Tungsten miner Jiaxin International Resources made history with a dual listing on the Hong Kong and Kazakh stock exchanges, showcasing the growing ties between China and Central Asia. The Chinese company’s shares surged 178% on debut, raising HK$1.2 billion in proceeds for its Boguty Project mine in Kazakhstan.

Jiaxin’s IPO marked a milestone in Central Asia with IPO financing in yuan on the Astana International Exchange, reflecting international participation in Hong Kong’s market. The listing also signifies a new chapter in the internationalization of the yuan, according to Financial Secretary Paul Chan Mo-po.

Backed by state-owned Jiangxi Copper, Jiaxin plans to use the IPO funds for mine development, output enhancement, and loan repayment. The company’s Boguty Project mine is the world’s largest open-pit tungsten mine, with commercial production starting in April and plans for capacity expansion by 2027.

Investments under China’s Belt and Road Initiative in Central Asia have surged, with Kazakhstan receiving a significant portion of the total investments. The FSTB hopes Jiaxin’s listing will spur more innovative developments in Hong Kong’s stock market and promote global connectivity.

The China Securities Regulatory Commission has approved Chery Automobile to sell shares in Hong Kong, highlighting efforts to promote the city as a fundraising platform for Chinese companies. The Hong Kong stock exchange has reclaimed its position as the top IPO venue globally this year, raising US$17.2 billion.

Read more at Yahoo Finance: Tungsten miner Jiaxin’s dual listing a boost for Hong Kong and yuan’s global profile