The list of investment institutions in the "Industrial M&A" segment of China's private equity investment industry for the year 2025 is unveiled!
As we stand at the end of 2025 and try to find an exact footnote for this year's capital market, "Mergers and Acquisitions" is undoubtedly the most resounding term.
Driven by policies such as the "Six Measures for Mergers and Acquisitions", listed companies, local state - owned assets, insurance funds, and VC/PE institutions have all participated in the M&A market. They have independently or jointly with other state - owned assets, industrial capital, and financial institutions accelerated the establishment and operation of M&A funds. If the market in the previous years was groping in the fog, then the Chinese M&A market in 2025 established a new order in the sunlight. This year, we were pleasantly surprised to find that capital is no longer just chasing high - multiple returns on the books, but has returned to the essence of business - in - depth control and value reshaping of high - quality assets. Generally speaking, with the continuous manifestation of the resilience of the macro - economy and the precise guidance of the policy environment, 2025 has become a key watershed for the Chinese M&A market to move from "strategic attempts" to "systematic prosperity".
On the one hand, after the full adjustment and regression of asset prices, capital tends to choose high - quality enterprises with good cash flow, brand accumulation, and market share. On the other hand, the exit pressure in the primary market has forced innovation in liquidity. IPO is no longer the only single - plank bridge, and M&A exit (M&A) has truly become the "broad road" jointly recognized by investors and entrepreneurs. The most significant change is that VC/PE institutions have begun large - scale transformation. They are no longer satisfied with passive waiting for financial investment, but actively seek controlling rights or dominance of high - quality assets, get involved in person, and use their global vision and management experience to inject real dual support of "financial capital + industrial operation" into enterprises.
As of now in 2025, there have been more than 25 large - scale M&A cases worth over 5 billion. These several landmark "big cases" in 2025 are not only large in amount, but more importantly, they have redefined the relationship between investment institutions and invested enterprises.
We have seen that CPE Yuanfeng took decisive action and acquired an 83% stake in Burger King's Chinese business with a large - scale deal. This is not simply an asset replacement. Through controlling the company, it has deeply injected the capabilities of digital operation, local menu innovation, and supply - chain optimization into this global chain giant, making it more adaptable to the fierce competition in the Chinese market. Also in the consumer field, Boyu Capital's strategic alliance with Starbucks has become an annual anecdote. The two parties established a joint - venture enterprise. It is no longer just a simple injection of funds. Instead, by leveraging Boyu's profound local business network and insight into the consumption psychology of China's new middle - class, it has helped Starbucks find new growth points in the sinking market and digital transformation. At the same time, Sequoia China acquired a majority stake in the British audio brand Marshall at a valuation of 1.1 billion euros. This deal shocked the global consumer electronics circle. It marks that top - tier institutions are beginning to use China's strong supply - chain advantages and e - commerce operation capabilities to empower global established IPs, achieving a value leap of "global brands, Chinese engine".
Based on the above magnificent market picture, 36Kr has released the 2025 list of "China's Equity Investment Industry's Industrial M&A Investment Institutions" series:
Salute to the institutions that dare to reshape the corporate genes through "M&A" in the era of change:
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