Hong Kong preferred base as Chinese SOEs consolidate overseas accounts in treasury hubs

China’s central state-owned enterprises (SOEs) are consolidating scattered overseas accounts into unified treasury hubs, with Hong Kong emerging as the preferred base amid a broader crackdown on outflows of state cash. Decades of overseas expansion had seen many SOEs build up assets in multiple jurisdictions, leaving cash management fragmented and making it harder for regulators and company headquarters to track liquidity, foreign-exchange risk and cross-border financing, analysts…