Key facts
- Eight companies from Belt and Road Initiative countries have applied for Hong Kong IPOs.
- Kazakhstan Temir Zholy (KTZ) is considering Hong Kong for a late 2026 IPO.
- KTZ plans to invest US$15 billion in infrastructure by 2030.
- KTZ's balance sheet debt is 3.8 trillion tenge (US$8.3 billion).
- Hong Kong's IPO market raised over HK$340 billion (US$43.4 billion) in the first eight months of 2026.
Eight additional companies from countries participating in China's Belt and Road Initiative have applied for initial public offerings in Hong Kong, according to Fedrick Ma Si-hang, chairman of the Hong Kong Trade Development Council. Ma also indicated that Hong Kong's economy could benefit from improving China-US relations and that the council has raised its export forecast.
Kazakhstan's national railway company, Kazakhstan Temir Zholy (KTZ), is considering Hong Kong as a venue for an initial public offering planned for late 2026, according to the Astana International Exchange (AIX). Saken Muratuly, the head of Kazakhstan’s sovereign wealth fund, Samruk-Kazyna representative office in China, stated that KTZ would be attractive to Chinese investors as a key link in the Middle Corridor trade route. This route offers a faster transit time to Europe compared to maritime shipping, which has become increasingly vulnerable due to geopolitical circumstances.
KTZ has invested US$15 billion in its infrastructure and plans to invest the same amount by 2030. The company's balance sheet debt stands at 3.8 trillion tenge (US$8.3 billion). KTZ previously stated its aim to hold an IPO later this year to pay down debt. The company is a transport and logistics holding company owned by the Kazakh state fund Samruk-Kazyna.
Hong Kong's role in capital markets is shifting to include opportunities in the Eurasian region, moving beyond its traditional focus on China and Asia. The city's IPO market raised over HK$340 billion (US$43.4 billion) in the first eight months of 2026, surpassing the total for all of 2025. Chief Executive John Lee Ka-chiu has announced efforts to attract more overseas companies, with the Securities and Futures Commission expected to consult on streamlining prospectus disclosure requirements in 2027. Measures are also planned to reduce compliance costs for mergers, acquisitions, and restructuring.