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Kazakhstan metals tycoon seeks two Hong Kong IPOs, as stock exchange looks to encourage overseas listings
- MM Petroleum and Kazakh Steel, controlled by powerful Assaubayev family, have filed their listing applications
- They would be the second and third non-Chinese issuers to list in Hong Kong in 2022, helping to push diversification goal
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Two commodities firms controlled by the same Kazakhstan oil and mining tycoon have applied for listings in Hong Kong, boosting the stock exchange’s bid to diversify away from Chinese issuers.
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Kazakh Steel and MM Petroleum, both controlled 73-year old metals magnate Kanat Assaubayev, filed their preliminary prospectuses in April and June respectively for their initial public offerings (IPOs).
They are among a tiny handful of foreign companies that have sought to raise funds on the city’s bourse this year.
One of the most powerful families in Kazakhstan, the Assaubayevs used to own KazakhGold, the country’s largest gold mining company. They sold it a decade ago.
The listing plans come at a time when exports from neighbouring Russia have been drastically reduced amid sanctions imposed by the US and some European countries in response to its invasion of Ukraine.
If successful, the two companies will become just the second and third non-Chinese issuers to list in Hong Kong in 2022, helping to push forward Hong Kong Exchanges & Clearing’s goal to diversify new listing business.
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