Abstract
As Chinese companies have rapidly increased their outward foreign direct investment (OFDI) in the last decade, Europe has become a target for Chinese market-seeking and asset-seeking. The Chinese government plays a proactive role in guiding and supporting overseas investment, in part through its ‘going-global’ policy. The internationalization of Chinese companies is, however, to some extent a response to restrictive (domestic) market conditions. Within China, the growth of companies across provincial borders is still difficult due to regional protectionism (Child & Rodrigues, 2005, p. 388). Intense competition from foreign-funded enterprises in the domestic market also works as a driving force for the internationalization of Chinese companies (UNCTAD, 2006; Masron & Shahbudin, 2008, p. 6). These push factors are complemented by a number of pull factors that attract Chinese companies to the European Union (EU). Market-seeking companies want to explore the huge common market of the now 27 EU member states, while asset-seeking companies are most interested in buying high-tech companies and brand names in highly industrialized EU countries. But some of the very ambitious Chinese acquisition attempts involving well-known high-tech companies have not been realized due to legal, public or shareholder opposition.
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