This paper examines the wage effect of foreign M&As on the acquired enterprises using China’s Manufacturing Firms Data. We employ matching methods and find that foreign M&As have significant positive wage effect. The result exhibits highly robust under various conditions, such as different factor intensities, different origins of acquiring firms, different areas. In addition, we find that foreign M&As show stronger wage effect on enterprises belong to capital & technology intensive and locate in central and western areas. Targets acquired by firms from industrial countries show larger wage effect.