Kazakhstan’s mining industry took a major step toward global capital market integration in the summer of 2025 with the dual listing of Jiaxin International Resources Investment Limited on the Astana International Exchange (AIX) and the Hong Kong Stock Exchange. The company, which is developing the Boguty tungsten deposit under the “Zhetysu Tungsten” brand, conducted the first yuan-denominated IPO in Central Asia and the first cross-listing between AIX and Hong Kong.
The offering drew massive investor interest, with demand exceeding supply by hundreds of times and share prices more than doubling on the first trading day. Analysts say the strong performance reflects growing confidence in Kazakhstan’s mining sector and its shift toward public market financing.
The event aligns with global trends in resource development, where companies increasingly rely on stock exchanges in addition to bank lending and private investment. Countries such as Canada and Australia have long used public markets—particularly TSX and ASX—to fund early-stage exploration and junior mining companies, allowing them to evolve into major global producers.
Kazakhstan is now moving along a similar path, supported by its substantial mineral base, established technical expertise, and a developing financial infrastructure. AIX’s simplified regime for junior listings enables exploration-stage companies to access public capital, creating opportunities for broader participation in the national resource sector.
Jiaxin’s cross-listing illustrates how Kazakh projects can attract both regional and Asian investors. Experts expect more mining companies to follow, as investors seek exposure to real assets and mining firms pursue transparent, institutional financing channels.
With international partnerships, expanding exchange infrastructure, and mounting interest from global markets, Kazakhstan is positioned to become part of the global network of exchanges that facilitate resource-sector investment. Industry observers say the sector is entering a new phase—one defined by openness, market-based financing, and deeper global integration.
