Chinese investment in Italy is entering a new phase, moving away from headline-grabbing acquisitions of listed companies and strategic infrastructure toward smaller manufacturing firms, often through controlling stakes in unlisted businesses.
Why it matters: Chinese investors are increasingly targeting Italian manufacturing companies rather than large listed groups.
- The strategy emphasizes industrial know-how and integration into European supply chains.
- The trend reflects a broader transformation in Chinese outbound investment following stricter European foreign investment controls.
The big picture: The era when Chinese capital in Italy was associated with major acquisitions such as Pirelli or strategic infrastructure appears to have given way to a different investment model.
- Chinese investors have progressively redirected their attention toward industrial companies, seeking more stable ownership positions in unlisted firms rather than minority stakes in high-profile listed assets.
- The shift is attributed both to changes in Beijing’s investment strategy and to new screening mechanisms introduced by European governments, including Italy’s strengthened “golden power” framework.
Zoom in: Manufacturing first. InfoCamere’s analysis identifies 23,243 Italian companies with direct participation from investors linked to the “Greater China” area (mainland China, Hong Kong, Macau and Taiwan).
- Most are small commercial activities, but the article highlights a growing presence of corporate investors and holding companies, whose number rose from 751 in 2020 to 906 in 2025, increasing their control over invested capital.
- Among companies with production values above €5 million, manufacturing clearly dominates, ahead of commerce and other sectors, according to the accompanying infographic.
- The article describes this as a “metamorphosis”: after years of acquiring large industrial champions, Chinese investors are now primarily interested in medium-sized and smaller manufacturers, attracted by their expertise and their position within European industrial supply chains.
Between the lines: The report contrasts today’s investment landscape with the record year of 2015, when ChemChina acquired Pirelli and State Grid bought a 35% stake in CDP Reti, which in turn held interests in Snam, Terna and Italgas.
- Those transactions prompted closer scrutiny of foreign investment and contributed to tighter screening rules in Italy.
- Since then, Chinese investment flows have continued, but on a different scale and with different targets, the article argues.
Deals that illustrate the trend. Recent examples cited include the acquisition of Bialetti by Stephen Cheng and the purchase of Golden Goose by HongShan Capital, presented as emblematic of the renewed focus on Italian brands and industrial assets.
What we’re watching: Don’t expect a return to the era of blockbuster Chinese acquisitions in Italy. Instead, the trend to watch is whether Chinese capital keeps moving deeper into Italy’s network of manufacturing SMEs and unlisted industrial companies.
- According to the analysis, this is where investors increasingly see value — in industrial capabilities, know-how and access to European supply chains.
The bottom line: According to the analysis, Chinese investment in Italy has not disappeared — it has changed shape, with capital increasingly flowing toward smaller industrial companies where investors can secure long-term control and access to manufacturing know-how rather than pursuing high-profile acquisitions of strategic assets.
