Today during the state visit of President ofPeople’s Republic of China Xi Jinping to Kazakhstan and His meeting with thePresident of Kazakhstan Nursultan Nazarbayev, Astana International FinancialCentre Authority (AIFC Authority) and Shanghai Stock Exchange (SSE) announcedthe signing of Shareholders’ Agreement to become primary shareholders of AIFCExchange.
The Shareholders’ Agreement implies a strategic partnership betweenAIFC Authority and SSE on the establishment of AIFC Exchange.
AIFC Authority together with SSE will engage in developing AIFC as the regionalfinancial services hub of the “Belt and Road”.
According to the AIFC Governor Mr. Kairat Kelimbetov: “AIFC welcomespartnership with the Shanghai Stock Exchange – a worldwide acknowledged leaderof the exchange industry. The broad expertise of SSE in developing andmaintaining a highly liquid capital market will benefit AIFC Exchange as a greenfield market place. SSE as a primary shareholder & strategic partner canhelp AIFC Authority to turn AIFC Exchange into an exchange that is both highlytechnological and compliant with the best international practice. As a resultthis will attract and enlarge the local and international investor base, whichwill help to develop capital market in Kazakhstan and the entire Central Asianregion.”
The Chairman of SSE Mr. Wu Qing noted that strategic cooperation betweenAIFC and SSE will further strengthen the relationship between China andKazakhstan in financial industry and will open new investment opportunities.
InDecember 2015 President of the Republic of Kazakhstan Nursultan Nazarbayevsigned the Constitutional law “On the Astana International Financial Centre”(AIFC). The aim of the AIFC is to form a leading international centre offinancial services. For the first time in the post-Soviet region, Common lawframework will be introduced in the AIFC. English shall be the officiallanguage of the AIFC.
The objectives of theAIFC are to attract investment into the economy through the establishment of anattractive environment for investment in the financial services, to developlocal capital markets, ensuring their integration with the internationalcapital markets, and to develop markets for insurance and banking services andfor Islamic financing in the Republic of Kazakhstan.
Shanghai Stock Exchange (SSE)
Accordingto WFE (World Federation of Exchanges) statistics, SSE has ranked among the topexchanges across the globe in the past few years. In 2016, SSE ranked 4th bymarket capitalization, 4th by stock trading value, and 3rd by capital raisedthrough stocks.