Weekly US Stock Exchange Summary: Chinese fintech AMTD Digital leads a 3 IPO week
Three Chinese issuers and a nano-cap began trading last week. Fintech spin-off AMTD Digital (HKD) led the group with its $ 125 million deal, a rare feat over the course of a year that has produced just a dozen $ 100 million IPOs.
In the pipeline, four small IPOs and one SPAC submitted initial applications. The most notable news came from the thrift store chain Savers Value Village (SVV) and girl fashion retailer Claires (CLRS), both of which provided an updated economy and human capital management platform Just works (JW), which withdrew its IPO plans.
AMTD Digital priced above the midpoint to raise $ 125 million to a market value of $ 1.4 billion. Spun out of the AMTD Group, AMTD Digital says they operate a comprehensive platform for digital solutions in Asia. The company is profitable and primarily generates income from fees and commissions in two industries. AMTD Digital ended up 108%.
Chinese tile designer Nano Labs (NA) priced near the top of the series to raise $ 20 million to a market value of $ 637 million. Fast growing and very unprofitable, the company designs fabulous computer chips primarily for the extraction of various cryptocurrencies. Nano Labs ended down 41%.
Chinese locksmith Intelligent Living Application Group (ILAG) priced below expectations to raise $ 20 million to a market value of $ 72 million. The company manufactures and sells mechanical lock sets to customers in the US and Canada, and has been looking to expand into smart locks. Intelligent Living Application ended down 44%.
Although not counted below, OTC is listed Net capital (NCPL) raised $ 5 million to a market value of $ 18 million in a unit offer on Nasdaq.
| 3 IPOs during the week of 11 July 2022 | |||||
|---|---|---|---|---|---|
| Issuer Business |
Deal Size |
Market value by listing |
Price vs. Center |
First day Return |
Return at 15/07 |
| AMTD Digital (HKD) | $ 125 million | $ 1443 million | 4% | +108% | +108% |
| Digital financial services provider spun out of China’s AMTD Group. | |||||
| Nano Labs (NA) | $ 20 million | $ 637 million | 10% | +5% | -41% |
| Fabless chip designer in China focused on cryptocurrency mining. | |||||
| Intelligent Living (ILAG) | $ 20 million | $ 72 million | -11% | +53% | -44% |
| Chinese manufacturer of mechanical locking sets. | |||||
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| 5 submissions during the week of July 11, 2022 | |||
|---|---|---|---|
| Issuer Business |
Deal Size |
Sector | Lead Underwriter |
| Vistas Acquisition II (VACXU) | $ 200 million | SPAC | EF Hutton |
| Blank check company that focuses on consumer technology and media and entertainment. | |||
| Hesperos (HESP) | $ 20 million | Health Service | ThinkEquity |
| Provides a non-invasive multi-organ chip platform for drug development. | |||
| Junee (JNEE.RC) | $ 20 million | Industry | Univest Sec. |
| Offers interior design and interior design services in Hong Kong. | |||
| Cine Top Culture (CJOY) | $ 18 million | Communication services | Univest Sec. |
| Operates cinemas in southern China. | |||
| Clean Energy Technologies (CETY) | $ 35 million | Industry | Craft Cap. Mgmt. |
| Develops waste heat recovery and waste for energy systems. | |||
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Snapshot of the listing
The Renaissance IPO indices are market value-weighted curves of recent public companies. As of 14.07.2022, the Renaissance IPO index was down 47.5% so far this year, while the S&P 500 was down 19.8%. Renaissance Capital’s IPO ETF (NYSE: IPO) follows the index, and top ETF stocks include Airbnb (ABNB) and Snowflake (SNOW). The Renaissance International IPO index was down 32.8% so far this year, while the ACWX was down 20.9%. Renaissance Capitals International IPO ETF (NYSE: IPOS) tracks the index, and top ETF stocks include Kuaishou and Nongfu Spring.
