About half of China’s overseas acquisition attempts have not been completed; the chance of success is much lower than worldwide. This study provides an overview of China’s overseas acquisition, and investigates the reasons behind the low likelihood that an acquisition deal is completed. By using a sample that consists of 1,324 overseas acquisition attempts by Chinese firms, the study found that multi-level determinants influence the outcome of China’s overseas acquisitions. Based on the findings, we conclude that the distinctive social and economic environment of acquirers; ownership and low competitiveness of these acquirers; lack of global experience; and sensitiveness of the industry all hamper Chinese acquisition deals.