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In this paper,we put forth a new concept of "reverse acquisition by OEM firms"based on the facts that a large number of OEM firms in the Pearl River Delta and Taiwan have achieved upgrading through acquisition of strategic assets.We also develop a model on OEM firms reverse acquisition in light of the resource-based view,dynamic capabilities theories,corporate strategy,entrepreneurship,and enterprise upgrading theories.We identify a typical case company,Lacquer Craft MGF,which has conducted four reverse acquisitions for upgrading,and make pattern matching against its acquisitions.Our research findings show that the case companys resources and capabilities,entrepreneurship,and responses to environmental changes both enable it to acquire strategic assets and serve as the driving force for its upgrading.As it is in an industry where products are differentiated,Lacquer Craft MGF chose to acquire branded companies and their marketing channels to construct a complete industrial chain.Strategic assets it acquired uphold its capabilities and facilitate its upgrading from OEM to OBM.