John Lee: Trust is the Real Currency as Multiple Belt and Road Companies Queue for Hong Kong Listings

Deep News
Sep 09

Hong Kong Chief Executive John Lee stated at the Belt and Road Summit that over 100 enterprises from Belt and Road partner countries have already listed in Hong Kong, with more currently in the pipeline for bourse listings. He emphasized that trust is the true currency among participating nations and regions.

Earlier, Hong Kong's Financial Secretary Paul Chan noted in his blog that state-owned infrastructure companies from Central Asia are also planning to list in the city. On June 30, Kazakhstan's national railway operator KTZ formally submitted its application to the Hong Kong Stock Exchange, with CICC serving as the sole sponsor.

KTZ, held by the country's sovereign wealth fund Samruk-Kazyna, plans a concurrent listing across Hong Kong, London, and Astana. In the same month, Indonesia's largest gold miner, Merdeka Gold Resources (MGR), debuted on the HKEX main board via Hong Kong Depositary Receipts, becoming the first Indonesian enterprise to achieve dual listings in both Indonesia and Hong Kong.

On the equity front, institutional channels with Middle Eastern Belt and Road nations have been established. The HKEX has added the Saudi Tadawul Group and the Abu Dhabi Securities Exchange to its list of recognized exchanges, facilitating secondary listings for regional companies. Multiple energy and financial firms have already entered preliminary preparatory stages.

Beyond equities, bond issuance from Belt and Road entities in Hong Kong continues to expand. As of July 2026, a cumulative total of 82 debt instruments had been issued by these entities in Hong Kong, raising over HKD 470 billion. Among these, the Indonesian government and Kazakhstan's national oil and gas company have issued offshore yuan-denominated bonds in the city.

In his address, Lee underscored that trust, rather than capital, remains the fundamental currency driving collaboration across Belt and Road economies.

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