China’s power industry saw a drop of 4.35% in overall deal activity during November 2022, when compared with the last 12-month average, led by BOC Financial Asset Investment, Ganfeng Lithium Group, ICBC Financial Assets Investment and Mixed Ownership Reform Fund’s $706m venture financing of Voyah Automobile Sales and Service, according to GlobalData’s deals database.
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A total of 22 deals worth $1.2bn were announced in November 2022, compared with the 12-month average of 23 deals.
venture financing was the leading category in the month in terms of volume with 13 deals, which accounted for 59.1% of all deals.
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In second place was M&A with eight deals, followed by private equity with one transactions, respectively accounting for 36.4% and 4.6% of overall deal activity in the China’s technology industry during the month.
In terms of value of deals, venture financing was the leading deal category in China’s power industry with total deals worth $999.17m, while M&A and private equity deals totalled $222.25m and $12.03m respectively.
China power industry deals in November 2022: Top deals
The top five power industry deals accounted for 96% of the overall value during November 2022.
The combined value of the top five power deals stood at $1.18bn, against the overall value of $1.2bn recorded for the month.
The top five power industry deals of November 2022 tracked by GlobalData were:
1) BOC Financial Asset Investment, Ganfeng Lithium Group, ICBC Financial Assets Investment and Mixed Ownership Reform Fund’s $706m venture financing deal with Voyah Automobile Sales and Service
2) The $205.26m venture financing of Beijing Weilan New Energy Technology by China Chengtong Mixed Owned Reform Fund, China Merchants Capital, China Securities Investment, Deyi Capital, Fangyuan Capital, Hidden Mountain Capital, Huzhou Economic Development, SDIC Chuangyi Industrial Fund Management, Xuan Capital, Yun Capital and Zibo Jingneng
3) Sembcorp Energy (Shanghai) Holding’s $149.39m acquisition deal for 45.3% stake in Hunan Xingling New Energy
4) The $77.38m venture financing of Weishi Energy Technology by China National Building Material New Materials Fund, Liben Energy and SDIC
5) China Yaohua Glass Group’s $45.74m acquisition deal with Puyang China National Building Materials Photovoltaic Materials