IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

SHEIN Global Holdings / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shein-global-holdings" target="_blank" data-smartkarma-citation="entities:55372:1" rel="noopener">SHEIN Global Holdings (SHEIN HK)</a>, a global online fashion and lifestyle company, is pre-marketing a HKEx IPO to raise US$3 billion.</li>
<li>In <em><strong><a href="https://www.smartkarma.com/insights/shein-global-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:248212" rel="noopener">SHEIN Global IPO: The Bull Case</a></strong></em>, we highlighted the key elements of the bull case. In this note, we outline the bear case.</li>
<li>The bear case rests on a business model under severe strain, as reflected in rapidly declining growth, margin pressure, and down rounds. </li>
</ul>



SHEIN Global Holdings (SHEIN HK), a global online fashion and lifestyle company, is pre-marketing a HKEx IPO to raise US$3 billion.
In SHEIN Global IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
The bear case rests on a business model under severe strain, as reflected in rapidly declining growth, margin pressure, and down rounds. 


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shein-global-holdings" target="_blank" data-smartkarma-citation="entities:55372:1" rel="noopener">SHEIN Global Holdings (SHEIN HK)</a>, a global online fashion and lifestyle company, aims to raise up to US$3bn in its Hong Kong listing.</li>
<li>Shein is a global online fashion and lifestyle company serving approximately 273m active customers in approximately 160 markets in 2025.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal. </li>
</ul>



SHEIN Global Holdings (SHEIN HK), a global online fashion and lifestyle company, aims to raise up to US$3bn in its Hong Kong listing.
Shein is a global online fashion and lifestyle company serving approximately 273m active customers in approximately 160 markets in 2025.
In this note, we talk about the not-so-positive aspects of the deal. 


Aequitas: Shein - The Negatives - Controversies, Down Rounds, Cash Payouts & Earning as Well.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shein-global-holdings" target="_blank" data-smartkarma-citation="entities:55372:1" rel="noopener">SHEIN Global Holdings (SHEIN HK)</a>, a global online fashion and lifestyle company, is pre-marketing a HKEx IPO to raise US$3 billion.</li>
<li>Shein is the largest online fashion destination globally as measured by apparel and footwear retail sales value in 2025.</li>
<li>The bull case rests on scale and cost advantages that are hard to replicate, robust order growth, the largest geographic segment not being constrained by tariff politics, and cash generation. </li>
</ul>



SHEIN Global Holdings (SHEIN HK), a global online fashion and lifestyle company, is pre-marketing a HKEx IPO to raise US$3 billion.
Shein is the largest online fashion destination globally as measured by apparel and footwear retail sales value in 2025.
The bull case rests on scale and cost advantages that are hard to replicate, robust order growth, the largest geographic segment not being constrained by tariff politics, and cash generation. 


Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li><p>China eases Covid-19 test rules for air travelers from more countries</p></li><li><p>Global investors continue to dump yuan bonds as Treasurys, dollar rise</p></li><li><p>Chinese President Xi Jinping pledges to open door wider to world</p></li></ul>

China eases Covid-19 test rules for air travelers from more countriesGlobal investors continue to dump yuan bonds as Treasurys, dollar riseChinese President Xi Jinping pledges to open door wider to world

CX Daily: China Eases Covid-19 Test Rules for Air Travelers From More Countries

Chief Economist

Diana Choyleva

Enodo Economics

Enodo Economics is an independent macroeconomic forecasting company that untangles complexity, challenges the consensus, and makes sense of the future. Our focus is on China – one of the most misunderstood economies in the world, but one of the most important to figure out.  Enodo’s chief economist, Diana Choyleva, has been analysing China for almost 20 years, while Enodo’s team boasts a combined 140 years’ experience covering China’s economy, politics and markets. 

Macroeconomics

<h2>China News That Matters</h2><ul>
<li>Wang Yi attacks Washington</li>
<li>Opium of the masses. No, not that one</li>
<li>Will China change its Covid-19 approach?</li>
<li>Not just for Olympians. Beijing demands exercise</li>
<li>Please, please have another kid</li>
</ul><div class="content-remarks"><ul style="list-style-type: none;"><li><div>In my weekly digest China News That Matters, I will give you selected summaries, sourced from a variety of local Chinese-language and international news outlets, and highlight why I think the news is significant. These posts are meant to neither be bullish nor bearish, but help you separate the signal from the noise.</div></li></ul></div>

China News That Matters
Wang Yi attacks Washington
Opium of the masses. No, not that one
Will China change its Covid-19 approach?
Not just for Olympians. Beijing demands exercise
Please, please have another kid
In my weekly digest China News That Matters, I will give you selected summaries, sourced from a variety of local Chinese-language and international news outlets, and highlight why I think the news is significant. These posts are meant to neither be bullish nor bearish, but help you separate the signal from the noise.

Sino-US/ Tech/ Covid-19/ Exercise/ Babies

Germany

adidas AG manufactures sports shoes and sports equipment. The Company produces products that include footwear, sports apparel, and golf clubs and balls. adidas sells its products worldwide.

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adidas (ADS GR)

SHEIN Global IPO: The Bear Case

SHEIN, a global online fashion and lifestyle company, is pre-marketing an HKEx IPO to raise US$3 billion. In this note, I discuss the bear case.

Arun George

Aequitas: Shein - The Negatives - Controversies, Down Rounds, Cash Payouts & Earning as Well.

SHEIN Global Holdings, a global online fashion and lifestyle company, aims to raise up to US$3bn in its Hong Kong listing. In this note, we talk...

Sumeet Singh

SHEIN Global IPO: The Bull Case

SHEIN, a global online fashion and lifestyle company, is pre-marketing a HKEx IPO to raise US$3 billion. In this note, I discuss the bull case.

Arun George

CX Daily: China Eases Covid-19 Test Rules for Air Travelers From More Countries

China eases Covid-19 test rules for air travelers from more countries. Global investors continue to dump yuan bonds as Treasurys, dollar rise

Caixin Global

Sino-US/ Tech/ Covid-19/ Exercise/ Babies

In my weekly digest, I will give you selected summaries, sourced from a variety of local Chinese-language and international news outlets, and...

Diana Choyleva

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52-week Range

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