AIX presents its results for 2025

Astana International Exchange (“AIX”, “Exchange”) is pleased to share the results of its 2025 performance, marked by accelerated market growth, record trading activity, and continued expansion of product offerings and international connectivity.

Throughout 2025, AIX focused on deepening market liquidity, broadening investor access, process optimization to enhance operational efficiency and enable faster market entry, introducing new instruments across conventional capital markets and innovative investment segments, while maintaining a strong pipeline of listings and strengthening its market infrastructure.

Assel Mukazhanova, CEO of AIX, noted:

“In 2025, our focus went beyond market growth – it was a year of structural and operational transformation for AIX. Alongside record market activity, we focused on rethinking how the market operates – simplifying core processes to enhance operational efficiency, streamline issuance workflows and better align the market with the evolving needs of issuers and investors.”

AIX results as of 31 December 2025:

• Securities listings: 368 securities listed by 195 issuers overall, with 215 of them registered in 2025 alone by 113 issuers. For comparison, 140 securities were registered in 2024.
• Capital raised: (Debt + Equity): $11.9 bn since inception; $4.9bn for 2025 with the majority attributable to fixed income debt transactions.
• Trading turnover: Showed sharp increase from $1.3bn in 2024 to $2.1bn in 2025 (debt $1.7 bn and equity $0.4 bn).
• Market participants: 65 trading members, including brokers from Kazakhstan, China, Europe and Middle East – 15 new brokers were onboarded in 2025.
• Custody: 20 custodians – 4 were onboarded in 2025. Nine (9) global custodians maintain sub-accounts at the AIX Central Securities Depository (AIX CSD).
• Investor base:3 mln retail investors’ accounts with AIX CSD, having grown from 1.9 mln in 2024.

 

Trading Highlights                                                          

Trading activity in 2025 showed strong growth, reflecting increased participation and liquidity across the market. Total trading value reached $2.1 bn, representing a 59% increase compared to $1.3 bn recorded in 2024.

Trading turnover increase was driven by the listing of several debt programs. Meanwhile, newly launched landmark products such as local ETFs registered a substantial rise with trading volume increase from $2.4 mln in 2024 to $31.6 mln in 2025.

 

New Listings 2025 marked a record year for listings on AIX, with 215 new securities admitted versus 140 in 2024, reflecting increasing issuer demand and product diversification.

Key developments included:

• Inaugural IPO with the Hong Kong Stock Exchange (HKEX) – Ordinary shares of Jiaxin International Resources Investment Limited, a tungsten mining company, were admitted to trading on AIX and HKEX, marking the first cross-border IPO between Kazakhstan and China, and the first IPO in Central Asia denominated in Chinese national currency, as well as the first IPO in the “Belt and Road Initiative” segment of AIX. The final offer price was set at CNY 9.93 with total demand exceeding $34 bn, representing a substantial oversubscription.

• Eurobond Issuances – In 2025, Eurobond activity on AIX encompassed sovereign issuances, quasi-public sector listing and placements by commercial banks.

– The Ministry of Finance of the Republic of Kazakhstan issued five, seven and twelve-year US dollar-denominated sovereign Eurobonds with a total volume of $4 bn.

– Dual-tranche Senior Unsecured Bonds denominated in KZT and USD were listed by the Development Bank of Kazakhstan for a total amount of KZT 300 bn and USD 500 mln accordingly. The issuances resulted in oversubscription 2.4 times and 1.9 times for local currency and USD tranches, accordingly, evidencing a strong investor demand.

– ForteBank and Kaspi.kz issued five-year corporate Eurobonds, listed on AIX and international exchanges. ForteBank raised $400 mln, Kaspi.kz – $650 mln. In addition, ForteBank listed perpetual subordinated (AT1) bonds in the amount of $400 mln.

– NC “KazMunayGas” JSC, the national oil and gas operator became the first issuer to place a СNH-denominated Eurobonds simultaneously on AIX and HKEX. CNH 1.25 bn bonds with a coupon of 2.950% and a yield of 3.150% were issued under the CNH10 bn Medium Term Note Programme.

