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.

Equity Capital Markets

SHEIN Global Holdings / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shein-global-holdings-limited" target="_blank" data-smartkarma-citation="entities:55372:1" rel="noopener">SHEIN Global Holdings (625 HK)</a> (SHEIN), a global online fashion and lifestyle company, raised around US$1.7bn 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>We have looked at the company’s past performance and provided our thoughts on valuations in our previous notes. In this note, we talk about the trading dynamics.</li>
</ul>



SHEIN Global Holdings (625 HK) (SHEIN), a global online fashion and lifestyle company, raised around US$1.7bn 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.
We have looked at the company’s past performance and provided our thoughts on valuations in our previous notes. In this note, we talk about the trading dynamics.


Aequitas: Shein Global Holdings IPO Trading - No Demand.. Existing Holders Took Half the Deal

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

<ul>
<li>SHEIN raised HKD 13,214m (USD 1,686m) from its global offering and will list on the Hong Kong Stock Exchange on Tuesday, September 1, 2026.</li>
<li>In our previous notes, we looked at the company's fundamentals and the deal terms.</li>
<li>In this note, we provide an update for the IPO before its trading debut.</li>
</ul>


SHEIN raised HKD 13,214m (USD 1,686m) from its global offering and will list on the Hong Kong Stock Exchange on Tuesday, September 1, 2026.
In our previous notes, we looked at the company's fundamentals and the deal terms.
In this note, we provide an update for the IPO before its trading debut.


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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shein-global-holdings-limited" target="_blank" data-smartkarma-citation="entities:55372:1" rel="noopener">SHEIN Global Holdings (625 HK)</a> priced its IPO at HK$48.56 per share, raising gross proceeds of approximately US$1.7 billion. The shares will begin trading on 1 September.</li>
<li>The IPO was discussed in <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>, <a href="https://www.smartkarma.com/insights/shein-global-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:248735" rel="noopener">SHEIN Global IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/shein-global-625-hk-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:264754" rel="noopener">SHEIN Global (625 HK) IPO: Valuation Insights</a>. </li>
<li>The retail and international subscription rates are materially below the median for large listings since 2024. Shein is fairly valued at the IPO price, leaving no upside for investors.</li>
</ul>



SHEIN Global Holdings (625 HK) priced its IPO at HK$48.56 per share, raising gross proceeds of approximately US$1.7 billion. The shares will begin trading on 1 September.
The IPO was discussed in SHEIN Global IPO: The Bull Case, SHEIN Global IPO: The Bear Case and SHEIN Global (625 HK) IPO: Valuation Insights. 
The retail and international subscription rates are materially below the median for large listings since 2024. Shein is fairly valued at the IPO price, leaving no upside for investors.


Index Rebalance and Special Situations, Quiddity Advisors

Afridi Reyal

Index Rebalance and Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the September 2026 index rebal event.</li>
<li>The base date is tomorrow (1st September 2026) and the official results will be announced after the close on 2nd September 2026. </li>
<li>We expect one change for the F100 index and two other changes for the F250 index. Several names sit close to the border and could change our expectations.</li>
</ul>


In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the September 2026 index rebal event.
The base date is tomorrow (1st September 2026) and the official results will be announced after the close on 2nd September 2026. 
We expect one change for the F100 index and two other changes for the F250 index. Several names sit close to the border and could change our expectations.


Quiddity Leaderboard F100/F250 Sep26: One More Day to Base Date; Few Final Changes

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shein-global-holdings-limited" target="_blank" data-smartkarma-citation="entities:55372:1" rel="noopener">SHEIN Global Holdings (625 HK)</a>, a global online fashion and lifestyle company, has launched an HKEx IPO to raise up to US$1.8 billion.</li>
<li>I discussed the IPO in <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>, <a href="https://www.smartkarma.com/insights/shein-global-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:248735" rel="noopener">SHEIN Global IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/shein-global-ipo-valuation-first-look" target="_blank" data-smartkarma-citation="insights:252773" rel="noopener">SHEIN Global IPO: Valuation First-Look</a> </li>
<li>I have revised lower my forecasts following the 1H trading update. Shein is fairly valued at the IPO price range, leaving little to no upside for investors. </li>
</ul>



SHEIN Global Holdings (625 HK), a global online fashion and lifestyle company, has launched an HKEx IPO to raise up to US$1.8 billion.
I discussed the IPO in SHEIN Global IPO: The Bull Case, SHEIN Global IPO: The Bear Case and SHEIN Global IPO: Valuation First-Look 
I have revised lower my forecasts following the 1H trading update. Shein is fairly valued at the IPO price range, leaving little to no upside for investors. 


SHEIN Global (625 HK) IPO: Valuation Insights

United Kingdom

ASOS is a British online fast-fashion and cosmetic retailer, primarily aimed at young adults. The company sells over 850 brands, as well as its own range of clothing, accessories, and beauty products, shipping globally from fulfillment centers in the UK, US, and Europe. ASOS was founded in London in 2000.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

ASOS (ASC LN)

Aequitas: Shein Global Holdings IPO Trading - No Demand.. Existing Holders Took Half the Deal

SHEIN Global Holdings (625 HK) (SHEIN), a global online fashion and lifestyle company, raised around US$1.7bn in its Hong Kong listing. In this...

Sumeet Singh

SHEIN (希音) IPO Trading

SHEIN raised USD 1,686m to list on HKEX on Tuesday, September 1. We are cautious on debut performance despite valuation upside.

Ke Yan, CFA, FRM

SHEIN Global (625 HK) IPO: Trading Debut

SHEIN priced its IPO at HK$48.56 per share, raising gross proceeds of approximately US$1.7 billion. Shein is fairly valued at the IPO price,...

Arun George

Quiddity Leaderboard F100/F250 Sep26: One More Day to Base Date; Few Final Changes

For F100, easyJet is easily IN and Entain is OUT. Ithica is close to the F100 ADD border. With one more trading day to go, a few changes are...

Afridi Reyal

SHEIN Global (625 HK) IPO: Valuation Insights

SHEIN, a global online fashion and lifestyle company, has launched an HKEx IPO to raise up to US$1.8 billion. In this note, I discuss valuation.

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)