Chinese M&As hit record in 2014   

(ECNS) - The number of Chinese mergers and acquisitions (M&As) increased to 6,899 in 2014, with a total value of $407 billion, according to a report by consultancy PricewaterhouseCoopers (PwC).

Strategic M&As were strong in all sub-sectors, with ongoing consolidation in China's maturing domestic economy being a key driver, said Leon Qian, PwC China's Transaction Services Partner.

Foreign strategic investments also hit a record high in terms of value, particularly some sizable deals in banking and financial services, Qian added.

Last year was also a banner year for new investments by private equity and financial buyers, with record volumes up 51 percent and values up 101 percent, the China Business Times reported.

With regard to Chinese overseas M&As, state-owned enterprises continued to do deals in the industrial, resources and energy sectors, while privately owned enterprises (POEs) looked for technologies and brands to bring back to the Chinese market.

The number of Chinese outbound deals surged by more than a third and M&A activity from POEs continues to lead the way.