"It is not a comparison of absolute value," said David Ye, partner and vice-president of Roland Berger, lead author of the report.

"It is meant to compare how the financial industry is evolving and progressing in these markets. Shanghai achieved more in the past six years, but Singapore, Hong Kong and Mumbai showed a stronger growth trend in the first half of 2013," he added.

The Shanghai Financial Association and Shanghai United Assets and Equity Exchange also released their Shanghai Merger and Acquisition Index report on Monday.

That report said that during the first half of 2013, there was marked growth of merger and acquisition transactions in primary industry.

Private companies were more active in this market than State-owned ones. Outbound M&A cases surged in May and June, and the quality of the deals improved.

Patrick Becker, chief executive officer of Bexuco Ltd, an M&A project consulting and service company based in Shanghai, said that although Chinese companies have become more willing to pursue outbound cases, they still lack the experience and management skills to handle and execute an overseas investment.

This can lead to strategic mistakes, inappropriate deal structures and overpaying for the target firm, he said.

"But I see a substantial improvement in the past 12 months. Chinese companies are more and more willing to engage foreign M&A advisers acting in their interest," he said.