Frederick Ma expects more Kazakh firms to list in Hong Kong after high-level Central Asia visit

The Chief Executive-led delegation to Central Asia was a “huge success” due to the exceptionally high standard of reception received, with more state-owned enterprises from Kazakhstan expected to list in Hong Kong, chairman of the Hong Kong Trade Development Council Frederick Ma Si-hang said on Sunday. 

Speaking on a TV program, Ma noted that the high-level reception elevated the delegation’s prominence by “tenfold” compared to his own visit two decades ago as Secretary for Financial Services and the Treasury. 

He revealed that local business groups such as the Federation of Hong Kong Industries are already planning follow-up trips to both Kazakhstan and Uzbekistan to sustain the momentum. 

Ma expressed strong confidence in attracting Kazakh firms, noting that the Astana International Financial Centre operates under a common law framework and an independent judiciary similar to Hong Kong’s. 

He said that the country’s state railway company is preparing to list in Hong Kong and that more state-owned enterprises are expected to follow suit to tap into the city’s capital markets. 

Amid shifting global geopolitics, Ma pointed out that Central Asia offers remarkable stability and maintains an excellent relationship with Beijing. This could attract the region for capital raising in Hong Kong through listings and bond issuances, bolstering the city’s financial sector. 

He observed that regional shifts have already driven Middle Eastern capital into Central Asian markets such as Uzbekistan, where property markets have surged by 30 percent. 

This stability, he argued, provides a “reassuring pill” for Hong Kong and mainland businesses looking to tap into Central Asian markets. 

Addressing critiques that Central Asia’s economic scale lags behind the Middle East or ASEAN, Ma noted that each region plays a distinct role, with the Middle East serving as a source of investment capital while Central Asia primarily seeks to raise funds for development. 

He said the Hong Kong Trade Development Council will consider upgrading its consultant offices in Kazakhstan and deploy staff to handle communications with local authorities and the business sector.

He added that the council will also review its future strategies, with plans to be unveiled in a press conference next month.

𝗗𝗼𝘄𝗻𝗹𝗼𝗮𝗱 𝗧𝗵𝗲 𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱 𝗔𝗽𝗽 ↓