International IPO Index: International markets pulled back slightly this week, amid AI-driven worries. The Renaissance International IPO Index ticked down -1.0%, while the ACWX ex-US ETF dropped -2.7%. Hong Kong-listed names once again took the top and bottom spots, as CRO Wuxi XDC Cayman rose +17.8%, and electronics manufacturer Huaqin traded off -20.1%.
Big Development: Hong Kong's IPO market had another hot week with nine sizable listings that raised over $3 billion combined. July could be even busier, with potential billion-dollar listings from optical module maker Zhongji Innolight, electronics manufacturer Luxshare, and autonomous driving firm Momenta.
Latest Listings: IPO activity this week was mostly confined to China; in addition to the nine $100mm+ listings in Hong Kong, two more debuted in Mainland China. Among the largest deals in Hong Kong were robot developer LY iTech ($1.1B), which inched down -5%, integrated circuit designer SG Micro ($590mm), which jumped +47%, and lithography equipment maker Circuit Fabology ($410mm), which surged +104%.
The Week Ahead: In Hong Kong, five more $100mm+ names are set to list, including electronics accessories maker Anker ($590mm), optical products maker Crealights ($200mm), and kidney biotech Alebund ($160mm). Multifamily real estate developer ROBYG ($310mm) is also scheduled to debut in Warsaw.
The Pipeline: Medical clinic operator Foundation Healthcare ($170mm) launched an IPO in Singapore. In Europe, intentions to float came from tank maker KNDS and Italy-based gold and jewelry dealer Gens Aurea. Philippine data center REIT VITRO announced its intent for a Manila IPO, while payments platform Mynt nears its own Manila IPO filing. In Australia, construction firm FDC is also close to filing papers. Egypt-based digital lender MNT-Halan tapped banks for an IPO. In Hong Kong, mobile robot developer Coowa also tapped banks.
Thanks for reading,
-Angelo Bochanis, Data Analyst
-Matt Kennedy, Senior Strategist
|
Biggest price changes through
Jun 26th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| WuXi XDC Cayman | 2268.HK | 17.8% |
| GigaDevice Semiconductor | 3986.HK | 15.3% |
| Destek Finans Faktoring | DSTKF.TI | 12.8% |
| Delton Technology | 1989.HK | 12.0% |
| Shanghai Iluvatar CoreX Semiconductor | 9903.HK | 8.6% |
| Bottom 5 | ||
| Huaqin | 3296.HK | -20.1% |
| Laopu Gold | 6181.HK | -19.1% |
| Wuxi Lead Intelligent Equipment | 470.HK | -18.0% |
| Victory Giant Technology | 2476.HK | -16.8% |
| Amman Mineral Internasional | AMMN.IJ | -16.5% |
| Sectors | ||
| Financials | 4.5% | |
| Health Care | 3.7% | |
| Consumer Staples | -3.5% | |
| Technology | -4.7% | |
| Consumer Discretionary | -6.8% | |
| Industrials | -7.4% | |
| Materials | -10.4% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned -1.0% last week vs. -2.7% for the iShares MSCI ACWI ex U.S. ETF.
