International IPO Index: International markets pulled back slightly this week, amid AI-driven worries. The Renaissance International IPO Index ticked down -1.0%, while the ACWX ex-US ETF dropped -2.7%. Hong Kong-listed names once again took the top and bottom spots, as CRO Wuxi XDC Cayman rose +17.8%, and electronics manufacturer Huaqin traded off -20.1%.

Big Development: Hong Kong's IPO market had another hot week with nine sizable listings that raised over $3 billion combined. July could be even busier, with potential billion-dollar listings from optical module maker Zhongji Innolight, electronics manufacturer Luxshare, and autonomous driving firm Momenta.

Latest Listings: IPO activity this week was mostly confined to China; in addition to the nine $100mm+ listings in Hong Kong, two more debuted in Mainland China. Among the largest deals in Hong Kong were robot developer LY iTech ($1.1B), which inched down -5%, integrated circuit designer SG Micro ($590mm), which jumped +47%, and lithography equipment maker Circuit Fabology ($410mm), which surged +104%.

The Week Ahead: In Hong Kong, five more $100mm+ names are set to list, including electronics accessories maker Anker ($590mm), optical products maker Crealights ($200mm), and kidney biotech Alebund ($160mm). Multifamily real estate developer ROBYG ($310mm) is also scheduled to debut in Warsaw.

The Pipeline: Medical clinic operator Foundation Healthcare ($170mm) launched an IPO in Singapore. In Europe, intentions to float came from tank maker KNDS and Italy-based gold and jewelry dealer Gens Aurea. Philippine data center REIT VITRO announced its intent for a Manila IPO, while payments platform Mynt nears its own Manila IPO filing. In Australia, construction firm FDC is also close to filing papers. Egypt-based digital lender MNT-Halan tapped banks for an IPO. In Hong Kong, mobile robot developer Coowa also tapped banks.