Dealmaking in Asia is not going to be easy in 2020, especially in China. While uncertainty still hangs over the U.S.-China trade deal, the outbreak of the novel coronavirus that originated in China will further disrupt cross-border transactions.

Mergers and acquisitions in and out of China slowed in 2019 after the United States and China entered a new phase of contentious trade, economic and diplomatic relations. Bidders from mainland China and Hong Kong spent only $5.7 billion in the U.S. in 2019, the lowest total since 2011, according to data compiled by Mergermarket. Meanwhile, the total value of U.S. investment into China and Hong Kong dropped to $7.7 billion, the lowest since 2013.