Chinese bidders continued to drive the value of cross-border mergers and acquisitions (M&A) in the second quarter of 2016, according to a report released by law firm Baker & McKenzie on July 18.

China saw 97 outbound deals in Q2 with a total worth of $40.7 billion - 23 percent and 132 percent higher than the same period in 2015, according to Baker & McKenzie’s Cross-Border M&A Index report for Q2 2016.

The Chinese investment was primarily in technology and industrials, accounting for $17 billion and $4.8 billion respectively, the report said.

“I suspect that Chinese outbound M&A will be a driving factor for M&A in the year ahead and be a key part of global transactional activity,” said Michael DeFranco, chair of Baker & McKenzie’s Global M&A Practice.

Globally, Brexit and political uncertainty in the United States are among the factors dampening deal makers’ confidence. The total value of cross-border megadeals -- those above $5 billion in value -- fell significantly in the first half of the year, the report showed.