["International Insolvency Review, Volume 34, Issue 3, Page 759-792, Winter 2025. ", "\nAbstract\nSince its implementation in May 2021, the Cross‐Border Insolvency (hereinafter CBI) Cooperation Mechanism between Chinese Mainland and Hong Kong has operated for 4 years, yielding a discernible number of cases crossing the two jurisdictions. To facilitate future collaboration, this article evaluates the current practices under the Cooperation Mechanism and identifies existing challenges. Specifically, by analysing cases adjudicated between designated pilot courts in the Chinese Mainland and Hong Kong, the article clarifies the application of key legal criteria, including the Centre of Main Interests (COMI) test, the requirement that “the company's principal assets in the Mainland are located in a pilot area, or it maintains a place of business or a representative office in a pilot area,” and the necessity principle. Furthermore, the article highlights gaps in procedural rules and judicial practice when Mainland courts issue applications for recognition and assistance to Hong Kong courts. Given that the Cooperation Mechanism and its accompanying Practical Guide only outline the manner and procedures for applications within pilot areas, this study also examines practical challenges in cooperation between Hong Kong and non‐pilot areas in the Chinese Mainland. Finally, the article summarizes the policies issued in pilot areas to implemented Cooperation Mechanism and proposes potential solutions to strengthen cross‐border insolvency collaboration.\n"]