More Central Asian state firms plan Hong Kong listings, finance chief says

According to a Bloomberg report on Sunday citing Financial Secretary Paul Chan, additional state-owned infrastructure enterprises from Central Asia intend to pursue Hong Kong listings, as the financial hub works to widen its international market connections and strengthen economic engagement with the region.

Chan declined to name the specific companies weighing initial public offerings or offer a timeline for the prospective listings.

These potential deals are part of Hong Kong's broader effort to enhance its position within China's Belt and Road Initiative and draw issuers from markets outside mainland China.

According to Chan, over 100 firms from Belt and Road economies are currently listed on the Hong Kong Stock Exchange, with their total market capitalization exceeding HK$340 billion (approximately US$43.4 billion).

The city has been broadening its economic relationships with Central Asia, casting itself as a financial corridor linking those countries with both mainland China and Southeast Asia.

Earlier this year, Hong Kong Chief Executive John Lee traveled to Kazakhstan and Uzbekistan alongside a delegation of government officials and business leaders, among them Hong Kong Exchanges and Clearing Chief Executive Bonnie Chan.

One concrete candidate has already surfaced: Kazakhstan's state-owned railway operator Kazakhstan Temir Zholy submitted a Hong Kong IPO application in June, seeking funds to build a cross-border railway connecting Kazakhstan and China.

If it proceeds, the listing would offer Hong Kong investors a window into Central Asian infrastructure development and could serve as a benchmark for other regional state-owned entities weighing the city's capital markets.

Hong Kong's outreach to Central Asian issuers unfolds as the city aims to diversify its listing pipeline and reinforce its status as a fundraising hub for companies involved in Belt and Road projects.

Additional state-owned listings could likewise cement financial ties between China and Central Asia, particularly as cross-border investments in transportation, trade, and related infrastructure continue to grow throughout the region.