International IPO Index: International markets had a mixed week, with the Renaissance International IPO Index off -0.9% and the ACWX ex-US ETF up +1.6%. Hong Kong-listed LLM developer Minimax was this week's top performer, up +17.7%. Hong Kong-listed GPU developer Iluvatar CoreX was the worst performer, down -24.4%, as several chip names sold off amid AI worries.
Big Development: Chinese chipmaker CXMT ($8.5B) captivated the world this week, as Asia's largest IPO of 2026 soared an impressive +523% in Shanghai. The eye-watering pop made it China's largest publicly-traded company by market cap, surpassing Tencent.
Latest Listings: Another huge listing took place in Hong Kong, as optical module maker Zhongji Innolight ($6.8B) rose a modest +5% in its cross-listing. In India, highway infrastructure trust Cube Highways Trust ($520mm) ticked up +3%, industrial parts maker Indo-MIM ($400mm) surged +60%, and textile equipment maker Lohia ($110mm) rose +26%. Angolan telecom Unitel ($330mm) inched up +2% in the country's largest-ever IPO. Morocco-based medical equipment maker T2S ($120mm) gained +7% in its Casablanca IPO.
The Week Ahead: Indian hospital operator Manipal Hospitals ($940mm) and renewable power producer Juniper Green Energy ($180mm) are both currently scheduled to list in Mumbai.
The Pipeline: More Indian names could launch in the coming weeks, including student dorm operator Elevate Campuses and electric components producer Dhoot Transmission. Coal India-backed Mahanadi Coalfields invited banks for a potential billion dollar listing.
Another big A-share IPO is en route, with robotics developer Unitree Robotics said to launch in Shanghai next week. Unitree is known for its humanoid robots that can perform household chores (or dance/kung fu). In Hong Kong, automotive lights producer Xingyu filed papers. AI model developer Moonshot AI raised funding ahead of a planned 2027 HK IPO after its open-source LLM, Kimi K3, sent shockwaves through Silicon Valley. Oil refiner Dangote Refinery submitted its listing application to Nigerian regulators. US-based cybersecurity firm AlgoSec is reportedly working with Barclays on a potential London IPO.
Thanks for reading,
-Angelo Bochanis, Data Analyst
-Matt Kennedy, Senior Strategist
|
Biggest price changes through
Jul 31st
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| MiniMax Group | 100.HK | 17.7% |
| Horizon Robotics | 9660.HK | 17.0% |
| Eastroc Beverage Group | 9980.HK | 15.1% |
| Seres Group (Chongqing Sokon Industrial) | 9927.HK | 13.5% |
| Chery Automobile | 9973.HK | 11.8% |
| Bottom 5 | ||
| Shanghai Iluvatar CoreX Semiconductor | 9903.HK | -24.4% |
| GigaDevice Semiconductor | 3986.HK | -19.2% |
| Montage Technology | 6809.HK | -19.1% |
| Kioxia (Toshiba Memory) | 285A.JP | -17.0% |
| Destek Finans Faktoring | DSTKF.TI | -16.8% |
| Sectors | ||
| Consumer Staples | 6.5% | |
| Consumer Discretionary | 3.8% | |
| Materials | 3.0% | |
| Industrials | 2.8% | |
| Financials | -3.2% | |
| Health Care | -3.7% | |
| Technology | -9.0% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned -0.9% last week vs. 1.6% for the iShares MSCI ACWI ex U.S. ETF.
