Completed M&As in February down 40.8 pct

Seventy-one deals were finalized in the Chinese merger and acquisition market in February, decreasing 40.8 percent year-on-year, including Heilan Home Garment Co Ltd going public by merging with a shell company, according to a report released by ChinaVenture Group on Monday.

The report said the value of those completed M&A deals was $5.7 billion, a decrease of 80.7 percent year-on-year.

Heilan Home Garment Co Ltd was listed through the shell company of Sancanal Co Ltd in a 13 billion yuan ($2.1 billion) deal.

There were 249 M&A deals announced last month for a total value $8.9 billion, decreasing 5.6 percent year-on-year.

In the largest deal, German drug giant Bayer announced last month it would buy 100 percent of shares of Dihon Pharmaceutical Group Co, a maker of traditional herbal Chinese medicines, for 3.6 billion yuan.