Recently updated data from Fathom’s Capital Flows Tracker show that cross-border M&A and greenfield investment by Chinese- and Hong Kong-owned companies totalled US$133 billion in 2024 — only just over half the $247 billion recorded in 2023 The total number of deals also declined, though less sharply, falling by 9% compared to 2023 — meaning that the reduction was driven more by a decline in the average value of deals than by fewer transactions This raises questions over whether the 2023