International IPO Index: International new stocks continued to outperform this week, as the Renaissance International IPO Index jumped +5.0%, while the ACWX ex-US ETF rose +1.9%. Several AI-related names took the top spots, led by Hong Kong-listed GPU developer Biren Technology, which traded up +26.3%. Another Hong Kong-listed name, snack food retailer Busy Ming, dropped -17.9% to take the bottom spot.
Big Development: Copenhagen hosted its largest listing in nearly eight years this week. Fish feed producer BioMar ($420mm) treaded water in its listing, and traded up a modest +4%.
Latest Listings: Meanwhile in Hong Kong, 3D printer maker Creality ($180mm) rose +21%, while integrated circuit designer Viewtrix ($140mm) jumped +55%.
The Week Ahead: While next week's global IPO calendar mostly contains US listings, Hong Kong will see wind turbine engineering firm Dajin Heavy Industry ($740mm) and autoimmune disease biotech LongBio ($170mm).
The Pipeline: Canada-based drugmaker Apotex filed for an IPO that could be the country's largest since 2021. In Hong Kong, EV maker AVATR is planning to re-file its papers, while fried chicken restaurant chain Zhengxin Food Group and Indonesia-based gold miner Merdeka Gold Resources are also prepping listings in the city. Electronics retailer Dien May Xanh ($540mm) set terms for a rare Vietnamese IPO, while pharmacy chain Big Caring Group is working on a Malaysian IPO. In India, grocery delivery platform Zepto is prepping for a listing that could come this summer. South Korean AI developer Upstage added to its IPO syndicate.
Thanks for reading,
-Angelo Bochanis, Data Analyst
-Matt Kennedy, Senior Strategist
|
Biggest price changes through
May 29th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Shanghai Biren Intelligent Technology | 6082.HK | 26.3% |
| Renk | R3NK.GR | 14.7% |
| Kioxia (Toshiba Memory) | 285A.JP | 14.7% |
| Amman Mineral Internasional | AMMN.IJ | 13.8% |
| Kokusai Electric | 6525.JP | 13.7% |
| Bottom 5 | ||
| Busy Ming Group (Busy For You) | 1768.HK | -17.9% |
| Montage Technology | 6809.HK | -15.2% |
| Zhejiang Sanhua Intelligent Controls | 2050.HK | -13.2% |
| Horizon Robotics | 9660.HK | -12.3% |
| Eastroc Beverage Group | 9980.HK | -12.0% |
| Sectors | ||
| Technology | 4.3% | |
| Financials | 0.3% | |
| Consumer Discretionary | -0.1% | |
| Industrials | -0.4% | |
| Materials | -0.8% | |
| Consumer Staples | -1.5% | |
| Health Care | -2.9% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned 5.0% last week vs. 1.9% for the iShares MSCI ACWI ex U.S. ETF.
