Cross-border mergers and acquisitions are an important way to help companies quickly increase their scale and achieve industrial chain integration and upgrade, and are of great significance to promoting the transformation and upgrading of enterprises. Wenzhou has the advantages of a solid industrial foundation, a huge Wenzhou business network, abundant private capital and active overseas investment, but it also has problems such as lack of awareness of mergers and acquisitions and poor financing channels. It needs to be improved in terms of policy system, service platform and corporate governance. To promote the implementation of cross-border mergers and acquisitions by private enterprises in an orderly manner to achieve transformation and upgrading.