Tungsten miner Jiaxin’s dual listing a boost for Hong Kong and yuan’s global profile

Tungsten miner Jiaxin International Resources debuted on the Hong Kong and Kazakh stock exchanges on Thursday in the world’s first such dual listing, highlighting deepening ties between China and Central Asian nations.

Shares of the Chinese company, whose only project is in Kazakhstan, surged 178 per cent to HK$30.34 on Thursday from its initial public offering (IPO) price on the Hong Kong stock exchange.

The listing also marked a “new chapter” in the internationalisation of the yuan, said Financial Secretary Paul Chan Mo-po in a blog post on Sunday.

Jiaxin raised HK$1.2 billion (US$154 million) from the share sale, pricing them at HK$10.92 in Hong Kong and 9.93 yuan in Astana, according to its filing. Of the 109.8 million shares on offer, about 1.2 per cent were offered on the AIX.