There were 169 merger and acquisition (M&A) deals in China in the second quarter, up 225 percent from the first quarter, according to a report released on Monday by investment research firm ChinaVenture.

Of these 169 deals, 129 disclosed the value, which totaled $15.5 billion, up 137 percent.

ChinaVenture figures show M&A deals were most common in manufacturing, comprising 22.4 percent of the total cases, while property had the biggest share by value, or about 46 percent of the total.

Cross-border mergers expanded appreciably, with 15 cross-border M&A deals by Chinese companies in the second quarter, up 24.7 percent.

The report listed reasons for the M&A wave. One was a surge in corporate profits in 2007, which, combined with the proceeds from initial public offerings, provided companies with capital.

Another reason was the rising price of raw materials, which motivated Chinese strategic investors to seek deals in energy and mining.