By deal value, China's top ten outbound M&A destinations accounted for 78% of total deal value. Among them, France recorded the strongest growth, re-entering the top-ten list for the first time since 2022 while the United States, Germany, Brazil and Italy all posted triple-digit growth. Except for the decline in M&A involving Japan, the other countries in the top ten all recorded growth. In 2025, the United States regained its position as the leading destination by deal value, yet its share has declined significantly to 13%.