The research question of thesis is “Does International Expansion to China Create Value”. And based on Euro zone market data, the empirical model is employed as Event Study. Thus, this paper does the research through four parts. The first is to study which statistic test is better in this research, and the second part is to get a better model to investigate the wealth creation. The third part gives us a whole picture on international expansion from EU to China, final part comes to answer the research question of this paper.