Market and M&A insights

The year 2025 has witnessed unprecedented fervor in financing and M&A activities within the AI industry.
The 10 selected representative cases (5 domestic and 5 international) all focus on China and the United States. This not only reflects the two nations' leading positions globally in AI technology R&D, capital resources, and industrial implementation but also implies that a 'bipolar landscape' in current AI innovation and competition is gradually taking shape.

In the third quarter of 2025, the State Administration for Market Regulation (SAMR) released the 2024 National Statistical Brief on the Inspection and Testing Services Industry, from the report, our key observations are as follows:

- From the annual review of the industry: A slight decline in the number of institutions, with steady revenue growth. 

- From M&A perspective, the figures reveal deeper trends—accelerated industry consolidation, rising technological barriers, and restructuring driven by private and capital forces. These shifts not only impact the regulatory landscape but also signal new opportunities for industrial chain integration and capital operations.

Clean energy remains a consistently relevant and important topic. Recent researches indicate that approximately one-third of China’s power production now comes from renewable energy sources.

In June 2025, Yuanda Environmental Protection (600292.SH) announced plans to acquire 100% equity in Wuling Power and a controlling stake in Guangxi Changzhou Hydropower via stock issuance and cash payments, establishing SPIC’s domestic hydropower integration platform. Concurrently, Singapore’s Sembcorp Industries completed the acquisition of a 96MW solar plant in Cadiz, Philippines, accelerating its Southeast Asia expansion.

These transactions epitomize the global clean energy M&A wave. Over the past two years, capital has reshaped the energy landscape at unprecedented speed—from Indian PV plants to Norwegian offshore wind, Chinese pumped hydro to Thai biomass power.

The global automotive industry is undergoing an unprecedented wave of transformation—electrification and intelligence are reshaping the industry's landscape. However, valuation discrepancies in M&A transactions have become increasingly evident, with traditional businesses and emerging sectors exhibiting stark contrasts. How can we grasp the valuation logic amidst technological changes? Which sub-sectors / segments are hidden with excess return opportunities?

In this issue of the "M&A Valuation Guide," we will deeply analyze the automotive industry's M&A data, revealing the capital game rules behind key areas such as power batteries, autonomous driving, and smart cockpits.