• Regional Currency Diversification – The Eurasian Development Bank issued debut AED-denominated bonds with a total volume of AED 700 mln, a three-year maturity, and a coupon rate of 6.5% per annum.
• Funds and Structured Products – AIX saw a significant growth in activity in the structured products segment (ETNs and ETFs) with trading volume increase from $2.4 mln in 2024 to $31.6 mln in 2025, driven by the launch and listing of several landmark products, namely:

– ITS Shariah ETF – the first Shariah-compliant index fund in Central Asia and the Caucasus offering exposure to global companies adhering Islamic principles, ITS World ETF connecting investors to the global market of leading international companies, a suite of ITS Single Stock ETFs offering fractional equity exposure to leading international blue-chip companies;

–  Fonte Bitcoin ETF – the first spot Bitcoin ETF registered in Kazakhstan and Central Asia, allowing regulated, custodian-backed exposure to Bitcoin without direct ownership, and Fonte Solana ETF – the world’s first spot Solana ETF with a staking function, offering investors digital asset exposure plus yield-enhancing staking mechanics.

• Eurasia Mining PLC cross-listing from the London Stock Exchange – ordinary shares of Eurasia Mining PLC have been listed and admitted to trading on AIX in July 2025. The Company’s shares are fully fungible between LSE and AIX.

• The loan participation notes – R Debentures LLC – Deal Drive LPN 2025-A, a Delaware series limited liability company, issued loan participation notes to finance a loan to Deal Drive Car Rental LLC, a technology-driven fintech platform that helps auto dealers in the MENA region and Europe to analyze and manage inventory, pricing, and sales using AI. The placement amounted to $2 mln, with a 2-year maturity.

 

New products and services

• Launch of the National Bank’s Gold Coin – Through a collaboration between the National Bank and AIX, Tabys App clients were introduced to a convenient and innovative way to invest in gold with a possibility to purchase it in fractional units. For this project, AIX has been recognized among the Top 3 innovations globally in Innovation in Market Infrastructure Award by the World Federation of Exchanges (WFE). Gold Coin trading turnover for 2025 amounted to KZT 31.7 bn (equivalent to $60,6 mln).
• JPMorgan Chase Bank Bonds Added to AIX Official List – Bonds issued by JPMorgan Chase Bank, N.A. have been added to the Official List of AIX, with a total issue size of KZT 6 bn, a coupon rate of 12.6%, and a maturity date of 28 February 2029. These bonds are also traded on the Luxemburg Stock Exchange.

• Social Bonds – In 2025, AIX continued to support sustainable finance initiatives through the listing and trading of social bonds aimed at financing projects with positive social impact. Thus, Social-Entrepreneurial Corporation “Aktobe” issued a debut tranche in the amount of KZT 100 mln under the KZT 1 bn Bond Programme. The bonds carry a 20% coupon rate and mature on September 4^th, 2028. Proceeds from the issuance will be allocated to financing SEC Aktobe’s core strategic activities, including investment and innovation infrastructure, support for micro, small and medium-sized enterprises, implementation of industrial and agro-industrial projects, and the development of export-oriented production.
• Special Financial Company (SFK) Listings – A number of special financial companies issued bonds, marking the establishment of new segment in the debt market.
• Renewable energy certificates trading launch – AIX has launched trading of International Renewable Energy Certificates (I-REC), marking a new milestone in Kazakhstan’s sustainable finance ecosystem. These certificates verify that electricity was generated from renewable sources. With this launch, AIX became the ninth platform globally to receive official accreditation to enable I-REC trading.

• Non–listed securities – Over-the-counter (OTC) transactions of non-listed securities were launched in September 2025. The issuance/settlement/safekeeping services for non-listed securities, where AIX Registrar acts as a primary registrar, are available only for accredited investors and there is no listing or admission to trading on AIX required. The first issuance of non-listed securities was done for the BRIG private equity fund, managed by SQIF AM Ltd, an AIFC-licensed Fund Manager. 17 more clients registered for the new service between September and December 2025 for a total of $300 mln under custody.

