Two central SOEs relocate headquarters to Xiong'an

China Huaneng Group and Sinochem Holdings officially relocated their headquarters to Xiong'an New Area in Hebei province on Thursday, marking a key step in the area's role in absorbing non-capital functions from Beijing.

The two centrally-administered State-owned enterprises (SOEs), which are among the first central SOEs to move to Xiong'an, held flag-raising ceremonies on Thursday and have begun normal operations in the new area.

Over 1,000 employees from China Huaneng and nearly 1,000 from Sinochem have started working regularly in Xiong'an.

The new area supported the relocation by providing office facilities, housing, and policy assistance. The successful move is expected to set an example for more central SOEs to relocate in the future.

The relocation is considered a milestone for both companies and for Xiong'an's development. It is expected to attract more upstream and downstream firms, boost industrial growth, and bring high-quality talent and resources to the area, local authorities said.