This article examines the practices of investigative journalism in China in changing times. It does so by focusing on the case study of Southern Metropolitan Daily (SMD), a well-known newspaper in China which built its name on investigative journalism. The aim is to understand how the changing social conditions have shaped investigative journalism and transformed the role performance of investigative journalists. Drawing on data from multiple sources, including archival research, in-depth interviews, and news content analysis, the study found that under a trio of pressures: technological disruption, economic downturn and most importantly tightened political control, the media have been repositioning and reorienting themselves in relation to power. Investigative journalism, although it still retains the name, has shifted to trumpeting the value of constructiveness rather than criticism. This study contributes to the ongoing debates on journalistic role performance by showing how the watchdog and facilitator roles are combined in the practice of Chinese investigative journalists in changing times. It reaffirms the complex cooccurrence of journalistic roles and adds insights into the possibility of roles overlapping, not only across different dimensions but within the same dimension of power relations.