International IPO Index: International markets had a mixed week, with the Renaissance International IPO Index off -1.9%, while the ACWX ex-US ETF ticked up +1.1%. Hong Kong-listed AI plays took the top and bottom spots this week, as LLM developer MiniMax rose +20.3% to lead the pack, while printed circuit board maker Delton Technology fell -12.4%.
Big Development: Global fast fashion giant SHEIN ($1.7B) debuted in Hong Kong at a serious valuation haircut compared to its 2022 peak. Now, public investors are knocking it down further, with shares plummeting in aftermarket trading. SHEIN finished the week down -22%.
Latest Listings: Hong Kong's IPO investors also weren't excited about robotics software developer Mech-Mind Robotics ($300mm), which fell -23%. In India, API CDMO Symbiotec Pharmalab ($180mm) rose +12%. Three sizable China A-shares also debuted, and all traded up.
The Week Ahead: Hong Kong is set for more tech listings, including memory chip maker Longsys ($780mm) and Excelland Robotics ($98mm).
The Pipeline: In India, launches came from furniture rental platform Rentomojo ($130mm) and electrical transformer manufacturer Kanohar ($110mm). Regulators approved the IPO plans of the National Stock Exchange, while coal miner Mahanadi Coalfields filed papers, and data center operator Yotta Data Services moved towards filing.
AI model developer Moonshot AI and AI agent platform provider Yunxi Technology both confidentially filed for Hong Kong IPOs. Optical equipment maker Ligent is preparing to launch its own listing in the city. Regulators in the Philippines gave the greenlight to payments platform Mynt. Nigerian petroleum refiner Dangote Refinery is preparing to launch its IPO. Mediterranean resorts owner Hotel Investment Partners is gearing up for a Madrid IPO. TPG-backed hospital operator Asia OneHealthcare confidentially filed for a Malaysian listing. Japan-based interior design firm Oliver ($140mm) upped the deal size for its Tokyo IPO.
Thanks for reading,
-Angelo Bochanis, Data Analyst
-Matt Kennedy, Senior Strategist
Weekly International IPO Winners & Losers
| Company | Ticker | Return |
|---|---|---|
| MiniMax Group | 100.HK | 20.3% |
| Destek Finans Faktoring | DSTKF.TI | 18.1% |
| Kioxia (Toshiba Memory) | 285A.JP | 13.7% |
| Muyuan Foods | 2714.HK | 10.3% |
| SANY Heavy Industry | 6031.HK | 7.9% |
| Company | Ticker | Return |
|---|---|---|
| Delton Technology | 1989.HK | -12.4% |
| CSG (Czechoslovak Group) | CSG.NA | -11.0% |
| Victory Giant Technology | 2476.HK | -10.3% |
| Busy Ming Group (Busy For You) | 1768.HK | -8.9% |
| Renk | R3NK.GR | -8.3% |
| Sector | Return |
|---|---|
| Financials | 3.9% |
| Health Care | -0.8% |
| Consumer Discretionary | -1.6% |
| Technology | -1.9% |
| Materials | -2.0% |
| Consumer Staples | -2.9% |
| Industrials | -3.0% |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned -1.9% last week vs. 1.1% for the iShares MSCI ACWI ex U.S. ETF.
