OMM Redaksiyası
Several state-owned infrastructure companies in Central Asia are preparing to list on the Hong Kong Stock Exchange. The move comes as the financial center steps up efforts to connect companies from the region with international investors.
Hong Kong Financial Secretary Paul Chan identified Kazakhstan’s state-owned railway operator Kazakhstan Temir Zholy (KTZ) as one of the companies moving toward a listing on Hong Kong Exchanges and Clearing (HKEX). Potential listings could give Central Asian state-owned companies access to a major international financial center and a broader investor base.
More than 100 companies from countries participating in the Belt and Road Initiative are already traded on HKEX. Their combined market capitalization exceeds $43.4 billion.
HKEX is one of Asia’s largest financial markets and is operated by Hong Kong Exchanges and Clearing. About 2,500 companies are listed on the exchange, whose market capitalization is around $4 trillion. Trading is conducted in the freely convertible Hong Kong dollar.
Uzbekistan explores IPO and dual-listing opportunities
Officials from Uzbekistan and Hong Kong are discussing ways for Uzbek companies to conduct initial public offerings (IPOs) and pursue dual listings in Hong Kong.
In May 2026, Hong Kong Secretary for Financial Services and the Treasury Christopher Hui discussed listing opportunities and broader financial integration with officials from the Uzbekistan Stock Exchange. Hong Kong Chief Executive John Lee led a business delegation to Central Asia, including Uzbekistan, in June.
The sides are exploring cooperation in bond markets, exchange-traded funds, tokenized assets and financial technology. A dual listing could allow major Uzbek companies to trade simultaneously in domestic and international markets.
Kazakhstan expands direct financial links
Kazakhstan has some of the most developed links with HKEX among Central Asian countries. In June 2026, HKEX, the Astana International Financial Centre Authority and the Astana International Exchange (AIX) signed strategic memorandums of understanding on cross-border listings, commodity markets and sustainable finance.
One concrete result of the cooperation was the simultaneous share offering and dual listing of Jiaxin International Resources Investment Limited on HKEX and AIX at the end of 2025.
Kazakhstan’s state-owned railway operator Kazakhstan Temir Zholy has also applied for a listing in Hong Kong. The ties extend beyond equity markets. The Development Bank of Kazakhstan placed its first offshore renminbi, or “dim sum,” bond on HKEX.
Kyrgyzstan moves from sovereign bonds to digital assets
Kyrgyzstan has already used HKEX for sovereign financing, placing its first sovereign bond on the exchange. This was the first instance of a Central Asian country issuing sovereign debt through HKEX.
Financial ties with Hong Kong also cover mining and digital assets. Mining companies such as Zijin Mining Group, which is listed on HKEX, operate in Kyrgyzstan, including at major gold deposits.
Kyrgyzstan is also developing the gold-backed USDKG stablecoin. Hong Kong and Singapore are being considered as potential Asian hubs for international partnerships involving digital assets.
Tajikistan and Turkmenistan’s ties
Tajikistan’s ties with Hong Kong are developing mainly במסגרת of the financial center’s initiative to connect Central Asian economies with international capital markets. Cooperation between HKEX and financial platforms in Kazakhstan and Uzbekistan could eventually create a route to international financing for Tajik companies.
Turkmenistan has less direct financial interaction with HKEX than Kazakhstan and Uzbekistan. Its economic ties with Hong Kong are focused mainly on commodities. Hong Kong-based companies and trading houses purchase cotton, textiles and chemical products through Turkmenistan’s State Commodity and Raw Materials Exchange.
The growing interest of Central Asian countries in HKEX points to a broader shift in the region’s financial strategy. Kazakhstan has advanced in IPOs, dual listings and bond issuance, while Uzbekistan is strengthening institutional ties and Kyrgyzstan has used the exchange for sovereign debt. Although Tajikistan and Turkmenistan maintain more limited direct links, both are becoming part of a wider financial network connecting Central Asia with Hong Kong.
