One Hong Kong-based banker at a European bank said coronavirus has "taken the wind out of the sails" of the M&A industry across Asia after a "very bullish start to the year." 

Dealogic data shows the number of M&A deals during China's lunar new year holiday, involving Chinese firms, has plunged by 33% for the period over the last year. Total deal value for the period collapsed by 70% to $18 billion. 

Another banker from a top international investment bank in Hong Kong said all dealmaking in the region involving China has stopped. 

Two-thirds of China's economy has effectively shut down. At least 400 million people remain in quarantine, and dozens of cities, some larger than NYC, remain closed. Top manufacturing hubs across the country are at a standstill. This has made it near impossible for bankers to travel to firms for face-to-face meetings.