Mainland mergers and acquisitions rose 71% year-on-year in the first half of 2006, reaching a record US$41 billion in deals, according to Dealogic. Foreign cash accounted for US$12.8 billion of the total. The largest cross-border deal was the US$3.8 billion a consortium led by Goldman Sachs paid for a stake in Industrial and Commercial Bank of China. Dealogic figures show the mainland-led capital-raising efforts in Asia, excluding Japan, which saw M&A funds reach a record US$183 billion in the period, 60% more than the first half of last year. Hong Kong was a distant second.