China Tower Corp. (788.HK), a state-owned manager of wireless infrastructure for China's major carriers, raised HK$54.3 billion (US$6.9 billion) in its IPO. The company commands a market value of HK$217.3 billion (US$27.7 billion) and qualifies for inclusion in the Renaissance International IPO ETF at the market's close on Tuesday August 14, 2018.
The Renaissance International IPO ETF is designed to provide investors with efficient exposure to a portfolio of non-U.S.-listed newly public companies ahead of their inclusion in core equity portfolios. By tracking the rules-based Renaissance International IPO Index, the Renaissance International IPO ETF includes the most economically significant non-U.S.-listed newly public companies. Sizable IPOs are added on a fast entry basis and the rest are added during scheduled quarterly reviews. Companies are removed two years after their initial trade date, when they become seasoned equities.
