Xin said tech firms usually locate their regional headquarters or research and development centers in Singapore thanks to its rich talent supply. But their operational facilities are usually based in Malaysia where land costs are much lower. The lower marginal costs mean higher efficiency in expansion, she said.

　　Up to 51 percent of the polled Chinese firms showed interest in Thailand this year, up 12 percentage points from a year earlier.

　　Chinese retailers usually make Thailand their first ASEAN gateway as it possesses a large number of Southeast Asian retailing brands for beer, soft drinks, coffee, energy drinks and snacks, said Xin.

　　Thailand is often the first stop for Chinese new energy vehicle makers to tap Southeast Asian markets as they inject more capital to build local factories, and entire supply chains have gradually moved to Thailand, including providers of batteries, motors, electronic controls, seat belts and glass, she added.

　　This reflects the diversification of Chinese companies' outbound reaches. Instead of bringing products to new markets, they are now introducing technologies, skills, operational capabilities, intellectual property rights and even entire industrial chains. It can be said that Chinese companies have moved beyond standalone overseas investments to a full-ecosystem approach to global expansion, said Adaline Zheng, CEO of UOB China Ltd.

　　The sectoral scope of Chinese overseas expansion has widened to include high-end manufacturing, new energy, electric vehicles and healthcare. A shift has also occurred regarding the player mix, from large well-capitalized giants to smaller private firms and asset-light businesses like AI startups, Zheng said.