Chinese Mining Firm Lists on AIX in Landmark Belt and Road IPO

China’s Jiaxin International Resources Investment Limited, the world’s leading tungsten mining and production company, has successfully completed an offering of common shares on the Astana International Exchange (AIX) in Kazakhstan. The listing ceremony took place on September 5 during Astana Finance Days 2025, marking a milestone for Kazakhstan’s capital market. According to the Ministry of Industry and Construction, the transaction represents the first IPO in Central Asia denominated in Chinese yuan (CNY) and the first IPO on AIX’s dedicated Belt and Road Initiative segment. Strategic Importance of the Boguty Mine Jiaxin International is currently developing the Boguty tungsten deposit in Kazakhstan’s Almaty region. With reserves of approximately 107 million tons of ore, Boguty is ranked as the fourth-largest tungsten deposit in the world, positioning Kazakhstan as a critical player in the global supply chain for this strategic metal. At the listing ceremony, Minister of Industry and Construction Ersayin Nagaspayev emphasized the strategic value of the transaction: “This event once again demonstrates the high level of investor confidence in the Astana International Financial Center. I am confident that the example of such a large and reputable company will significantly increase the investment attractiveness of Kazakhstan and attract new foreign participants.” AIX, established in 2017 under the Astana International Financial Center (AIFC), counts among its shareholders the AIFC, Shanghai Stock Exchange, Silk Road Fund, and NASDAQ which also provides its trading platform. Record-Breaking Demand Ordinary shares of Jiaxin International were admitted to listing on August 28 on both AIX and the Hong Kong Stock Exchange (HKEX). The final offer price was set at CNY 9.93. Global demand exceeded $34 billion, with the IPO more than 220 times oversubscribed compared to the targeted amount. Confidence in Kazakhstan’s Market Assel Mukazhanova, CEO of AIX, highlighted the significance of the deal: “It has been about 10 years since Jiaxin first entered the Kazakh market with a tungsten investment project, and today we are proud to celebrate the inclusion of its shares into the AIX Official List. This achievement not only demonstrates the trust placed in our market but also sets a strong precedent for other issuers to follow.” For Jiaxin International, the dual listing underscores the growing economic ties between China and Kazakhstan. Liu Liqiang, Chairman of Jiaxin International Resources Investment Limited, stated: “This milestone not only marks a significant chapter in the company’s growth journey, but also reflects our solid step forward in deepening China-Kazakhstan economic cooperation in the context of High-Quality Belt and Road Cooperation.”