Hong Kong is ramping up efforts to attract Central Asian state-owned enterprises to its stock exchange to diversify listings beyond Chinese issuers. Kazakhstan’s state railway operator Kazakhstan Temir Zholy is planning a Hong Kong IPO with a roadshow in June 2026, while sovereign wealth fund Samruk-Kazyna, managing roughly $68 billion in assets, is considering listings for several of its portfolio companies. Chief Executive John Lee led a delegation to Kazakhstan and Uzbekistan in June 2026, resulting in 96 memorandums of understanding. A promising precedent already exists: Jiaxin International Resources, a tungsten miner, completed a dual listing in August 2025, raising HK$1.2 billion with a 178% surge on debut.
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