May 24 – Macy's Inc (NYSE: M) is making its first investment in China by acquiring a stake in a local online retailer that will sell Macy's merchandise on its website, the Wall Street Journal reported. The US department store invested $15 million in VIPStore Co, a Chinese online retail company, for an undisclosed minority stake, along with other venture capital providers, including Intel Corp's (Nasdaq: INTC) Intel Capital.

May 21 – Wanda Group, one of China's largest theater owners, said it agreed to take over AMC Entertainment, which owns the second largest movie theater chain in North America, for $2.6 billion, including debts. Wanda also promised to inject an extra $500 million for AMC's future operations.

May 21 – Alibaba Group Holding Ltd, China's largest e-commerce provider, agreed to repurchase about a 20% stake in itself from Yahoo! Inc (Nasdaq: YHOO) for $7.1 billion, Bloomberg reported. Yahoo will receive at least $6.3 billion in cash and $800 million in newly-issued Alibaba preferred stock from its planned IPO. Alibaba also will be required to either buy back a quarter of Yahoo's current stake at the price of a future IPO or let Yahoo sell the shares in the IPO.

May 16 – Beijing Jangho Curtain Wall Co (SHA: 601886) said its Hong Kong unit plans to pay ¥401 million for an 85% stake in Sundart Group, a wholly-owned subsidiary of Sundart International Holdings Ltd (HKG: 2288). Sundart Group provides interior decoration services for luxury apartments and hotels. It posted ¥1.42 billion in revenues and ¥102 million in net profits for 2011.

May 16 – China Resources Gas Group Ltd (HKG: 1193), a state-backed urban gas supplier, said it has paid $238 million for US-based AEI's Chinese asset, AEI China Gas Ltd. AEI China Gas supplies gas in 28 cities across 11 provinces.

May 15 – China's domestic M&A market recorded 652 transactions valued at $29.8 billion in Q1 2012, down 33% and 16% respectively from the previous quarter, according to a PwC report.

$1 = ¥6.34

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