Abstract: China has emerged as a key player in global cross-border mergers and acquisitions (M&As). However, city-level M&A connections and their construction mechanisms remain understudied. Drawing on acquirer-target relationships, this study constructs a cross-border urban network model using overseas M&A deals conducted by listed Chinese mechanical equipment enterprises between 2003 and 2023. By applying social network analysis and case evidence, this study investigates how enterprises restructure internal relational structures to shift power amid evolving global industrial power configurations. The results revealed marked geographical shifts. Leading M&A flows have moved from state-owned to private enterprises, concentrating more on European and American host cities than offshore centers. A small set of cities formed the network core. Learning and matching mechanisms are fundamental drivers. Firms prefer key cities in advanced economies to pursue global status upgrades, value chain extensions, and diversified transformations. Compared with the earlier period, the community structures became more mature, with prominent structural holes. Cities occupying these holes control the network power. Intermediary platforms serve as buffers for Chinese cross-border M&As. Hong Kong (China) retains its leading position, whereas Singapore gains substantially greater prominence.