This paper focuses on two of the key determinants of Chinese cross-borderM&A performance, industry preference and currency appreciation. Our resultsshow that although resource-related bidders may be motivated to pursuenational strategic goals, they do not sacrifice their shareholders鈥 wealth.The substantial RMB appreciation following the exchange rate reform leads tohigher bidder abnormal returns in the short-term, with no long-term reversal.We find that the insignificant long-term abnormal retu