Exclusive | International firms flock to Hong Kong, signalling rebound for city’s capital market

Hong Kong’s unique ability to attract global capital sets it apart from domestic markets like Shanghai and Shenzhen

Reading Time:3 minutes

Xu Jia, deputy head of the investment banking department at China International Capital Corp. Illustration: Lau Ka-kuen

Published: 8:30am, 8 Oct 2025Updated: 8:15pm, 8 Oct 2025

In the Capital Connectors series, exclusive interviews with six influential Chinese and global bankers reveal the opportunities and challenges for Hong Kong in its evolution as an international financial hub.

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.

Xu Jia, the deputy head of investment banking of China International Capital Corporation (CICC), on September 10, 2025. Photo: Jonathan Wong

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.

SCMP Series

Capital Connectors

[ 3 of 6 ]

Select Voice

Choose your listening speed

Get through articles 2x faster

1.25x

250 WPM

Slow

Average

Fast

00:0000:00

1.25x