HK-Astana pact opens new frontier for investment and offshore yuan

A landmark US$3.4 billion dual listing in Hong Kong and Astana is set to deepen financial ties as the Trade Development Council, Hong Kong Exchanges and Clearing, Invest Hong Kong, and Belt and Road Office have signed Memorandum of Understanding with the Astana International Financial Centre, or AIFC, which is known for its adoption of common law.

The deal was witnessed by Hong Kong Chief Executive John Lee Ka-chiu and AIFC Governor Renat Bekturo, other officials and the 70 delegates.

A key driver of the partnership is the surge of Chinese and Hong Kong capital into the AIFC's common law-based hub. Among the 5,700 registered companies at the AIFC, over 1,220 are from the Chinese mainland and Hong Kong, with private investment reaching US$477 million. The market for dim sum bonds listed on the Astana International Exchange, or AIX, has already hit 1.25 billion yuan, demonstrating a growing appetite for offshore renminbi products.

“Hong Kong provides access to Asian markets, a hub that connects capital and businesses. AIFC is a gateway to a region with vast resources and huge, untapped potential,” AIFC Governor Bekturov told the delegation. “We don’t compete. We actually complement each other.”

Bonnie Chan Yi-ting, chief executive of HKEX, revealed that groundwork for further integration is already underway, with exchange teams dispatched to Kazakhstan two weeks prior. She noted that HKEX remains the world’s top IPO venue, raising HK$280 billion last year, and sees strategic alignment with AIX to match capital with the region’s booming mining and new economy sectors.

Sun Yu, chairman of the Hong Kong Association of Banks, and vice chairman and chief executive of Bank of China  (Hong Kong) urged Kazakhstan to utilize Hong Kong more heavily as an offshore yuan hub, citing the stability of the Chinese currency amid global volatility and its growing function as an investment and reserve currency.

The delegation also focused heavily on mining, with AIFC announcing a junior mining listing program to scan and promote exploration assets to international investors, with a showcase planned for the Astana Finance Days on September 9-10, 2026.

“This is not just about creating a framework,” Bekturov stressed, pointing to the upcoming September summit which expects 5,500 participants from 82 countries. “We will follow up with real transactions.”

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