International IPO Index: The Renaissance International IPO Index continued its hot streak and leapt +7.0% in the first full week of 2026, compared to +1.6% for the ACWX ex-US ETF. Japanese memory chip maker Kioxia was the index's biggest winner, up +21.6%. Conversely, Hong Kong-listed chip company InnoScience Technology dropped -9.0% to take the bottom spot.
Big Development: As the AI race heats up in 2026, two LLM developers pulled off big listings in Hong Kong. MiniMax ($620mm) soared +109%, while Zhipu AI ($560mm) rose +37%.
Latest Listings: Multiple other Hong Kong IPOs this week offered AI exposure, including GPU designer Iluvatar CoreX ($470mm), which rose +20%, and surgical robot maker Edge Medical ($150mm), which traded up +30%. The city hosted two other $100mm+ debuts: RNA biotech Ribolia Life Science ($240mm) jumped +42%, and copper cathode maker Jinxun ($140mm) rose +26%.
The Week Ahead: The AI frenzy is set to continue in Hong Kong's hot IPO market, with integrated circuit maker OmniVision ($620mm) and memory chip designer GigaDevice ($600mm) set to list. In India, coal coke producer BCCL ($110mm) is scheduled to debut.
The Pipeline: India's IPO market is looking to build upon a record 2025. Adtech Amagi Media Labs ($190mm) launched its IPO, while insurtech Turtlemint is preparing a spring listing. Regulators approved several sizable listings, while mobile telecom Reliance Jio and asset manager SBI Funds Management both tapped banks for potential blockbuster listings.
In Hong Kong, pharmacy chain Watsons, Baidu chip spin-off Kunlunxin, and biofuel maker EcoCeres hired banks. Snack food store chain Busy Ming passed its HKEx listing hearing. Robot developer Unitree Robotics also advanced towards an IPO that could come in mid-2026.
European military equipment maker CSG and mobile telecom Odido are both reportedly nearing Amsterdam IPO launches. In Germany, streaming platform waipu.tv and military equipment maker VINCORION hired banks.
Thanks for reading,
-Angelo Bochanis, Data Analyst
-Matt Kennedy, Senior Strategist
|
Biggest price changes through
Jan 9th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Kioxia (Toshiba Memory) | 285A.JP | 21.6% |
| Amman Mineral Internasional | AMMN.IJ | 19.9% |
| Destek Finans Faktoring | DSTKF.TI | 19.2% |
| Sichuan Kelun-Biotech Biopharmaceutical | 6990.HK | 18.9% |
| Renk | R3NK.GR | 16.1% |
| Bottom 5 | ||
| InnoScience Technology Holding | 2577.HK | -9.0% |
| Springer Nature | SPG.GR | -7.6% |
| Chifeng Jilong Gold Mining | 6693.HK | -3.9% |
| Contemporary Amperex Technology (CATL) | 3750.HK | -3.3% |
| Rakuten Bank | 5838.JP | -2.9% |
| Sectors | ||
| Health Care | 12.7% | |
| Materials | 7.4% | |
| Financials | 7.4% | |
| Technology | 7.2% | |
| Industrials | 5.1% | |
| Consumer Staples | 5.0% | |
| Consumer Discretionary | 1.6% | |
| Communication Services | -7.6% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned 7.0% last week vs. 1.6% for the iShares MSCI ACWI ex U.S. ETF.
