Greenfield investment made up 57% of total foreign direct investment by China in Europe in 2022, overtaking mergers and acquisitions for the first time since 2008, according to the report released on Tuesday. Tencent's acquisition of Sumo Digital was the only transaction worth over 1 billion euros (USD 1.10 billion), with most other major investments in battery plants by companies such as CATL, Envision AESC, and SVOLT.