The main purpose of the present paper is to discuss China's outward direct investment in Africa in terms of different ownership enterprises. First, in addition to the official data parsing, a large number of Chinese enterprises investment projects are discussed. Second, besides the investment activities of central state-owned enterprises, local state-owned enterprises, and private enterprises investment activities are also concerned. Third, through the discussion of a large number of corporate cases, the diversity of Chinese investment in Africa is shown in the analysis. The motive of the large central state-owned enterprises implements the government policies, but most private enterprises and non-central state-owned enterprises invest in Africa due to profit considerations. The analyses of this paper indicate that China's investment in Africa can be partly explained by the existing theories of foreign direct investment; but China's investment in Africa is also more diverse and complex and cannot be explained in a single model.