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Jeffie Lam

Cannix Yau

Hong Kong leader John Lee Ka-chiu has wrapped up his visit to Central Asia after meeting high-level leaders and sealing nearly 100 partnership agreements aimed at opening the “big door” for local and mainland Chinese businesses.
While reviving direct flights to the region was considered a big win from the trip, observers noted that the real challenges lay ahead as authorities and different parties must take necessary follow-up actions to realise the gains.
Local authorities and businesses signed 96 agreements and memorandums of understanding (MOUs) with their Central Asian counterparts, sealing 61 in Kazakhstan and 35 in Uzbekistan. The deals covered sectors including finance, innovation, trade and media.
Investment bank China International Capital Corporation emerged as a key player, signing at least six agreements.
That included one with Kazakhstan’s sovereign wealth fund Samruk-Kazyna, which aims to leverage Hong Kong’s financial expertise to facilitate the privatisation of the country’s state-owned enterprises and key national industries.
Amid the trend, state-owned national railway company Kazakhstan Temir Zholy (KTZ) had already decided to list in Hong Kong, according to Trade Development Council chairman Frederick Ma Si-hang. KTZ is understood to be among the Kazakh companies that will join a roadshow in Hong Kong to draw investors later this month.
As of January, Hong Kong was the 10th largest net investor in Kazakhstan globally, with a net inward foreign direct investment stock of US$2 billion.
Economist Gary Ng Cheuk-yan, of the Natixis Corporate and Investment Bank, said the listing of KTZ in Hong Kong would be symbolic and stressed the importance of ensuring a smooth process to demonstrate that the city was an ideal place for Central Asian companies to raise funds.
“After the trip, the government should identify the areas with the most potential,” he said. “It should also ensure the first batch of such listings will be smooth, which can serve as a role model to encourage other companies to follow suit.”
Since last year, the listing of Kazakh companies in Hong Kong has become easier after the National Bank of Kazakhstan aligned with the regulatory standards of the International Organization of Securities Commissions.
Financial Services Development Council executive director Rocky Tung Yat-ngok said that Hong Kong, as a multicurrency international financial centre, could provide many currency options for Kazakh companies seeking financing, such as offshore yuan asset management.
“Hong Kong can allow Kazakhstan’s investors to carry out currency hedging to reduce currency risk,” he said.

Bauyrzhan Dosmanbetov, Kazakhstan’s consul general in Hong Kong, had earlier said that he viewed the city as an ideal fundraising hub to access renminbi capital through bond issuances.
Kazakhstan and Hong Kong have collaborated on two major dim sum bonds, with an aggregate total of 3.25 billion yuan (US$479.7 million). This included one issued by the Development Bank of Kazakhstan, marking the first yuan-denominated bond from a government-owned Central Asian entity.
Last year, tungsten miner Jiaxin International Resources became the first company to complete a dual listing in Hong Kong and Kazakhstan.
Freedom Holding, Kazakhstan’s top retail brokerage and investment bank, is exploring a secondary listing in Hong Kong. It recently signed MOUs with China International Capital Corporation, Hong Kong-based Templewater and A-Grade Energy.
Edwin Lai, professor emeritus and adjunct professor at the Hong Kong University of Science and Technology’s department of economics, said Lee’s trip was about more than just economics – it carried a political dimension aimed at consolidating Hong Kong’s role as a belt and road hub.
With the launch of the new Almaty-Hong Kong route next year, he said Hong Kong would need to put more effort into boosting tourism and cargo services.
“Hong Kong does not need so many of these resources from Central Asia,” he said. “But it has a good airport, it is very centrally located, so it is perhaps worthwhile and cost-effective to transport the goods via the city to other destinations, be it other mainland cities or Asean countries.”
Wingco Lo Kam-wing, president of the Chinese Manufacturers’ Association and a member of Lee’s delegation, said the business environment of Kazakhstan and Uzbekistan had greatly improved compared with a decade ago when his group last visited.
He also said his association would build on the latest visit and organise another trip to Central Asia with its members later this year, focusing on finding potential partners for Hong Kong businesses.
From the Central Asian countries’ perspective, some local conglomerates were also looking forward to partnering with Hong Kong businesses after their meetings.

Uzbekistan tycoon Babur Parpiev, chairman of the Orient Finans Bank, said his team was keen to collaborate with Hong Kong hotel groups.
The bank is under the Orient Group, one of the biggest private conglomerates in Uzbekistan, with a diversified portfolio ranging from real estate and agriculture to textiles.
Hong Kong hotel groups could bring their brand names to Uzbekistan or jointly build more resorts in the country, Parpiev said, citing the Uzbek authorities’ initiative in offering subsidies to developers who build such projects.
“We need some investors,” he said. “We have many historical cities where we can build new hotels.”


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Hong Kong economy

96 deals signed, flights planned: what’s next for Hong Kong and Central Asia?

Chief Executive John Lee (pointing) tours Nazarbayev University in Astana, Kazakhstan. Photo: Handout

Hong Kong leader John Lee (left) meets with Uzbekistan President Shavkat Mirziyoyev in Tashkent. Photo: Handout

Babur Parpiev, chairman of the Orient Finans Bank. Photo: Jeffie Lam

Hong Kong signs 96 agreements with Kazakhstan and Uzbekistan worth US$1.65 billion

Hong Kong Chief Executive John Lee speaks to the media in Tashkent, Uzbekistan, on Thursday. Photo: Jeffie Lam

Hong Kong Chief Executive John Lee meets Uzbekistani President Shavkat Mirziyoyev in Tashkent on Thursday. Photo: Handout

Make use of Hong Kong’s advantages, John Lee urges Kazakhstan leaders, companies

John Lee (left) meets the president of Kazakhstan,  Kassym-Jomart Tokayev, on the first day of his trip. Photo: ISD

John Lee (third left) visits AIFC in Kazakhstan. Photo: ISD

John Lee visits AIFC with Kazakh minister for AI and digital development Zhaslan Madiyev. Photo: Handout

John Lee (left) poses for a picture with AIFC governor Renat Bekturov. Photo: ISD

John Lee (left) with Deputy Prime Minister Serik Zhumangarin in Astana. Photo: Handout

John Lee (front row, right) learns about Kazakhstan’s latest AI developments at AIFC. Photo: Handout

Law Society president Roden Tong (left) with AIFC board chairman Bakhtiyar Tleubekov. Photo: Jeffie Lam

Hong Kong’s John Lee on Central Asia mission to explore new markets, expand ties

The delegation’s first stop on the five-day trip to Central Asia is Astana. Photo: Reuters

The Astana International Financial Centre is a special economic zone in the capital city. Photo: Handout

Businessman Richard Li (right) and legislator Johnny Ng are members of the delegation. Photo: Jeffie Lam

Hong Kong to relaunch direct flights to Kazakhstan’s Almaty in first quarter of 2027

Chief Executive John Lee (third right) and other officials attend a meeting with Baiterek National Investment Holding in Astana. Photo: Handout

Cathay Pacific has said it will operate three weekly flights to Almaty, starting from the first quarter of next year. Photo: Elson Li

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Hong Kong

Hong Kong Economy

Observers say real challenge lies ahead as government and business stakeholders follow up to realise gains


Observers say real challenge lies ahead as government and business stakeholders follow up to realise gains.


96 deals signed, flights planned: what’s next for Hong Kong and Central Asia?

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Observers say real challenge lies ahead as government and business stakeholders follow up to realise gains

Observers say real challenge lies ahead as government and business stakeholders follow up to realise gains