HNA Group Co., which unloaded its Hilton Worldwide Holdings Inc. stake earlier in the year, and Anbang Insurance Group Co. were both under the gun for overbuying with debt. Now they’re in the process of reversing those sprees. You’ll start to see “more fundamental deals where there are synergies or a clear China angle,” says Hao Zhou, head of Greater China M&A at Bain & Company, which calls this strategy, “Win at home, export abroad.”