China Mobile tried to add 11 million cell-phone users to its base by acquiring Millicom of Luxembourg. But, alas, the deal fell through.

Last year China's oil producer CNOOC's attempt to buy Unocal in the US also fell through.

Haier lost out in an auction to buy Maytag.

Cell-phone make Huawei is also eating its heart out. They had hoped that they could move in on Ericsson's territory if China Mobile was successful.

China is learning it is not easy to buy big.

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