International IPO Index: International new stocks outperformed broader markets with the Renaissance International IPO Index up +1.2%, while the ACWX ex-US ETF fell -1.5%. Hong Kong-listed assisted-driving chip developer Horizon Robotics was the IPO Index's top performer, up +25.3%, while Chinese delivery firm S.F. Holding fell -13.2% to take the bottom spot.
Big Development: A pair of Hong Kong listings soared this week, as IPO excitement in the city continues. ⬇️
Latest Listings: Tungsten miner Jiaxin ($150mm) dual listed in Hong Kong and Kazakhstan, soaring +175% amid red hot retail demand. Battery and energy storage systems provider Shuangdeng ($110mm) also jumped +40% in HK. Indian solar module maker Vikram Solar ($240mm) inched up +1% in Mumbai.
The Week Ahead: September will begin with more Hong Kong, starting with air conditioner maker AUX Electric ($440mm). We expect more listings to join the deal calendar as international IPO markets return from summer break.
The Pipeline: Hong Kong could also lead international IPO activity for the rest of the fall, and it's no coincidence that China's Hang Seng Index is up +25% this year. Gold mining carve-out Zijin Gold International and auto giant Chery Automotive are both planning listings that could come as soon as September, and raise more than $3 billion combined.
Japan's Orion Breweries ($113mm) is set to begin trading in Tokyo in late September, while Japanese chipmaking firm Tekscend is planning an IPO that could be approved next month. German drugmaker Stada is preparing to re-launch its IPO this fall. Latvian state-owned airline AirBaltic is weighing a listing in early 2026. In India, ethanol producer TruAlt Bioenergy is aiming for an IPO next month; several others stepped closer to an IPO, including retail investing platform Groww and hotel chain Oyo. Malaysia's Sunway plans to list healthcare unit Sunway Healthcare in early 2026.
Thanks for reading,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
|
Biggest price changes through
Aug 29th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Horizon Robotics | 9660.HK | 25.3% |
| JX Advanced Metals | 5016.JP | 12.9% |
| Chifeng Jilong Gold Mining | 6693.HK | 8.3% |
| Kioxia (Toshiba Memory) | 285A.JP | 8.0% |
| Renk | R3NK.GR | 7.0% |
| Bottom 5 | ||
| S.F. Holding | 6936.HK | -13.2% |
| Zhejiang Leapmotor Technology | 9863.HK | -8.9% |
| Amman Mineral Internasional | AMMN.IJ | -8.7% |
| Thai Life Insurance | TLI.TB | -7.3% |
| China Resources Beverage | 2460.HK | -3.9% |
| Sectors | ||
| Technology | 8.7% | |
| Materials | 1.3% | |
| Communication Services | 0.0% | |
| Real Estate | -0.6% | |
| Consumer Staples | -0.6% | |
| Financials | -2.0% | |
| Consumer Discretionary | -2.0% | |
| Industrials | -2.0% | |
| Health Care | -2.3% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned 1.2% last week vs. -1.5% for the iShares MSCI ACWI ex U.S. ETF.
