International IPO Index: International new stocks underperformed this week amid a global software sell-off. The Renaissance International IPO Index fell -3.6%, while the ACWX ex-US ETF rose +1.8%. The Int'l IPO Index maintains a double-digit gain YTD. Hong Kong-listed condiments maker Haitian led the index, up +8.9% as investors flocked to consumer staples. Private equity firm CVC Capital Partners dropped -13.1% in Amsterdam to take this week's bottom spot.
Big Development: Hong Kong's red-hot IPO market hosted two billion-dollar consumer staples listings that shrugged off global investor worries. Pork producer Muyuan Foods ($1.4B) inched up +4%, and energy drink maker Eastroc Beverage ($1.3B) rose +8%.
Latest Listings: Also in Hong Kong, PCB equipment maker Han's CNC ($620mm) traded up +15%, and chemicals producer Gon ($140mm) rose +15%. One China A-share began trading, and soared +172%.
15 sizable Hong Kong listings have priced in 2026 so far, the busiest start to the year in over two decades. At the time of publication, just one is trading below issue.
The Week Ahead: Four more sizable Hong Kong listings are currently on the calendar. Chip designer Montage Technology ($900mm) is set to lead the pack, joined by industrial machinery maker Lead ($550m), chip designer Axera ($380mm), and cable maker Woer ($360mm).
The Pipeline: India hosted two sizable launches this week, enterprise AI provider Fractal Analytics ($310mm) and non-bank lender Aye Finance ($110mm). Global brewing giant Carlsberg is weighing an IPO of its Indian unit. Electric components producer Dhoot Transmission confidentially filed.
In Europe, Germany-based elevator maker TK Elevator, Spain-based engineering firm TSK, and UK-based cloud computing firm Nscale all hired banks, while defense electronics spin-off WB Electronics is working on a Warsaw IPO.
Agrochemical giant Syngenta revived its IPO plans, working with banks on a potential $10 billion Hong Kong listing. Convenience store chain Trolley ($180mm) announced a Kuwaiti IPO. Nursing home chain Estia Health tapped banks for an Australian IPO. Aluminum producer EGA held investor talks for an Emirati IPO.
Thanks for reading,
-Angelo Bochanis, Data Analyst
-Matt Kennedy, Senior Strategist
|
Biggest price changes through
Feb 6th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Foshan Haitian Flavouring and Food | 3288.HK | 8.9% |
| Destek Finans Faktoring | DSTKF.TI | 6.6% |
| Guming Holdings | 1364.HK | 6.5% |
| Rakuten Bank | 5838.JP | 4.9% |
| J&T Global Express | 1519.HK | 4.3% |
| Bottom 5 | ||
| CVC Capital Partners | CVC.NA | -13.1% |
| Verisure | VSURE.SS | -12.8% |
| Chifeng Jilong Gold Mining | 6693.HK | -12.0% |
| Kioxia (Toshiba Memory) | 285A.JP | -10.6% |
| NOBA Bank Group | NOBA.SS | -9.2% |
| Sectors | ||
| Consumer Staples | 3.4% | |
| Health Care | 0.4% | |
| Industrials | -0.4% | |
| Consumer Discretionary | -0.6% | |
| Financials | -2.7% | |
| Materials | -5.9% | |
| Communication Services | -6.4% | |
| Technology | -6.6% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned -3.6% last week vs. 1.8% for the iShares MSCI ACWI ex U.S. ETF.
