In the new background of globalization and open innovation, existing studies are not perfectly explainable on the significant changes in the starting point, scope, and speed of catch-up, which we defined as “new model of technological catch-up”. Put differently, it leaves a gap on the mechanism that how innovative capabilities evolve in this context. Based on the dynamic capabilities view, this study conducts a longitudinal case study on China International Marine Containers Group (CIMC), and concludes two main findings. Firstly, technological M&A is increasingly an important way for latecomers to gain leadership by new model of technological catch-up in open innovation era, and to develop innovative capability fleetly. Secondly, dynamic capabilities can compensate for the weakness in innovative capability, and promote innovative capability base, upgrading and systematization. Dynamic capabilities itself develops together with higher level catch-up. As for contribution, it fleshes out the lacunae of capability evolution mechanism, and extends the application of dynamic capabilities view. It also sheds light on the experience of a successful latecomer, as reference to other firms.