Kazakhstan Railways to list on Hong Kong Stock Exchange in 2026
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Kazakhstan's national railway company, Kazakhstan Temir Zholy (KTZ), plans to list its shares on the Hong Kong Stock Exchange in 2026. The move aims to attract international investors and diversify funding sources.
The Listing Plan
KTZ announced its intention to conduct an initial public offering (IPO) on the Hong Kong Stock Exchange, targeting a listing in 2026. The company expects to raise up to $1 billion through the sale of a minority stake. This would make KTZ one of the first Central Asian state-owned enterprises to list in Hong Kong.
Strategic Rationale
The IPO is part of KTZ's broader strategy to reduce reliance on state funding and government guarantees. The company aims to use the proceeds to modernize its rolling stock and expand rail infrastructure, including the Dostyk-Moiynty railway line. KTZ reported a net profit of 45 billion tenge ($97 million) in 2025.
What's Next
KTZ is expected to select underwriters for the IPO by the end of 2026. It remains unclear whether the listing will proceed as planned given volatile global markets and regulatory hurdles in Hong Kong.
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Kazakhstan Railways to list on Hong Kong Stock Exchange in 2026
