Based on a sample of cross-border mergers and acquisitions (M&A) of Chinese private enterprises between 2013 and 2019, this paper explores the impact of political connections on M&A performance and the moderating role of acquirer capabilities. The research shows that political connections have a positive impact on the M&A performance of Chinese private enterprises in Belt and Road Initiative (BRI) countries and a negative impact in non-BRI countries. The board governance capability exacerbates the negative impact of political connections on the M&A performance in non-BRI countries. Absorptive capacity helps Chinese private enterprises better absorb valuable external information in BRI countries and apply it to M&A decisions, enhancing the positive impact of political connections on M&A performance. This research helps Chinese private enterprises make efficient M&A decisions for different target countries and improve their M&A performance.