International IPO Index: International markets had another solid week, as the Renaissance International IPO Index rose +2.3%, while the ACWX ex-US ETF gained +3.0%. Hong Kong-listed names took the top and bottom spots, as GPU developer Biren Technology surged +35.4% on ceasefire-fueled AI optimism, while mobile phone glass supplier Lens Technology dropped -14.4%.
Big Development: Hong Kong is preparing for its biggest listing in nearly seven months, as circuit board maker Victory Giant ($2.6B) seeks to cash in on the city's AI frenzy. The company, which upsized its offering, has surged over +300% in Shenzhen over the past year.
Latest Listings: A trio of sizable listings in Hong Kong all soared. Energy storage system maker Sigenergy ($560mm) jumped +85%, chip sensor designer Gpixel ($330mm) rose +76%, and design software provider Manycore Tech ($160mm) popped +144%. Two China A-shares had hot debuts, including one which surged over +400%.
The Week Ahead: Electronics manufacturer Huaqin ($580mm) is set to join Victory Giant in Hong Kong next week. In Malaysia, marine shipper MTT Shipping ($160mm) is scheduled to debut.
The Pipeline: More names are moving towards Hong Kong listings, including Japan-based battery maker Envision AESC, battery parts maker Senior, computing card maker Lightelligence, and auto parts maker Desay SV. Indian telecom giant Reliance Jio is preparing to file, while e-commerce giant Flipkart is planning a multi-billion dollar pre-IPO funding round.
In Europe, restaurant franchiser Rex Concepts ($170mm) launched a Warsaw IPO, pharma company Leo Pharma is working on a Copenhagen IPO, and vehicle glass repair firm Belron moved to list in Amsterdam. Copper miner Lumina Metals ($250mm) launched a Toronto-Warsaw dual listing. Retirement village operator Metlifecare is planning a New Zealand-Australia dual listing. Cosmetics portfolio Goodai Global started work on a South Korean IPO. Nigeria-based oil refiner Dangote Refinery is planning a listing on exchanges throughout Africa.
Thanks for reading,
-Angelo Bochanis, Data Analyst
-Matt Kennedy, Senior Strategist
|
Biggest price changes through
Apr 17th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Shanghai Biren Intelligent Technology | 6082.HK | 35.4% |
| Shenzhen Han’s CNC Technology | 3200.HK | 22.8% |
| CVC Capital Partners | CVC.NA | 16.9% |
| Verisure | VSURE.SS | 14.2% |
| NOBA Bank Group | NOBA.SS | 10.9% |
| Bottom 5 | ||
| Lens Technology | 6613.HK | -14.4% |
| MiniMax Group | 100.HK | -13.9% |
| SANY Heavy Industry | 6031.HK | -5.9% |
| J&T Global Express | 1519.HK | -5.3% |
| Guming Holdings | 1364.HK | -5.3% |
| Sectors | ||
| Financials | 6.7% | |
| Technology | 5.7% | |
| Consumer Discretionary | 3.3% | |
| Industrials | 1.9% | |
| Materials | 0.6% | |
| Consumer Staples | 0.2% | |
| Health Care | -0.1% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned 2.3% last week vs. 3.0% for the iShares MSCI ACWI ex U.S. ETF.
