China’s domestic mergers and acquisition volume stands at a year-to-date record-high of $124.7 billion, up 17 percent from the $106.5 billion announced in the same period last year.

The figure is disclosed in a report from financial service provider Dealogic on Thursday, which also says this year’s figure will surpass the previous record year-to-date amount of $107.9 billion, set in 2009.

However, deals completed so far this year have fallen by 16 percent to 2,305, compared to the 2,743 in the comparable period for 2011.

Technology is the leading industry sector for the first time on record for China domestic M&As, with $20.3 billion so far in 2012, accounting for 16 percent of total domestic M&A volume.

Notable deals include Alibaba Group’s repurchasing of a 20 percent stake from Yahoo! Inc for $7.1 billion announced on May 20 in what was the tenth largest domestic M&A transaction on record.

China International Capital Corp leads domestic M&A adviser rankings in 2012 with a 16 percent market share, followed by Credit Suisse and UBS with 12 percent and 11 percent respectively.