2025年亚太并购情绪回暖，整体交易量达1.3兆美元，较2024年成长21%。下半年活动加速，投行与律师事务所形容区域投资银行案源为多年最强之一；消费、医疗、电信媒体科技（TMT）与赞助商主导交易更为活跃，新加坡、东京与香港等枢纽同时承接中国相关与跨境案子。

中国交易额升至3,850亿美元，较2024年增加19%，部分动能来自跨国企业在竞争加剧下重新检视在华资产与布局。案例包括星巴克同意以约40亿美元企业价值将中国业务60%股权售予博裕资本；餐饮品牌国际亦在出售汉堡王中国控股权。市场预期2026年将延续透过合资、资产优化与整并来提升竞争力，并在AI等高成长领域出现更多整合。

私募股权方面，资金干粉充裕且情绪改善，交易焦点指向半导体、人工智慧与再生能源等政策优先产业；例如康基医疗14亿美元私有化被视为信心拐点。但交易失败仍存在，Advent在收购Ginko中国资产案告吹后支付约1,000万美元分手费。对外并购亦回升但更审慎，并伴随政策面如最高达700亿美元的晶片激励，以及转向东南亚与中东等新兴市场中「小而精」的高品质交易。

Asia-Pacific M&A rebounded in 2025, with total APAC transaction volume reaching $1.3 trillion, up 21% year on year. Activity strengthened in the second half, and market participants describe one of the region’s strongest banking pipelines in years. Deals are active across consumer, health care, telecommunications/media/technology, and sponsor-led transactions, with hubs such as Singapore, Tokyo, and Hong Kong benefiting from both China-linked and international flows.

China dealmaking climbed to $385 billion, a 19% increase from 2024, as intensifying local competition pushed multinationals to reassess their footprints and assets. High-profile examples include Starbucks agreeing to sell 60% of its China business to Boyu at a $4 billion enterprise value, and Restaurant Brands International selling control of Burger King’s China unit. Advisers expect more partnerships, asset sales, and consolidation, including in fast-growing areas such as AI.

Private equity appetite is returning as dry powder meets improving sentiment, with focus on priority sectors like semiconductors, AI, and renewable energy amid comparatively attractive China valuations; a $1.4 billion Kangji take-private is cited as a confidence signal. Execution risk remains—Advent paid about $10 million after a Ginko deal failed. Outbound acquisitions are also reviving but more selectively, alongside policy support such as chip incentives of up to $70 billion and a tilt toward smaller, higher-quality deals in emerging markets.