BUSINESS

Kazakhstan Railway Operator Files for Hong Kong IPO

Published: Jul. 2, 2026 7:31 p.m. GMT+8

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State-owned railway operator Kazakhstan Temir Zholy (KTZ) has filed for an IPO in Hong Kong to fund the construction of a cross-border rail link between Kazakhstan and China.

The planned listing comes as geopolitical conflicts in the Middle East disrupt global shipping, driving more Chinese traders to rely on Central Asian land routes and accelerating Kazakhstan’s push to become a crucial regional transit hub.

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KTZ files Hong Kong IPO to fund Kazakhstan-China rail link amid Middle East disruptions boosting land routes.
IPO funds 272-km Bakhty–Ayagoz line, aiming to double cross-border freight capacity to 100 million tons by 2030.
In 2025, KTZ profit surged 114% to 343.6 billion tenge ($706 million); revenue up 27.4%, gross margin 30.2%.

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Who’s Who

Kazakhstan Temir Zholy: Kazakhstan Temir Zholy (KTZ) is a state-owned railway operator that filed for an IPO in Hong Kong to fund the Bakhty–Ayagoz rail link with China. Wholly owned by sovereign wealth fund Samruk-Kazyna, it operates 16,000 km of track. In 2025, profit surged 114% to $706 million on revenue of $5.65 billion.

China International Capital Corp. Ltd.: China International Capital Corp. Ltd. (CICC) is acting as the sole sponsor for Kazakhstan Temir Zholy's Hong Kong IPO. The listing aims to fund a cross-border rail link between Kazakhstan and China, enhancing Central Asian transit routes amid global shipping disruptions.

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