This paper seeks to provide an original examination of the nature of the proliferation of sensitive materials and technologies by Chinese entities. A number of publications have attempted to understand the issue of proliferation stemming from businesses based in China, with many having commented on the efforts undertaken both by international actors and by the Chinese government to prevent it. However, relatively few scholars have sought, in any systematic and sustained way, to understand the types of Chinese companies involved in proliferation and the evolution of their behaviour. This paper seeks to argue and account for the declining role of, and concern regarding, Chinese state-owned enterprise in the global proliferation problem. Different accounts for this change, and the relating proliferation challenge posed by China, are examined.