Last year, China’s outward direct investment climbed 7 per cent to US$174 billion while overseas mergers and acquisitions rebounded to over US$43 billion, up nearly 40 per cent, according to EY data. Clearly, China’s appetite for global deal-making has returned. But the approach has changed. A decade ago, outbound investment was largely asset-driven, shaped by relatively light regulatory constraints and limited oversight. The prevailing mindset was simple: enter the market at all costs and fix...