致同会计师事务所首席合伙人李惠琦：并购活跃、政策加持，中国企业出海迈入新阶段

Group 1 - The core viewpoint of the article highlights the acceleration of Chinese enterprises' globalization across various sectors, including new energy vehicles, lithium batteries, and cultural industries, with a significant increase in foreign direct investment (FDI) [1] - In 2024, China's FDI flow reached $192.2 billion, marking an 8.4% increase from the previous year, and accounting for 11.9% of global FDI, maintaining a position among the top three globally for 13 consecutive years [1] - By the end of 2024, China's FDI stock is projected to reach $3.14 trillion, continuing its trend of being among the top three globally for eight years [1] Group 2 - The current era of Chinese enterprises going global is characterized as "Outward Investment 3.0," emphasizing a collaborative output of technology, brand, and ecosystem, with a notable shift towards high-end, diversified, and ecological features [2] - The "new three" sectors—new energy vehicles, photovoltaics, and lithium batteries—are leading the high-tech export, transitioning from product trade to full industrial chain output [2] - Cross-border e-commerce continues to drive consumer exports, with Chinese brands dominating in clothing, electronics, and home goods, leveraging e-commerce platforms to reach global consumers [2] Group 3 - Professional services such as auditing, consulting, and legal support are increasingly accompanying enterprises abroad, creating an ecosystem of collaborative effects [3] - Companies are adopting a systematic decision-making framework for selecting overseas destinations, focusing on supply chain layout and customer demographics [4] - Strategies include avoiding trade barriers through a "China +1" approach, investing in resource-rich countries, and pursuing cluster effects by embedding in mature industrial areas [4] Group 4 - Chinese enterprises are experiencing a significant increase in overseas mergers and acquisitions (M&A), with a focus on emerging markets and larger transactions, while the valuation expectations between buyers and sellers are narrowing [5][6] - The total value of Chinese overseas M&A in the first half of 2025 has risen sharply, indicating a more concentrated structure and clearer strategic intentions [6] Group 5 - The Chinese government supports enterprises going global through a multi-layered policy framework, including financial credit support and cross-border investment facilitation [8] - Various financial products have been introduced to address the financing challenges faced by small and medium-sized foreign trade enterprises, along with services for cross-border M&A [8] - Initiatives to simplify the overseas direct investment (ODI) registration process and encourage participation in international exhibitions are also in place to enhance market access and service support for enterprises [8]