More state-owned infrastructure firms from Central Asia are preparing to list in Hong Kong, Financial Secretary Paul Chan says, as the city pushes to widen its investor base beyond mainland China. Kazakhstan's state railway operator has already filed for a listing, backed by a sovereign wealth fund pipeline and fresh diplomatic groundwork in the region.
More state-owned infrastructure companies from Central Asia are preparing Hong Kong listings, Financial Secretary Paul Chan said, according to a Bloomberg report cited by Investing.com on Sunday. Chan did not identify the companies or give a timetable for the planned listings.
The push forms part of Hong Kong's effort to strengthen its role in China's Belt and Road initiative and attract issuers beyond the mainland. More than 100 companies from Belt and Road economies are already listed on the Hong Kong Stock Exchange, with a combined market capitalization exceeding HK$340 billion ($43.4 billion), Chan said.
Kazakhstan's railway operator leads the pipeline
State-owned railway operator Kazakhstan Temir Zholy filed for a Hong Kong IPO in June, seeking financing for a cross-border railway connecting Kazakhstan and China. The company has also set an investor roadshow for June 2026, Crypto Briefing reported.
Behind the deal sits Samruk-Kazyna, Kazakhstan's sovereign wealth fund, which oversees roughly $68 billion in assets and runs a privatization program that could send more portfolio companies toward international exchanges. Frederick Ma, chairman of Hong Kong's Trade Development Council, said at least one enterprise linked to Samruk-Kazyna is expected to list on the HKEX within 2026.
Diplomatic groundwork already underway
Chief Executive John Lee visited Kazakhstan and Uzbekistan earlier this year, accompanied by a delegation that included HKEX Chief Executive Bonnie Chan. The trip produced 96 memorandums of understanding — 61 in Kazakhstan and 35 in Uzbekistan, Crypto Briefing reported.
Hong Kong already has a proof of concept beyond promises. In August 2025, tungsten miner Jiaxin International Resources completed a dual listing on the HKEX, raised HK$1.2 billion, and saw shares surge as much as 178% on their debut. Bonnie Chan has called such dual and secondary listings by Central Asian firms in infrastructure and mining an inevitable trend, according to Crypto Briefing.
Sources: Investing.com, Crypto Briefing
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