Chinese capital is finally showing up.
AIX attracted $3.6 billion in the first half of 2026. Deals linked to China’s capital market accounted for about $915 million—nearly a quarter of the total, DKNews.kz reports.
This financial channel barely existed several years ago. Kazakhstan and China built infrastructure, expanded trade and launched joint projects, while the stock market remained largely on the sidelines.
That has changed. A Chinese company has completed an IPO on AIX, while two major panda bond issues have opened access to yuan financing.
Kazakhstan is beginning to evolve from a transit corridor into a financial bridge between China and global markets.
Trade With China Has Nearly Doubled
Trade between Kazakhstan and China rose from $24.1 billion in 2022 to $48.68 billion in 2025, according to China’s General Administration of Customs.
Chinese investment in Kazakhstan has reached $26.4 billion since 2005. But stronger trade and direct investment do not automatically bring Chinese capital to Kazakhstan’s stock market.
The shift began when Chinese issuers and investment instruments started appearing on AIX.
Why the Deals Are Appearing Now
AIX launched in 2017. The Shanghai Stock Exchange became one of its anchor shareholders, while Nasdaq provided the trading platform.
The institutional link with China therefore existed from the beginning. Yet the infrastructure went largely unused for major Chinese transactions for several years.
In 2020, CCB Astana Branch listed its yuan-denominated Falcon bonds on AIX. A pause of almost five years followed.
The turning point came in 2025–2026. Jiaxin International Resources entered the market, Kazakhstan raised yuan financing through panda bonds, and AIX renewed its agreement with the Shanghai Stock Exchange.
Jiaxin Created the First Market Precedent
China’s Jiaxin International Resources has spent about a decade developing the Boguty tungsten deposit in Kazakhstan’s Almaty Region. It ranks among the world’s largest tungsten deposits by resources.
In August 2025, Jiaxin listed its shares simultaneously on AIX and the Hong Kong Stock Exchange.
The company raised most of the capital—about $153.5 million—in Hong Kong. It placed 1.5 million shares on AIX, compared with 126 million shares on HKEX.
The Kazakh portion of the offering was small, but investor demand exceeded expectations. Total demand topped $34 billion, with the offering more than 220 times oversubscribed.
The share price more than doubled on the first trading day. In less than a year, the company’s market capitalization increased almost 4.7 times to HK$22.78 billion, or roughly $2.9 billion.
For AIX, the significance went beyond the amount raised. Jiaxin became the first Chinese company to complete a cross-listing between Kazakhstan and China, as well as the first issuer in AIX’s Belt and Road segment.
The deal showed that Kazakhstan’s exchange could become part of the international listing infrastructure.
Panda Bonds Opened Access to Cheaper Yuan Financing
Panda bonds created the second financial channel. These are yuan-denominated bonds issued by foreign borrowers in China’s domestic market.
In spring 2026, Samruk-Kazyna raised 3 billion yuan, or about $440 million, through its debut panda bond issue. The annual interest rate stood at 2.18%.
In June, Kazakhstan’s Ministry of Finance issued 3.4 billion yuan in sovereign panda bonds at 1.9%. That rate was comparable to borrowing costs for AA-rated issuers, although Kazakhstan holds a BBB rating.
The transactions opened two-way capital flows. Chinese companies gained a route to AIX, while Kazakh borrowers gained access to yuan financing in China.
China-Linked Deals Changed AIX’s Numbers
Issuers raised $4.9 billion through AIX in 2025. Total capital raised since the exchange launched reached $11.9 billion.
China-linked transactions still represented a small share at the time. The picture changed in the first half of 2026, when the Samruk-Kazyna and Finance Ministry deals brought in about $915 million.
Trading activity also increased. Turnover reached $1.084 billion in six months—twice the level recorded during the same period of 2025.
The number of AIX trading members rose to 69. Chinese brokers are now among them.
Dauren Zhangir, an analyst at AMarkets, does not yet describe the activity as a massive influx of Chinese money.
“This does not yet indicate a large-scale inflow of Chinese capital into AIX. However, for the first time, China-linked transactions have become a significant factor in the exchange’s results.”
A Lasting Trend or Several Successful Deals?
The market has received several strong signals: Jiaxin’s IPO, two panda bond issues and renewed cooperation with the Shanghai Stock Exchange.
But three transactions are not enough to establish Kazakhstan as a permanent channel for Chinese capital. After the Falcon bond listing in 2020, the market waited almost five years for another major Chinese deal.
Meanwhile, the panda bond market continues to expand. Foreign issuers increased placements in China’s domestic debt market by about 60% in the first half of 2026, pushing the total above 160 billion yuan.
Kazakhstan took advantage of strong demand for yuan-denominated instruments and lower borrowing costs. Interest in China’s debt market could weaken if dollar or euro financing becomes cheaper again.
Chinese companies with existing projects in Kazakhstan offer another source of growth. The Jiaxin model best suits businesses that already have local assets, operations and a clear economic connection to the country.
Who Could Enter AIX Next?
Two scenarios appear realistic over the next two years: new panda bond issues and cross-listings by Chinese companies with assets in Kazakhstan.
After Samruk-Kazyna and the Ministry of Finance, other national companies and major financial institutions could explore the Chinese market. Yuan funding offers them an additional source of capital and reduces dependence on dollars and euros.
Chinese companies operating in Kazakhstan’s mining sector represent another likely group of issuers. They already have long-term projects and a clear economic interest in the country.
A rapid influx of Chinese technology and industrial companies without Kazakh assets looks less likely. AIX has yet to attract a major Chinese issuer seeking only international capital.
According to Zhangir, the market needs to see new transactions after 2026.
“The main indicator of whether the trend is sustainable will not be the number of deals already completed, but whether new cases continue to emerge after 2026.”
The next two years will show whether Kazakhstan has become a genuine financial route between China and global capital—or whether the current momentum rests on a handful of successful projects.
“If the market sees new panda bond issues and new cross-listings following the Jiaxin model, there will be grounds to speak of a fully fledged financial channel between Chinese capital and AIX. If no new major placements follow, the current activity may have to be viewed as a series of individual successful projects.”
