China International Capital Corporation (CICC) is leveraging the Hong Kong Special Administrative Region’s role as an international financial center to advance capital market connectivity between China and Central Asia.
Amid significant changes in the global economy, Central Asia has emerged as one of China’s fastest‑growing trading partners. According to statistics from China’s General Administration of Customs, bilateral trade between China and the five Central Asian countries exceeded $100 billion for the first time last year, reaching $106.3 billion. Infrastructure modernization and industrialization are driving strong demand for investment and cooperation.
Supported by Hong Kong’s status as an international financial center, CICC has completed several landmark projects in Central Asia, highlighting the corporation’s growing ability to offer Central Asian clients access to both onshore and offshore capital markets.
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Last year, CICC advised on the global debut dual listing of Jiaxin International Resources in Hong Kong and Kazakhstan — the first renminbi‑denominated stock in Central Asia. CICC also arranged the Kazakhstan Development Bank’s 2 billion yuan ($295 million) offshore bond in Hong Kong, marking the region’s first entry into the offshore renminbi market. The three‑year dim sum bond, with an issuance yield of 3.35 percent, attracted strong global investor interest, with the book reaching a peak size of 5 billion yuan.
This year, CICC demonstrated its cross‑border expertise by supporting both the Ministry of Finance of Kazakhstan and Kazakhstan’s sovereign wealth fund, Samruk‑Kazyna, in issuing Panda bonds of 3.4 billion yuan and 3 billion yuan respectively.
Through the Bond Connect mechanism, overseas investors can efficiently trade Panda bonds in Hong Kong, making the city the gateway for international investors to access China’s onshore bond market — a feature that distinguishes it from other global financial centers.
Pioneering financial cooperation
As the earliest Chinese investment bank to conduct business in the Central Asian market, CICC has been a pioneer in fostering financial cooperation between China and the region.
In 2018, CICC, through its Securities and Futures Commission‑licensed subsidiary in Hong Kong (CICC Hong Kong Securities), became the first mainland Chinese securities firm to obtain remote membership qualifications for both the Astana International Financial Centre and the Astana International Exchange, facilitating capital market connectivity across Belt and Road countries.
“As one of the most internationalized Chinese investment banks, CICC remains committed to our founding mission of ‘Chinese Roots, International Reach’, continuously advancing financial links between China and global markets,” said Wang Shuguang, vice-chairman of the board of directors and president of CICC.
Looking ahead, CICC will continue to use its expertise to provide comprehensive financial services to clients in the region. The firm aims to strengthen its role as a bridge, channeling Chinese and international capital into high‑potential sectors across Central Asia to support ongoing bilateral economic growth.
