The APAC M&A market was relatively muted in Q2. While total deal values increased slightly (4%) quarter-over-quarter to $76.3bn, the same deals value totals are down significantly (-52%) compared to Q2 2022. Volumes also declined -15% compared to the same period last year. However, one bright spot was the $23bn SPAC deal between Black Spade Acquisition Co and VinFast Auto Pte. Ltd, which marked the largest M&A transaction involved a special purpose acquisition company in almost two years. This deal also contributed to Hong Kong’s region M&A leadership for the quarter, with China coming in second at $17.2bn.