Chinese companies are reviving their overseas acquisition strategy after a decade-long pause, with outbound mergers and acquisitions reaching $12 billion in January 2026 alone. This marks the highest first-month volume since 2017, signaling Beijing's renewed confidence in international expansion. High-profile targets include German sports brand Puma SE and Canadian miner Allied Gold Corp.

After China restricted outbound investment in the mid-2010s to curb exuberant spending, the market has shifted dramatically. Companies like HNA Group previously made headlines with debt-fueled purchases of Hilton Worldwide Holdings and Deutsche Bank AG before collapsing. Now, firms cite heightened domestic competition, fewer opportunities at home, and renewed financial strength as drivers for overseas expansion.

The acquisition wave spans multiple sectors and regions. Chinese EV maker BYD Co. and battery manufacturer Contemporary Amperex Technology Co. Ltd. are investing in overseas plants, while CMOC Group acquired Brazilian operations from Equinox Gold Corp. in a billion-dollar deal. Consumer brands are also active, with Luckin Coffee Inc. considering acquisitions including Nestle's Blue Bottle Coffee to elevate its international profile.