China’s companies resume global buying binge, targeting brands and metals

After years of restrictive controls, Chinese firms have begun deploying capital abroad again, and the tempo is striking. Deal activity in January approached $12 billion, making it the busiest January for outbound purchases since the late 2010s. Buyers cast a wide net: consumer brands and resource assets alike featured on the list, illustrating a dual motive of securing market positions and raw materials. Domestic policy shifts and easing of prior constraints have clearly encouraged corporates and state-linked investors to reengage with overseas opportunities. This reactivation matters because it alters competitive dynamics in target markets, elevates asset valuations, and forces acquirers to balance strategic ambition with geopolitical risk. For sellers, Chinese bidders are restoring a source of liquidity that had been muted for years; for regulators in host countries, these deals will trigger renewed scrutiny over ownership of critical supply chains and national champions. Financially, the burst of transactions suggests firms are confident in available financing and in hunting bargains after a period of cautious capital allocation. That said, timing and integration risks remain: acquiring brands or mines is one thing, extracting value without political friction is another. Markets should expect uneven outcomes — some acquisitions will fortify global footprints, others will prompt disposal or divestment under pressure. Watch for follow-on moves from private equity and state-backed funds, and for reciprocal policy responses abroad. In short, the re‑opening of outbound dealmaking represents both a commercial reassertion and a geopolitical variable; the near-term winners will be those that combine capital with nuanced diplomacy and operational discipline.