More and more Chinese enterprises have participated in the Belt and Road initiative (BRI) since its launch in 2013. However, have they all actually benefited? Which companies otherwise have benefited most from the plan? To answer these questions, this paper analyzes the impact of the BRI on Chinese enterprises. Among several findings, it reveals that the performance of companies remained low even though the initiative policy initially stimulated performance, the performance of enterprises depends on the geographical location of enterprises and that the returns of China’s outward foreign direct investment in various industries became more volatile with only the mining industry enjoying better returns. Thus, the paper shows that the BRI offers Chinese enterprises opportunities but also brings challenges for companies to optimize the allocation of their resources and improve the performance of their investments.