Hong Kong is seeing growing interest from Central Asian companies looking to raise capital through listings and bond issuances, with state-owned enterprises from Kazakhstan being a primary focus. This trend follows a high-level delegation visit to Central Asia in June 2026, led by Hong Kong's Chief Executive John Lee Ka-chiu, which resulted in 96 memorandums and partnership deals. Hong Kong Exchanges and Clearing (HKEX) CEO Bonnie Chan Yiting has emphasized the city's deep liquidity and accessibility as a platform for global companies seeking capital.
Kazakhstan's state railway company, NC Kazakhstan Temir Zholy, is planning a triple listing that includes Hong Kong, London, and a local Kazakh exchange, with an aim to raise $1 billion. This IPO is seen as a significant test case for Hong Kong's ability to serve as a key fundraising hub for Central Asian privatization efforts. The proceeds from the IPO are intended for debt repayment and a large-scale investment program to modernize railway infrastructure. This follows other successful fundraising instances, such as the Development Bank of Kazakhstan's issuance of a 2 billion yuan ($280.8 million) bond in Hong Kong last year, and the dual listing of tungsten mining company Jiaxin International Resources in Hong Kong and Kazakhstan.
Frederick Ma Si-hang, chairman of the Hong Kong Trade Development Council, highlighted the success of the delegation visit and anticipated more Kazakh state-owned enterprises would follow the railway company's lead in listing in Hong Kong. He noted Central Asia's stability and strong relationship with Beijing as factors attracting the region to Hong Kong's capital markets. HKEX has observed a strong interest in various fundraising avenues beyond equities, including dim sum bonds, which align with its strategy to diversify its offerings. Economist Gary Ng Cheuk-yan at Natixis believes a successful float by the railway company would encourage other Central Asian firms to consider Hong Kong, while UBS's Kenji Fong sees this as an opportunity for Hong Kong to expand its IPO pipeline beyond mainland Chinese issuers to Belt and Road economies.
