In recent years, some latecomer firms are able to challenge leading companies with better resource platform, broader learning approaches and richer capability base. These changes are closely associated with the positions, scopes and speed of “new technological catch-up”. Based on the view of dynamic capabilities, this study tries to open the “black box” of how latecomers adjust strategically by means of dynamic capabilities and transform from the state of catch-up to that of leapfrog. It first illustrates the differences between “new technological catch-up” and traditional ones; then summarizes longitudinally the changes in strategic orientation and the efficacy of dynamic capabilities in different stages; and compares horizontally the reasons underlying diverse paths from the state of catch-up to that of leapfrog among three companies. It expects to inspire these latecomers who are approaching frontiers, in terms of forming globally competitive capabilities.