Key facts
- Hong Kong signed six agreements with Kazakhstan to support the development of the Alatau City project.
- The agreements focus on innovation and technology sectors like blockchain, digital assets, and AI.
- Hong Kong Chief Executive John Lee positioned the city as a gateway for global capital and mainland China access.
- Altyn Bank is seeking Hong Kong partnerships to develop new financing channels through the offshore renminbi market.
- Three clients of Altyn Bank are exploring the issuance of dim sum bonds in Hong Kong.
Hong Kong has signed six agreements with Kazakhstan to bolster the development of the Central Asian nation's flagship Alatau City project, a new hi-tech and economic hub. Hong Kong Chief Executive John Lee Ka-chiu emphasized the city's role as a crucial gateway for global capital and access to mainland China's markets.
The memorandums of understanding, announced at an investment roundtable, specifically target innovation and technology sectors, including blockchain, digital asset infrastructure, and artificial intelligence. These deals follow 61 agreements previously reached during Lee's visit to Kazakhstan.
Lee stated that Hong Kong is eager to build on this momentum and explore extensive business and investment cooperation, particularly for projects like Alatau City. He highlighted Hong Kong's strong position to assist Kazakhstan in funding high-potential infrastructure and innovation initiatives, leveraging its expertise in global finance.
Separately, Altyn Bank, a Kazakhstan-based commercial bank and a subsidiary of China Citic Bank, is pursuing partnerships in Hong Kong to establish new financing channels for Central Asia. The bank aims to utilize Hong Kong's offshore renminbi market, with three of its clients currently considering issuing dim sum bonds in the city. Altyn Bank views Hong Kong as the world's largest offshore renminbi liquidity hub, offering vital investor and banking networks.