Xinjiang Beiken Energy Engineering ended a 16-year wait for the addition of another Karamay company in China’s A-shares market by launching its IPO on July 22.

The new floatation was good news for the oil city, after Xinjiang Dushanzi Tianli High and New Tech Ltd became the first Karamay company to enter the A-shares market in 2000. 21 companies from Karamay, including Xinkeao Petroleum Technological Ltd, were drafted into the region’s key support plan to bolster their prospects of being listed.

Karamay has achieved year-on-year growth in its finance industry over the past five years. The added-value of its finance industry in 2015 increased 13.3 percent than that of last year to reach 2.05 billion yuan ($302 million).

Xinjiang Central Asia Commodity Exchange Online, China’s first online petroleum products trading platform, opened on Nov 26, 2014. Its first transaction was from Xinjiang Bluesky Petrochemical Logistics Company, which purchased 1,616 tons of automotive diesel fuel from CNPC Xinjiang Sales Company.

Xinjiang Central Asia Commodity Exchange Online, China’s first online petroleum products trading platform, opened on Nov 26, 2014. [Photo/kelamayi.ccom.cn]

Bank of Kunlun is among Karamay’s greatest commercial achievements. It was formerly known as Karamay City Commercial Bank and was controlled by China National Petroleum Corporation (CNPC) through subscription in April 2009. It has become one of the largest banks in Xinjiang, whose total assets reached 290.2 billion yuan ($42.8 billion) from an initial 3.9 billion yuan ($575 million) by the end of 2015.

The bank opened its international business accounting center in Beijing on Oct 30, 2014, to provide a platform for international finance services. Up to now, the bank established branches and subsidiaries in Karamay, Dushanzi, Urumqi, Korla, Tuha, Daqing, and Xi’an.

The Karamay Jinlong National Rural Bank was established to support medium, small and micro-sized enterprises and agricultural development.

Karamay has built a financial system providing services including banking, insurance, bonds, futures, guarantee and equity investment. The finance industry has become the mainstay of the city.

The Bank of Kunlun in Karamay. [Photo/ provided to chinadaily.com.cn]

Edited by Jacob Hooson