China Is Snapping Up Overseas Assets Again From Puma to Metals

After Beijing slammed them shut about a decade ago, the gates have flung open again for Chinese firms to go on overseas acquisition sprees.

In January alone, the volume of outbound mergers and acquisitions from Greater China approached $12 billion, the most for the first month of a year since 2017. The shopping list included high-profile names like German sports brand Puma SE and Canadian miner Allied Gold Corp.

The turnaround is gathering momentum after a prolonged lull that began in the mid to late 2010s, when China capped outbound investment to rein in exuberant spending. One particularly high-profile case ...