The Astana International Financial Centre has convened a roundtable between representatives of the Astana International Exchange and Hong Kong Stock Exchange to explore practical pathways for Kazakhstani junior mining and fintech companies to access international capital markets — a step the AIFC frames as essential to unlocking investment in the country’s vast but underfinanced early-stage exploration pipeline.
The event brought together exchange leadership, investment banks and exploration companies including Kusto Altyn and Copper, Pallas Resources, KazakhNickel, Atlant Minerals, Altyn Samruk and Qazgeology, alongside members of the AIFC’s Mining Sector Expert Council. The discussion centred on the financing mechanisms and listing requirements of both HKEX and AIX, with particular attention to what Hong Kong can offer companies seeking access to Asian institutional capital.
AIFC chief product officer Zhanbolat Kakishev said junior companies worldwide play a key role in new mineral discoveries but face the greatest financing challenges at early stages. “The launch of Junior Mining Platform was one of AIFC’s steps toward building a financing ecosystem for such projects,” he said, adding that the roundtable was designed to develop practical mechanisms for preparing junior companies for international investment and eventual capital market listings.
A concrete example of the dual listing model was presented to participants: the 2025 simultaneous listing of Jiaxin International Resources Investment Limited — a tungsten producer operating in Almaty Region — on both AIX and HKEX. The offering became the first CNY-denominated IPO in Central Asia and the first Belt and Road segment IPO on AIX. Combined investor demand across global markets exceeded the target volume by more than 220 times, reaching over $34 billion — a figure participants cited as evidence of substantial international appetite for Kazakhstani mining assets.
Johnson Choi of HKEX outlined the key stages of the listing process and highlighted barriers companies typically encounter, including corporate governance standards, disclosure requirements and transparency obligations. Qazgeology CEO Bakyt Chirchikbayev said the platform and roundtable had provided the most comprehensive information his organisation had received on international capital market requirements. “Such initiatives help companies objectively assess their readiness for listing,” he said.
The roundtable also discussed institutional investor interest in rare earth projects from Hong Kong-based funds, the legal mechanics of dual listings, yuan-denominated bond issuance and the role of investment banks in the listing process. The broader context includes growing yuan-denominated capital market activity through AIX: Samruk-Kazyna completed Kazakhstan’s first panda bond placement of three billion yuan on AIX in April 2026, followed by Caspian Solar’s 625 million yuan green bond in May.
