Asia's outbound M&A deal tally surpasses 2015 record

"So far in 2016, Chinese dealmaking has been the driving force behind Asia's outbound M&A, with 173 deals worth USD 128.7 billion accounting for 64.3 percent of total deal value its highest share on record," Mergermarket said in a research note.

"China's unstoppable outbound M&A spree is driven by the country's effort to seek high-yielding assets overseas and hedge against slowing domestic growth," Mergermarket China editor Yiqing Wang said.

She further noted that the weakening RMB also pushes Chinese deep pocket acquirers to speed up splashing billions of dollars overseas before their currency further depreciate.

"Chinese acquirers expanded their reach to almost each sectors especially high tech industrial, and new areas such as gaming, sports and travel/leisure, far beyond their traditional interest in mining resources/energy sector, she said.

However, concerns are rife as to whether Chinese buyers will slow down their expansion spree amid increasingly tight deal scrutiny from both China and target country's regulatory authorities.