In the past two decades, Chinese enterprises’cross-border M&A has been developing rapidly, while it has also shown lower completion rates than developed economies and even some emerging economies. Chinese enterprises face the hazards of Liability of Foreigness, and Liability of Origin due to emerging economy, which causes the negative impact on the transaction completion of cross-border M&A. The paper demonstrates abroad subsidiaries have higher transaction success probability of cross-border M&A compared with the domestic bodies by using counterfactual research framework and several matching methods, based on cross-border M&A conducted by Chinese enterprises in 126 countries from 2003 to 2019. This can be a proactive strategy to overcome Liability of Foreigness and Liability of Origin, and enhance the transaction success probability in cross-border M&A activities. The result of heterogeneity analysis proves that the strategy is suitable for Chinese enterprises’cross-border M&A in major countries. The success probability can be increased by about 2 times by using this strategy in cross-border M&A with non-developed entities and emerging entities.