Kazakhstan $89 Billion Sovereign Wealth Fund Samruk-Kazyna to List Portfolio Companies on Hong Kong Exchange (HKEX) Starting with at Least 1 Company Listing in 2026, Kazakhstan State-Owned Transport & Logistic Company NC Kazakhstan Temir Zholy Prepares for Triple-Listing IPO in Kazakhstan, London & Hong Kong, Kazakhstan GDP at $361 Billion with 20.5 Million Population
5th June 2026 | Hong Kong
Kazakhstan sovereign wealth fund Samruk-Kazyna ($89 billion AUM) will be listing portfolio companies on Hong Kong Exchange (HKEX), starting with at least 1 company listing in 2026. In 2026 May, Kazakhstan state-owned transport & logistic Company NC Kazakhstan Temir Zholy announced to prepare for triple listing IPO in Kazakhstan, London & Hong Kong. In 2026 June, Hong Kong Exchange (HKEX) and central Asia country Kazakhstan (Astana Stock Exchange & International Financial Centre) signed MOUs to cooperate on cross-border listings, dual listings, climate transition, decarbonisation, green finance, sustainable aviation, commodities markets & mining projects. Kazakhstan GDP at $361 billion, and has 20.5 million population. Announcement (23/5/26): “Samruk-Kazyna JSC’s (the “Fund”) and NC Kazakhstan Temir Zholy JSC (“KTZ”) provides the following update in respect of KTZ’s proposed initial public offering of securities (the “IPO”). The Resolution of the Government of the Republic of Kazakhstan dated October 24, 2025 No. 894 “On certain issues of optimisation of quasi-public sector entities and state-owned property”, contemplates that the IPO of KTZ would occur in 2026. This remains the Fund’s and KTZ’s objective. At present, the Fund, together with KTZ, is actively preparing for the international IPO of KTZ, which is expected to involve a triple listing on the London Stock Exchange, the Hong Kong Stock Exchange (LSE and HKSE) and a local stock exchange in Kazakhstan. The IPO is proposed to be structured exclusively as a primary equity offering – i.e. an issue of equity securities by KTZ, rather than a sale of securities by the Fund on a secondary market. Thus, all funds raised through the IPO will be retained by KTZ for its own purposes. It is expected that the proceeds raised through the IPO will be used to repay of a portion of its existing debt obligations, and to implement a large-scale investment program aimed at the development and modernisation of railway infrastructure, increasing the capacity of transport corridors, renewal of rolling stock, and, more generally, strengthening the country’s overall transit potential. The IPO of KTZ, like any other company, requires a great deal of preparatory work, including in order to enhance the attractiveness of the asset for outside investment; such preparatory activities are currently being carried out by the Fund and KTZ in coordination with the Government of the RK. At the present time, it is not possible to disclose additional details of the preparatory work. A detailed assessment of financial market conditions will be carried out by the investment banks which are engaged by KTZ closer to the time of the IPO. This assessment, together with KTZ’s readiness and investor interest, will be factors which may affect both the timing and the structure of the IPO.”
“ Kazakhstan $89 Billion Sovereign Wealth Fund Samruk-Kazyna to List Portfolio Companies on Hong Kong Exchange (HKEX) Starting with at Least 1 Company Listing in 2026, Kazakhstan State-Owned Transport & Logistic Company NC Kazakhstan Temir Zholy Prepares for Triple-Listing IPO in Kazakhstan, London & Hong Kong, Kazakhstan GDP at $361 Billion with 20.5 Million Population “
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Hong Kong Exchange (HKEX) and Central Asia Country Kazakhstan (Astana Stock Exchange & International Financial Centre) Sign MOUs to Cooperate on Cross-Border Listings, Dual Listings, Climate Transition, Decarbonisation, Green Finance, Sustainable Aviation, Commodities Markets & Mining Projects, Kazakhstan GDP at $361 Billion with 20.5 Million Population
3rd June 2026 – Hong Kong Exchange (HKEX) and central Asia country Kazakhstan (Astana Stock Exchange & International Financial Centre) have signed MOUs to cooperate on cross-border listings, dual listings, climate transition, decarbonisation, green finance, sustainable aviation, commodities markets & mining projects. Kazakhstan GDP at $361 billion, and has 20.5 million population. Announcement (2/6/26): “Hong Kong Exchanges and Clearing Limited (HKEX) is pleased to announce today (Tuesday) it has signed two Memorandums of Understanding (MOUs) with Astana International Exchange (AIX), the international stock exchange operating within the Astana International Financial Centre (AIFC) in Kazakhstan, and with the AIFC Authority, the body responsible for the strategic development of the AIFC, to strengthen collaboration and enhance capital markets connectivity between Hong Kong and Central Asia. Under the MOU with the AIFC Authority, HKEX will pursue co-operation in climate transition, decarbonisation efforts and green finance, including the development, financing and implementation of sustainable aviation projects, as well as collaboration in commodities markets, including trading and ecosystem development, and financing of early-stage mining projects. In a separate MOU with AIX, the two exchanges will co-operate on broadening cross-border listing opportunities and growing dual listings in equities, including primary and secondary listings, as well as cross-border listings of debt securities on their respective exchanges. The two exchanges will also establish regular communication channels to deepen their understanding of market developments and to evaluate further business opportunities … … The AIFC, established in 2018, is Kazakhstan’s international financial hub and a gateway for capital flows across Central Asia, the Caucasus, and the Eurasian Economic Union. AIX operates within the AIFC’s regulatory framework and has attracted growing international participation, with international shareholders that include stock exchanges and investment banks. HKEX will continue to work closely with exchanges and partners across the region to strengthen connectivity, broaden international access to its products and to the Chinese Mainland market, and support the long-term development of global capital markets.”
HKEX Chief Executive Officer, Bonnie Y Chan: “We are delighted to be entering into these agreements with AIX and the AIFC Authority, deepening our ties with one of the most dynamic financial centres in Central Asia, and as we build our connectivity with more Belt and Road markets. As Central Asia’s importance in global commodities and sustainable development continues to grow, these MOUs will help unlock new opportunities for global issuers and investors alike. By working closely with AIX to explore cross-border listings and with the AIFC Authority to collaborate in green finance and commodities, we are extending HKEX’s role as a connector of markets and supporting the two-way flow of capital between Hong Kong and Central Asia.”
AIFC Authority Chairman of the Management Board, Bakhtiyar Tleubekov: “The signing of this MOU with HKEX marks an important step toward strengthening connectivity between the financial and sustainability ecosystems of Central Asia and Asia-Pacific. Through this partnership, we aim to advance regional cooperation in carbon markets, green finance, sustainable aviation, and innovative risk management solutions. By combining expertise and promoting cross-regional standards, knowledge exchange, and investment opportunities, we are laying the groundwork for a more integrated and resilient sustainable finance ecosystem that supports long-term economic growth across our regions.”
AIX Chief Executive Officer, Assel Mukazhanova: “The signing of this Memorandum of Understanding marks an important milestone in strengthening cooperation between Astana International Exchange and Hong Kong Exchanges and Clearing Limited. We see significant potential in closer collaboration between our markets, particularly in facilitating cross-border capital flows, enhancing connectivity between Central Asia and Asia’s leading financial centres, and creating new opportunities for issuers and investors alike. As AIX continues to develop as a regional capital markets platform, partnership with HKEX represents an important step towards deeper international integration and the exchange of expertise, innovation and best market practices. We are confident that this cooperation will contribute to further strengthening economic and investment ties between our regions.”
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