• The first issuance of commercial papers on AIX – Alatau City Bank became the first issuer to register a Commercial Papers Program. The two-tranche program amounts to $500 mln.
• Islamic finance instruments – AIX continued to develop the Islamic finance segment by expanding the range of sukuk offerings, namely:

– Tayyab Finance Sukuk SPC Ltd. registered a sukuk program with a total size of KZT 20 bn and a maturity of up to 2040.

– First retail sukuk in Kazakhstan was listed by Asia Mineral Resource SPC Ltd. The placement amounted to $10 mln with a minimum denomination of USD 10, offering easy entry into Islamic financial products without high investment thresholds.

• AIX Registrar Appointed as National Numbering Agency – Astana International Exchange Registrar Ltd. has been designated to act as the National Numbering Agency (NNA) within the Astana International Financial Centre (AIFC). In this role, AIX Registrar will be responsible for the allocation and administration of internationally recognized identification codes for securities and other financial instruments registered within the AIFC. This includes the issuance of International Securities Identification Numbers (ISINs) in accordance with ISO 6166, Classification of Financial Instruments (CFIs) under ISO 10962, and Financial Instrument Short Names (FISNs) pursuant to ISO 18774.

 

Rules and Regulations

• Simplified Book Building Process – AIX has introduced a simplified book building process designed to streamline issuance procedures and reduce time to market. Under the new approach, issuers enter into a standard agreement with AIX, after which only a formal application is required to initiate the process. Book building is conducted within two days of application submission, significantly simplifying the overall workflow, enhancing efficiency, while enabling faster market entry. As a result, 20 Issuers chose to use the AIX book-building service in 2025.
• Simplified SME Bonds Program – AIX has enhanced the SME Bonds Program launched in October 2023 by introducing more flexible requirements to facilitate greater access to capital markets for small and medium-sized enterprises. Key changes include extended bond maturity, multi-currency issuance, program-based structure, lower operational history requirements, and removal of sectoral restrictions. Time Building 2050 LLP was the first to tap the market under the updated rules.

 

International Cooperation

• MoU with Intebix, Solana Foundation and Jupiter – AIX entered a quadripartite MoU aimed at exploring the feasibility of implementing a dual-listing mechanism combining a traditional exchange listing with tokenized instruments.
• Strategic Cooperation with Shanghai Stock Exchange (SSE) – AIX and SSE signed an MoU to expand their long-standing partnership, focusing on cooperation in capital markets, development of financial instruments, and mutual promotion of their markets.
• MoU with Amman Stock Exchange (ASE) – AIX and ASE agreed to enhance cooperation through information exchange on market infrastructure, listing and trading procedures, and regulatory frameworks to identify mutually beneficial opportunities.
• Direct Depository Link between AIX CSD and Nasdaq Dubai – a direct depository link was established between AIX CSD and Nasdaq Dubai, enabling the custody and settlement of dual-listed securities in either of the two depositories.
• Establishment of a Direct Link between AIX and ADX CSDs – AIX and ADX agreed to establish a direct connection between their CSDs, complementing the Tabadul link, to facilitate cross-border trading, strengthen market infrastructure, and expand investment opportunities.

 

Reference:

AIX was formed in 2017 within the Astana International Financial Centre development framework. AIX shareholders are AIFC, the Shanghai stock exchange, the Silk Road Fund, and NASDAQ, which also provides the AIX trading platform. The exchange operates within a regulatory environment based on the principles of English Law, thus providing a reliable investment environment. The mission of AIX is to develop an active capital market in Kazakhstan and the region by providing clear and favorable conditions for attracting financing to private and public businesses. AIX develops special segments for mining companies as well as infrastructure projects under the Belt and Road initiative. www.aix.kz

The Astana International Financial Centre (AIFC) is a leading financial hub in the Eastern Europe and Central Asia region, designed to connect global capital with the vast opportunities of emerging markets. Positioned at the crossroads of Europe and Asia, the AIFC combines international best practices with innovative approaches to create a world-class platform for investment, business, and financial services. Since its establishment in 2018, the AIFC has attracted USD 20 bn in investments into Kazakhstan’s economy. Over 4900 companies from 90 countries, including the USA, the UK, China, Turkiye, the Republic of Korea, Singapore, and others, are registered within the AIFC’s jurisdiction. www.aifc.kz