less than US$10mn and/or with undisclosed deal value,but invested by financial buyers“Strategic buyer”refers to corporate buyers(as opposed to financial buyers)that acquire companies with the objective of integrating the acquisition in their existing business“Financial buyer”refers to investo

6、rs that acquire companies with the objective of realising a return on their investment by selling the business at a profit at a future date and mainly,but not entirely,comprises PE and VC funds In order to exclude foreign exchange impact,deal values from previous years were adjusted based on monthly