The listing of a Kazakhstan-based tungsten mining company in Hong Kong was evidence of the international scope and breadth of the city’s capital market, according to Xu Jia, deputy head of the investment banking department at China International Capital Corp (CICC).
Jiaxin International Resources – a Chinese-owned, Hong Kong registered firm that owns and operates a tungsten mine in Kazakhstan through a local subsidiary – had a dual listing on the Hong Kong and Kazakhstan exchanges on August 28.
The company had an international outlook and was focused on natural resources, distinct from Hong Kong’s traditional sectors such as finance, property and the internet, Xu said in an interview with the Post.
Jiaxin is not alone. In May, Singapore-based biotech firm Mirxes Holding, whose key markets include China, went public in Hong Kong. A month later, Thai company IFBH, incorporated in Singapore, made its debut in Hong Kong.
“Hong Kong still undoubtedly serves as an important bridge connecting mainland China and international capital,” Xu said. Regardless of whether the capital was from traditional sources such as the US or Europe, or from newer entrants such as the Middle East or Southeast Asia, “the role of Hong Kong remains unchanged”, he added.
