Led by $700m private equity deal with JD Property, China’s financial services industry saw a drop of 4.8% in overall deal activity during Q1 2021, when compared with the last four-quarter average, according to GlobalData’s deals database.

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A total of 35 deals worth $3.08bn were announced in Q1 2021, compared with the last four-quarter average of 36.75 deals.

M&A was the leading category in the quarter with 22 deals which accounted for 62.9% of all deals.

In second place was venture financing with 11 deals, followed by private equity with two transactions, respectively accounting for 31.4% and 5.7% of overall deal activity in the China’s financial services industry during the quarter.

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In terms of value of deals, M&A was the leading deal category in China’s financial services industry with total deals worth $2.06bn, while private equity and venture financing deals totalled $809.38m and $209.68m respectively.

China financial services industry deals in Q1 2021: Top deals

The top five financial services industry deals accounted for 75.3% of the overall value during Q1 2021.

The combined value of the top five financial services deals stood at $2.32bn, against the overall value of $3.08bn recorded for the quarter.

The top five financial services industry deals of Q1 2021 tracked by GlobalData were:

1) Hillhouse Capital Group and Warburg Pincus’ $700m private equity deal with JD Property

2) The $595.62m acquisition of E-surfing Pay by China Telecommunications

3) J.P. Morgan Asset Management’s $410.43m acquisition of CMB Wealth Management

4) The $364.06m acquisition deal with Minsheng Securities by Shanghai Fengquanyu Enterprise Management

5) Shanghai Guotai Junan Securities Asset Management’s asset transaction with International Far Eastern Financial Leasing for $250.77m.