This is a very broad question in order to look at this subject more meaningfully.
I would suggest a few parameters
(1) Is the target industry regulated? Some industries are restricted to foreign investment/ investors and some are even prohibited (internet, defense etc)
(2) Has the industry been affected by geopolitical tension? Will affect how welcome China is towards foreign investors
(3) What is the current direction of RMB:USD? How is the stock market performing? When RMB is depreciating or when domestic stock markets are performing poorly, in the past, it happens to coincide with welcoming foreign capital into China.
(4) Antitrust regulations. there is antitrust review of large M&A or where companies with significant market share are merged/acquired. Therefore if such cases are anticipated, best to plan on how to deal with antitrust review, before you spend significant resources to launch an acquisition
