Kazakhstan's KTZ passes Hong Kong listing hearing ahead of triple IPO

what happened

Kazakhstan Temir Zholy, the state-owned railway operator known as KTZ, has passed a listing hearing at the Hong Kong stock exchange. That milestone moves its planned triple listing forward, which also covers Astana and London. Reuters reports that the company released its post-hearing materials on HKEX's new listing platform on November 11. According to the exchange, such materials appear once the listing committee has agreed in principle to an equity application.

The firm runs the country's principal rail network and handled 99.7% of rail freight turnover last year, according to the filing. In the first half of 2026 it reported net profit of 191 billion tenge, equal to $427.4 million, a 122% jump on a year earlier. Revenue and other income climbed 15.1% to 1.47 trillion tenge. Proceeds are earmarked for digital rail infrastructure, expanding capacity, repaying debt and working capital.

why it matters

For investors the deal is a test of appetite for Kazakh assets in Hong Kong, a venue where many large issuers choose to list. Strong profit growth over the first half could become a central argument in the pitch, while the planned uses of proceeds point to heavy infrastructure spending and debt management. The story is mainly about one company, but it may shape sentiment toward Central Asian issuers.

market impact

KTZ and Kazakh equities: a step toward listings in three markets may draw investor interest

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