“…For example, the need to survive increasing competition has forced Chinese firms to invest abroad through M&A to gain the firm specific assets to improve their competitive advantages in both their home and global markets (Deng, 2009;Liang et al, 2022;Luo et al, 2010;Rui & Yip, 2008). Other studies also support the argument that the Chinese OFDI's strategic asset-seeking strategy has been carried out during their internationalization process in developed countries (Deng, 2009;Luo et al, 2010;Vecchi & Brennan, 2022). Furthermore, Meyer et al (2014) argue that foreign subsidiaries of both listed state-owned and privately owned Chinese MNEs favor M&A over greenfield entries to acquire strategic assets.…”