Merger and acquisition activity from July to November this year slowed 47% from the same period last year, the South China Morning Post reported, citing accounting firm PricewaterhouseCoopers (PwC). According to PwC, 543 M&A deals were announced over the five-month period, the lowest level since 2006, as investors adopt a wait-and-see attitude during the continuing financial crisis. David Brown, a transactions partner at PwC, said private equity firms view the downturn as an opportunity to make buys as Chinese firms’ valuations become more realistic. There were 32 outbound M&A deals from July to November, down 30% year-on-year, while the transaction value fell 80% to US$4.3 billion. PwC said deals in high-technology industries were increasing, as investors focus on sectors with higher added value.