From January 2008 to June 2010, Chinese companies injected over 600 billion yuan ($90.60 billion) for about 120 overseas mergers and acquisitions, but not all of the deals were successful, according to the 21st Century Business Herald, which cited reports from Accenture Wednesday.

Accenture is a global management consulting, technology services and outsourcing company.

Overseas acquisition is supposed to help Chinese companies avoid market risks and bring advanced technologies, especially when acquiring companies from Europe and the United States. But the process, from signing an acquisition deal to completing the transaction, is long.

Though Chinese companies have abundant cash flow, it is still unclear if they can go global, said Deng Ying, a manager of Accenture China.

In 2005, Lenovo acquired IBM, but the company has not yet completed the integration with the latter part.

Globally speaking, more than half of the global acquisition ended in failure as the integration took too long. And experts estimate that, in 3 to 5 years, Chinese companies could lose 300 billion yuan ($45.29 billion) from these 120 acquisition cases.

Because of cultural differences and lack of market information, many Chinese companies have suffered losses in overseas acquisitions, added Deng.

China Investment Corporation has already lost $3 billion after investing in Blackstone Group and Morgan Stanley, according to Accenture.

Among all Chinese companies who have done overseas acquisitions, the State-owned enterprises with sufficient funds are a major force. But owing to their state backing and various political reasons, they have failed in overseas acquisitions.

Aluminum Corporation of China Limited (Chalco) failure to increase capital in Rio Tinto is one example.

According to Accenture, Chinese companies' investments abroad go to almost all fields of the national economy. Mineral resources, traditional energy, mechanical manufacture and IT are the most popular.

And the capital went to the US, Canada, European countries, Australia, Central Asia, South Africa and various developing countries.