International IPO Index: International markets had another mixed week, amid AI-driven worries and a flareup in the Iran War. The Renaissance International IPO Index fell -2.4%, while the ACWX ex-US ETF ticked up +0.7%. Hong Kong-listed names took the top and bottom spots again, as electronics manufacturer Huaqin rose +14.0%, while LLM developer Minimax dropped -24.7%.
Big Development: Hong Kong's IPO market had its busiest week of 2026 so far, but not every name was a winner. The biggest deal, electronics manufacturer Luxshare ($3.1B), inched down -1% in an underwhelming debut, consistent with the majority of large Hong Kong cross-listings that fail to pop.
Latest Listings: More than a dozen other sizable names listed across the globe this week, including in Hong Kong, Australia, Switzerland, and Oman. Here's how the other largest deals fared:
Three-Circle - Semiconductor parts, $910mm, Hong Kong: +5%
Nexchip - Semiconductor wafers, $890mm, Hong Kong: flat
Momenta - Autonomous driving software, $750mm, Hong Kong: flat
OMIFCO - Fertilizer production, $680mm, Muscat: +24%
Dtech - Drill bits, $610mm, Hong Kong: +2%
The Week Ahead: In a change of pace, Europe is set to lead next week's IPO calendar, while Hong Kong takes a break. Telecom spin-off Digi Spain ($330mm) is set to list in Madrid. Defense communication equipment maker SMAG ($130mm) is scheduled to debut in Frankfurt. Gold and jewelry dealer Gens Aurea ($120mm) is set to trade in Milan.
The Pipeline: In India, asset manager SBI Funds Management ($1.2B) launched what will be India's largest IPO of 2026 so far. The National Stock Exchange of India could soon eclipse it, as it prepares to market its planned September listing.
Fast fashion giant SHEIN won regulatory approval for its long-awaited Hong Kong IPO. In Shanghai, chip giant CXMT ($4.3B) is set to start taking orders for its blockbuster IPO, while GPU developer Enflame won approval for its listing. A pair of IPOs launched in Africa this week: telecom firm Unitel ($310mm) in Angola, and banking services provider Bridge Bank Group ($120mm) in Cote d'Ivoire.
Thanks for reading,
-Angelo Bochanis, Data Analyst
-Matt Kennedy, Senior Strategist
|
Biggest price changes through
Jul 10th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| Huaqin | 3296.HK | 14.0% |
| InSilico Medicine Cayman TopCo | 3696.HK | 12.7% |
| Chifeng Jilong Gold Mining | 6693.HK | 12.1% |
| Sichuan Kelun-Biotech Biopharmaceutical | 6990.HK | 10.5% |
| Busy Ming Group (Busy For You) | 1768.HK | 9.8% |
| Bottom 5 | ||
| MiniMax Group | 100.HK | -24.7% |
| Shanghai Iluvatar CoreX Semiconductor | 9903.HK | -23.9% |
| GigaDevice Semiconductor | 3986.HK | -23.4% |
| Victory Giant Technology | 2476.HK | -21.3% |
| Shenzhen Han’s CNC Technology | 3200.HK | -16.1% |
| Sectors | ||
| Health Care | 6.4% | |
| Materials | 5.6% | |
| Consumer Discretionary | 4.3% | |
| Financials | 1.8% | |
| Consumer Staples | -0.5% | |
| Industrials | -3.0% | |
| Technology | -10.3% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned -2.4% last week vs. 0.7% for the iShares MSCI ACWI ex U.S. ETF.
