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 c

The AI boom, fueled in part by the success of DeepSeek, has prompted more Chinese firms to use Hong Kong as a springboard to test models and expand overseas.