Currently China has actively encouraged its enterprises to invest overseas. Of the methods adopted to invest, acquisition has become the most popular. To learn about the performance of these overseas acquisitions, this study selected sample enterprises from representative industries and compared their performance before and after the acquisitions. To compare the performance made by companies of different ownership types, some stateowned enterprises in one predominant industry and some private companies in another predominant industry—in this case the energy industry and the business service industry, respectively—were selected as the subjects of the study. Additionally, in order to avoid the impact brought about by the financial crisis, only acquisitions concluded before the crisis were selected. An indepth comparison of the financial data for the three years before and after the acquisitions was conducted to find out the performance of the acquisitions. The comparison results reveal that, of the ten state-owned enterprises studied, the performance of three improved slightly and that of the other sevenworsened as the acquisitions were implemented. When compared with the enterprises in the control group, most sample enterprises fared worse than those that did not make any acquisitions during the same period. Meanwhile, of the eight private businesses studied, the performance of only three improved too. When compared with the businesses in the control group, most sample businesses fared better than those that did not make any acquisitions in the same period. Consequently, performance of overseas acquisitions made by state-owned enterprises in the energy industry is obviously worse than that of overseas acquisitions made by private businesses in the business service industry. Nevertheless, due to the characteristics unique to the energy industry, the effect of an acquisition cannot be measured in the short term as in the service industry.