As EMNE acquisition behavior becomes more prominent, it is important that we gain a fuller understanding of how the unique context of emerging markets spurs this type of internationalization, as well as to determine if EMNE acquisition behavior differs from more traditional developed country MNEs. Using a data set containing 804 announced Chinese cross-border M&A deals over the 2000~2015 period, this study finds how the target selection influences the likelihood that Chinese overseas acquisition deals are completed. At the country-level, the institutional quality in a host country is positively related to the likelihood that a cross-border M&A deal is completed. From the view of characteristics of targets, the likelihood that a cross-border M&A deal is completed is increased if the target is private. From the view of characteristics of deals, the likelihood that a cross-border M&A deal is completed is decreased if acquirers use cash as a method of payments in cross-border deals.