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Capital Markets

Kazakhstan: Kazakhmys pioneers HK listings for corporates

Kazakh-Chinese trade/investment on the rise; More Hong Kong equity issuance likely

Copper miner Kazakhmys is poised to set a new capital-raising trend for Kazakh corporates, having become the first company from the central Asian state to receive approval to list its shares on the Hong Kong Stock Exchange.

The listing will tap into cash-rich Chinese investor demand and further cement economic ties between the two countries.

Kazakhmys, whose primary listing is on the London Stock Exchange (LSE) where it forms part of the FTSE 100 index of leading companies, is set to raise about $200 million through the sale of a 2.25% stake in late June.

According to a Kazakhmys statement: "The listing will enhance the company’s profile in China and in Asia generally and thereby benefit the company’s long-term growth and development."

Look East

Previously Kazakh companies had looked primarily to London to list their shares, with 10 companies floating in the UK between 2005 and 2007. However, with London-based investors cold-shouldering Kazakhstan following the onset of the global credit crunch in 2007, its companies are increasingly looking to China as a source of capital as well as business.

In 2010 China became Kazakhstan’s leading export partner, accounting for 17.6% of all the country’s exports, overtaking Italy (16%) and Russia (5.9%).

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