Eight more belt and road firms apply for IPOs

By the Editorial Team · Tuesday, October 6, 2026

Eight new companies from Belt and Road Initiative countries have applied to list on the Hong Kong Stock Exchange, signaling increased interest from Central Asian firms following recent diplomatic visits. This influx could boost Hong Kong’s capital markets and supports the HKTDC’s revised forecast of substantial export growth driven by strong demand in AI and electronics sectors.

Eight additional companies from countries involved in China’s Belt and Road Initiative have submitted applications to list on the Hong Kong Stock Exchange, according to Frederick Ma Si-hang, chairman of the Hong Kong Trade Development Council (HKTDC). Ma made the announcement on October 5 during the Global Youth Powerhouse Summit.

Ma highlighted a surge in interest from Central Asian firms following a high-level visit by Hong Kong’s Chief Executive John Lee Ka-chiu to the region in June. During a trip to Kazakhstan, Ma said the country’s sovereign wealth fund, which holds controlling stakes in various local enterprises, expressed an interest in using Hong Kong’s capital markets to raise funds. The identities and sectors of the eight companies applying for initial public offerings (IPOs) were not disclosed.

Currently, more than 100 firms from Belt and Road participating countries are listed in Hong Kong, collectively valued at over HK$340 billion. The Belt and Road Initiative, led by Beijing, aims to enhance trade and infrastructure connectivity across Asia, Europe, and other parts of the world.

The recent surge in applications follows Kazakhstan Temir Zholy, the nation’s state railway operator, filing for a dual listing in Hong Kong alongside its domestic stock exchange earlier this year. This came shortly after the Hong Kong delegation’s visit to Central Asia aimed at strengthening economic ties.

Ma also emphasized the potential economic benefits for Hong Kong stemming from improving relations between China and the United States. Following President Xi Jinping’s meeting with then-US President Donald Trump in Washington last month, the two countries have eased some tariff pressures, which Ma said would support continued business growth, especially in the artificial intelligence (AI) and semiconductor sectors.

In light of these developments, the HKTDC recently revised its forecast for Hong Kong’s export performance in 2026, projecting growth between 42 and 47 percent, significantly higher than the previous estimate of over 20 percent made in June. The council attributed this optimism to strong and sustained global demand for electronic products, driven in part by advancements in AI technology.

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