International IPO Index: International markets had a rollercoaster week, rocked by quickly evolving news surrounding US tariffs. The Renaissance International IPO Index closed the week off -0.9%, while the MSCI ACWI ex-US ETF rose +4.5%. Chinese stocks initially plummeted on tariff fears, before regaining ground as investors bet on support from Beijing. Hong Kong-listed duty-free retailer China Tourism Group was the index's best performer, up +9.5%, while another Chinese name, CRO and CDMO Wuxi XDC Cayman, fell -18.2% to take the bottom spot.
Big Development: More and more global IPOs are facing delays, from Germany to Malaysia. One notable exception: Chinese battery firm CATL is reportedly moving ahead on a multi-billion dollar Hong Kong listing this quarter.
Latest Listings: One sizable China A-share listed this week, and soared +188%.
The Week Ahead: International IPO markets are set for a handful of sizable listings next week. In Hong Kong, antibody-focused biotech Duality Biotherapeutics ($190mm) and battery manufacturer Zenergy ($130mm) are scheduled to debut. London is set for its first sizable IPO of the year, as accounting and advisory firm MHA ($130mm) seeks to list.
The Pipeline: In India, regulators approved the listings of CRO and CDMO Anthem Biosciences and jewelry retailer BlueStone. Non-bank lender Tata Capital and consumer electronics maker boAt both confidentially filed.
In Hong Kong, gearbox maker Zhaowei announced its intent for a listing, while AI services provider AICT confirmed it is working on its own IPO. GPU developer Biren Technology reportedly hired banks for a listing in the city that could come this year.
While many European IPO candidates have postponed listings, Portuguese bank novobanco reiterated its intent to go public. Fast fashion group SHEIN gained approval from British regulators for its London listing, though it's TBD if the company will try to list in this environment.
Thanks for reading,
-Matt Kennedy, Senior Strategist
-Angelo Bochanis, Data Analyst
|
Biggest price changes through
Apr 11th
in the
Renaissance International IPO Index
|
||
|---|---|---|
| Top 5 | ||
| China Tourism Group Duty Free | 1880.HK | 9.5% |
| Rakuten Bank | 5838.JP | 8.0% |
| SBI Sumishin Net Bank | 7163.JP | 7.0% |
| Horizon Robotics | 9660.HK | 6.4% |
| Tokyo Metro | 9023.JP | 6.3% |
| Bottom 5 | ||
| WuXi XDC Cayman | 2268.HK | -18.2% |
| Trimegah Bangun Persada | NCKL.IJ | -13.0% |
| Tianqi Lithium | 9696.HK | -9.4% |
| Zhejiang Leapmotor Technology | 9863.HK | -9.2% |
| GoTo Gojek Tokopedia | GOTO.IJ | -7.2% |
| Sectors | ||
| Financials | 2.9% | |
| Technology | 1.2% | |
| Industrials | -0.7% | |
| Consumer Discretionary | -1.3% | |
| Consumer Staples | -3.5% | |
| Real Estate | -4.0% | |
| Communication Services | -5.4% | |
| Materials | -5.9% | |
| Health Care | -10.2% | |
Renaissance International IPO ETF (NYSE symbol: IPOS) tracks the Renaissance International IPO Index
The Renaissance International IPO Index returned -0.9% last week vs. 4.5% for the iShares MSCI ACWI ex U.S. ETF.
