One hundred and twenty deals were completed in the Chinese merger and acquisition market in January, for a total value of $8.4 billion, a decrease of 67.9 percent from December, China Venture Group said on Thursday.

Finance, public utilities and telecommunications sectors were the top three by deal value, accounting for 58.5 percent of all sectors.

The largest deal completed during the month was Yue Xiu Group's purchase of Chong Hing Bank by paying HK$11.6 billion ($1.49 billion) for 75 percent of shares.