Abstract: Under the dual disadvantage situation of “outsiders” and “latecomers”,how Chinese multinational enterprises(hereinafter referred to as “CMNEs”)activate the locked overseas markets by “building opportunities” has become a focus topic of academic and industry attention.This paper takes the exploratory case study method,and sorts out the expansion process of case enterprise(TRANSSION)in overseas emerging markets such as Africa and South Asia,in order to deconstruct the internal mechanism of CMNEs opportunities in overseas emerging markets.The research finds that:(1)CMNEs overseas market opportunity construction is a process for enterprises to transform potential opportunity sets and develop them into real concrete opportunities.With the continuous iteration of opportunity forms,the cognitive focus of enterprises will also change,and show a dynamic transformation track of “insight-focusing on pain points-reflection”;(2)Driven by different cognitive focus,CMNEs match them through three key actions:rapid connection,unexpected matching and co-creation,and finally realize the prototype landing,opportunity correction and opportunity development maximization of overseas opportunities.Based on the perspective of “cognition-action”,this paper refines the theoretical model of CMNEs opportunity construction in overseas emerging markets,which has practical enlightenment and guiding significance for Chinese enterprises to expand in emerging markets.

Key words: the dual disadvantage, opportunity construction, cognitive focus, potential opportunity sets, case study