The Zhitong Finance App learned that according to the Hong Kong Stock Exchange disclosure on November 11, the Kazakhstan National Railway Company (Joint Stock Company National Company Kazakhstan Temir Zholy, abbreviation: Kazakhstan National Railway) passed the Hong Kong Stock Exchange's main board listing hearing, and CICC was its sole sponsor.
According to the prospectus, the Kazakh National Railway is the national transportation and logistics operator of Kazakhstan, providing important land transportation routes connecting Kazakhstan's production centers with China, Central Asia, Russia, the Caspian Sea region and Europe. The company is wholly owned by the government through Kazakhstan's sovereign wealth fund Samruk-Kazyna, operates Kazakhstan's main rail network, and has the country's largest fleet of locomotives and railway vehicles, according to KPMG reports.
As of June 30, 2026, Kazakhstan State Railways is one of the largest employers in Kazakhstan, with 119,910 employees. The company provides critical freight and passenger services in a landlocked economy that is the 9th largest in the world by land area. Railway transport plays a key role in transporting commodities, industrial raw materials, agricultural products, manufactured goods and passengers, especially considering Kazakhstan's vast territory, scattered population and limited navigable waterways.
Kazakhstan's fundamentals (including a continued increase in the urbanization rate, population growth, and the medium-term growth rate of about 3.5%) will support the continued demand for reliable passenger and freight services. In terms of railway length, Kazakhstan ranks third among the CIS and Baltic countries with a gauge length of 1,520 mm, with a railway length of about 16,000 km.
The company operates a comprehensive railway transportation and logistics network, including freight (including logistics); and passenger transportation, each division includes supporting infrastructure and support services. Its comprehensive asset system includes about 16,000 km of railway operating mileage, about 21,000 km of main rail mileage, about 2,000 locomotives, about 40,000 freight cars including flat cars, about 2,200 passenger cars, about 830 stations, 30 locomotives, 17 car depots, and two seaports and core waterless ports and freight terminal assets. The integrated network enables Kazakhstan National Railways to coordinate infrastructure, rail vehicles, ports, freight terminals and logistics operations in the transportation value chain to provide customers with railway and maritime transport solutions.
As a mainline railway infrastructure operator, railway carrier, and transport and logistics service operator, Kazakh National Railways mainly carries out freight services through its integrated railway network. Related services include provision of mainline railway network access, locomotive traction, railway vehicles, freight forwarding, freight terminals, warehousing and related logistics services. Freight is the company's largest business segment, covering domestic transportation within Kazakhstan, transportation of exports to foreign destinations from Kazakhstan, transportation of imports to Kazakhstan, and cross-border transit transport through Kazakhstan.
The company mainly provides passenger transportation services through its wholly-owned subsidiary Passenger Transportation. Kazakhstan's national railways operate socially significant passenger transport services that are regulated and partially subsidized by the state, as well as fast transit passenger transport services with unregulated freight rates and operated on a commercial basis.
Currently, the company operates 66 socially significant passenger transportation routes and 4 rapid transit passenger routes. Compared with freight, passenger transportation accounts for a smaller part of the company's business, but considering its role as a railway operator in Kazakhstan and the importance of railway services in regional and international passenger transport connections, passenger transport is still strategically important.
On the financial side, in 2023, 2024, 2025 and the six months ended June 30, 2026, the company's revenue was approximately 1934,095 billion tenge, 2163,942 billion tenge, 2757.083 billion tenge, and 1465,691 billion tenge, respectively; profit for the year/period was approximately 136.784 billion tenge, 160.805 billion tenge, 343.646 billion tenge and 191.01 billion tenge, respectively.
