Across 60 Chinese Serial Acquirers
A deal had to meet every one of the following conditions to count toward a firm's deal total. Cancelled, pending, and joint-venture-only deals were excluded.
Source: FactSet M&A Database. Variables captured per deal: Close Date, Deal Value (USD), Target Sector, Deal Type, % Acquired, Cross-Border flag.
Where the 308+ Deals Land
| HIP ESG Tier | Firms | Qualifying Deals | Avg Deals / Firm |
|---|---|---|---|
| HIGH | 20 | 83 | 4.2 |
| MEDIUM | 20 | 139 | 7.0 |
| LOW | 20 | 86 | 4.3 |
| Total | 60 | 308 | 5.1 |
Medium-tier firms are the most acquisitive on average, but the ESG-performance gap appears between HIGH and LOW - not between high deal volume and low.
Notable Transactions Captured in the Dataset
These representative deals show the size and global reach of the cross-border M&A flow captured by the study.
| Acquirer | Tier | Target | Year | Value |
|---|---|---|---|---|
| Haier Smart Home | HIGH | GE Appliances | 2016 | $5.6B |
| COSCO Shipping | HIGH | Orient Overseas Intl. | 2018 | $6.3B |
| Tianqi Lithium | HIGH | SQM (24% stake) | 2018 | $4.07B |
| Tencent Holdings | HIGH | Supercell (majority) | 2016 | $8.6B |
| Midea Group | MEDIUM | KUKA AG | 2016 | €4.5B |
| Ninestar | MEDIUM | Lexmark International | 2016 | $3.6B |
| COSCO Shipping | HIGH | Piraeus Port Authority | 2021 | $0.4B |
| Huatai Securities | HIGH | AssetMark | 2019 | $0.74B |
| Fosun Pharma | HIGH | Gland Pharma | 2017 | $1.09B |
A sample of the larger named deals. The full dataset includes 308+ rows of transaction-level detail across every acquirer.
Each qualifying deal anchors the event-study window: the acquirer's profitability is measured for two years before close (T-2, T-1) and three years after (T+1, T+2, T+3). The difference between those two windows is the change variable (ΔROA, ΔROE, ΔEBITDA margin) used in every downstream regression.
Because some firms completed more than five qualifying deals during the window, individual transactions are aggregated to the firm-year panel observation used in the difference-in-differencesDifference-in-differences (DiD): a statistical method comparing how outcomes change for a treated group vs. a control group, isolating the effect of the event. model. The full deal-by-deal roster lives in the regression workbook and is summarized at the firm level in the firm list.
→ Firm List · → Sector Analysis · → Regression Output
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