Freedom Holdings Taps into Hong Kong’s Dim Sum Bond Market to Propel Multimillion-dollar Kazakh Optic-Fibre Project

Freedom Holdings is considering Hong Kong's dim sum bond market as a funding source for its optic-fibre project in Kazakhstan. The firm's telecommunications division, Freedom Telecom, intends to invest around 107 billion tenge (equivalent to US$236 million) on two initiatives in Kazakhstan, with spending projected to continue until the conclusion of 2027.

A major privately-held group in Kazakhstan is eyeing Hong Kong's financial market to fund a multi-million dollar infrastructure initiative by its telecommunications subsidiary. This move highlights Hong Kong's escalating prominence as a capital-raising center for the Belt and Road Initiative (BRI).

The leading Kazakh retail brokerage and investment bank, Freedom Holdings, has enlisted the help of China International Capital Corp. (CICC) to assist in selling its dim sum bonds, which are financial tools valued in offshore renminbi, according to the firm's founder and CEO, Timur Turlov. He mentioned that the Almaty-based company might also contemplate going public through an Initial Public Offering (IPO) in the future.

"The reason we came to Hong Kong is to secure funding for our telecommunications plan," Turlov stated during a discussion with the Post, amidst meetings with the Hong Kong stock exchange and the Securities and Futures Commission.

"The interest rate for the Renminbi is less than that of the US dollar. We require this Renminbi to settle payments to Huawei and ZTE Corp. for the equipment they provide for our telecommunications strategy," he stated.