Hampleton：2025年第二季度数字商务报告（英文版）

While incremental rises in Digital Commerce M&A activity were observed across reporting periods in 2023 and 2024, this restrained resurgence has since snowballed, with 1H25 seeing a 22% year-on-year increase in transaction volume. Dealmaking now rivals what was recorded during the pandemic, reflecting the fact that this sector is undergoing the most radical disruption since lockdowns drove unprecedented e-commerce demand. But while the pandemic was a temporary phenomenon, the current shif