On the morning of October 9th, China Huaneng and Sinochem, as the first batch of central state-owned enterprises (SOEs) to be relocated to Xiong'an New Area, officially moved in and began normal operations. This marks a new phase in the "millennium plan and national project" that has been in development for eight years, entering the stage of actual SOE headquarters relocation.

Currently, over 1,000 employees from China Huaneng's headquarters and directly affiliated units have entered working status in their new offices, while nearly 1,000 employees from Sinochem's headquarters and supporting units have also begun orderly operations at their new workplace. This not only injects powerful SOE momentum into Xiong'an but also sends a clear signal to the world that Xiong'an New Area's construction and development has taken a crucial step from "building" to "relocating."

Liu Xingguo, a senior researcher at China Enterprise Confederation, noted that SOEs are an important source of new investment and new enterprises for Xiong'an New Area. SOEs should serve as strong support for the economic and social development of Xiong'an New Area, both by providing relevant services to support the area's development and by actively providing opportunities to drive its growth.

**Three Central SOEs Now Officially Settled**

The relocation of China Huaneng and Sinochem is not merely a simple physical relocation, but represents a crucial strategic move in the Beijing-Tianjin-Hebei coordinated development national strategy.

According to public information, China Huaneng is a state-owned key enterprise established with State Council approval in 1985, ranking 17th in the State-owned Assets Supervision and Administration Commission's central SOE directory. The company operates 57 second-tier units, over 480 third-tier enterprises, and five listed companies: Huaneng Power International,Inc. (600011.SH), Inner Mongolia Mengdianhuaneng Thermal Power Corporation Limited (600863.SH), Shandong Xinneng Taishan Power Generation Co.,Ltd. (000720.SZ), Huaneng Lancang River Hydropower Inc. (600025.SH), and China Great Wall Securities Co.,Ltd. (002939.SZ). It ranks 68th on the 2025 Fortune China 500 list.

China Huaneng's Xiong'an New Area headquarters building has a total floor area of approximately 111,100 square meters, with the north tower reaching 26 floors and 130 meters in height.

The Sinochem building, designed with a structural height of approximately 150 meters, is the tallest building in Xiong'an New Area. Its design inspiration comes from the "golden reed" shape of Baiyangdian Lake, with the top crown resembling a blooming "peony flower."

Sinochem was formed through the joint restructuring of China National Chemical Corporation and ChemChina, officially established on May 8, 2021, ranking 43rd in the central SOE directory. It owns multiple domestic and overseas listed companies including Jiangsu Yangnong Chemical Co.,Ltd. (600486.SH), Sinochem International Corporation (600500.SH), Haohua Chemical Science&Technology Corp.,Ltd. (600378.SH), and CHINA JINMAO (00817.HK). As of the end of 2023, Sinochem had total assets of 1.6 trillion yuan and annual revenue exceeding 1 trillion yuan, ranking 54th on the 2024 Fortune Global 500 list.

China Satellite Network had already moved to Xiong'an in October 2024, while China Mineral Resources Group's headquarters project is currently undergoing fine decoration. To date, three central SOE headquarters have officially settled in Xiong'an New Area.

The startup area has now formed a "2+1+1" central SOE layout prototype, with four headquarters buildings serving as solid foundations supporting the core area for relieving Beijing of non-capital functions.

**Mutual Development Between SOEs and the New Area**

Xiong'an New Area has always highly valued the work of undertaking the relief of Beijing's non-capital functions, providing comprehensive support and guarantees for SOE development in Xiong'an. From office space planning and construction to employee living support services, relevant departments have proactively addressed enterprise needs and efficiently coordinated policy implementation and resource allocation.

Yu Fenghui, advisor to the Hong Kong Stock 100 Research Center and economist, stated that the central SOE relocation work in Xiong'an New Area is proceeding steadily. The first batch of landmark relocation projects has accelerated implementation, and the second batch of Beijing-based central SOEs has also begun relocation, indicating that policy-driven non-capital function relief work is proceeding in an orderly manner.

The smooth relocation and normalized operations of China Huaneng and Sinochem demonstrate the new area's service guarantee capabilities and accumulate valuable experience for subsequent SOE relocations.

A China Huaneng representative stated that as the first energy and power central SOE serving Xiong'an New Area construction, the company will actively serve Beijing-Tianjin-Hebei coordinated development and accelerate Xiong'an New Area construction. The company will fully leverage its industrial advantages and implement the "four sectors and one center" strategic layout in Xiong'an New Area.

A Sinochem representative noted that relocating to Xiong'an represents a rare historical opportunity for the company's development and a key step in fully integrating into the national strategic framework. The company will use Xiong'an as a new strategic pivot point, fully leveraging its advantages in technological innovation, industrial development, and green transformation.

Yu Fenghui believes that future efforts should focus on accelerating infrastructure construction and optimization, formulating stronger talent attraction and retention policies, promoting commercial and service industry development, and strengthening collaborative cooperation with Beijing and other areas.

The clustering effect of central SOEs is already beginning to show. After China Satellite Network's settlement, it has attracted over 60 aerospace technology companies, forming a space information industry cluster. The arrival of China Huaneng and Sinochem is promoting the extension of power equipment and green chemical industry chains to Xiong'an.

A representative from Xiong'an New Area Party Working Committee and Management Committee stated that Xiong'an New Area has entered a stage of simultaneous large-scale construction and undertaking of Beijing's non-capital function relief. In the future, the new area will further improve service guarantee work to provide solid support for subsequent relocation units.