In the past decade, China banks, which have experienced the M&A wave, have structural changes, and this paper aims to find out the motivations of Chinese banks’ M&As, firstly uses an eventstudy methodology to test the market reactions to 71 M&A events launched by 13 Chinese banks from 2003 to 2012, and subsequently, analyzes the motivation of the M&As by crosssection regression model. Results show that under the window (0,+2), the M&A can bring significant wealth to the shareholders of the banks, under the window (2,0), however, the wealth of the shareholders decreases, that there is no significant influence of the diversification of the products and locations on the excessive return of the M&A banks, that there is an obviously positive impact of the profiting capacity on the excessive return of the M&A banks, which is one of the potential motivations for the M&As of the Chinese banks.