Chinese companies had invested over 600 billion yuan ($91 billion) in overseas M&A deals from January 2008 to June 2010, 21st Century Business Herald reported Thursday, citing data from a well-known consultation agency.

Accenture Plc tracked Chinese enterprises' 120 overseas mergers and acquisitions (M&As) in that period, which involving deals took place in developed countries and regions including the US, Europe, Canada, Australia, and developing countries in middle east, South America, and Africa, the report said.

The data only shows that these M&A deals were completed, but data was not yet complete for consolidations of transactions, and integrations of companies, Deng Ying, a public relations executive for Accenture Plc, told the newspaper.

"It is a long road starting with M&A deals. There are great cultural differences, and huge gaps in understandings. Many companies suffered losses in their overseas M&As," Deng said.

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Among China's Top 500 enterprises, 89 percent are operating international business, while 6 percent have no intent to work in overseas markets, according to a survey by Accenture Plc. When it comes to internationalization, 23 percent prefer overseas M&A, and 13 percent may take a stake in overseas companies.

"Chinese enterprises show aspirations of global expansion, and they have affluent cash flow," Deng said, "but the question is how far a newly internationalized company could go."

Chinese companies may obtain advanced technologies and risk aversions in the new market by engaging in overseas M&A, especially when making deals with US or European companies, the paper reported. Since 2008, 70 percent of the Chinese overseas M&A agreements are with US and European companies.

Chinese overseas M&As took place in various industries, among which the top ones are mining, energy resources, machinery and the information technology.