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>, a global online fashion and lifestyle company, aims to raise up to US$1.8bn 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 IPO pricing.</li>
</ul>



SHEIN Global Holdings (625 HK), a global online fashion and lifestyle company, aims to raise up to US$1.8bn 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 IPO pricing.


Aequitas: Shein Global Holdings IPO - Thoughts on Valuation- Just like Its Wares, It Is Cheap But...

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, a global online fashion and lifestyle retailer, launched its Hong Kong IPO to raise USD 1,768m. GS, MS and JPM are the joint sponsors.</li>
<li>In this note, we look at the deal terms and recap our valuation note for the company.</li>
<li>We analyze cornerstone and sponsor performance and assess the risk-reward of the deal.</li>
</ul>


SHEIN, a global online fashion and lifestyle retailer, launched its Hong Kong IPO to raise USD 1,768m. GS, MS and JPM are the joint sponsors.
In this note, we look at the deal terms and recap our valuation note for the company.
We analyze cornerstone and sponsor performance and assess the risk-reward of the deal.


SHEIN (希音) IPO: Analysis of Deal Terms

<ul>
<li>SHEIN, a global online fashion and lifestyle retailer, has passed the HKEX listing hearing. GS, MS and JPM are joint sponsors.</li>
<li>In our previous notes, we looked at the company's business and financials and compared it with listed peers.</li>
<li>In this note, we forecast earnings and provide our thoughts on valuation.</li>
</ul>


SHEIN, a global online fashion and lifestyle retailer, has passed the HKEX listing hearing. GS, MS and JPM are joint sponsors.
In our previous notes, we looked at the company's business and financials and compared it with listed peers.
In this note, we forecast earnings and provide our thoughts on valuation.


SHEIN (希音) Pre-IPO: Forecast and Valuation

<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</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>We have looked at the company’s past performance and undertaken a peer comparison in our previous notes. In this note, we talk about valuations.</li>
</ul>



SHEIN Global Holdings, 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.
We have looked at the company’s past performance and undertaken a peer comparison in our previous notes. In this note, we talk about valuations.


Aequitas: Shein Global Holdings Pre-IPO - Thoughts on Valuation

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" 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>I previously 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> and <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>. </li>
<li>In this note, I present my forecasts and examine Shein's potential valuation range. My analysis suggests a valuation range of US$33.3 billion to US$34.0 billion.</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.
I previously discussed the IPO in SHEIN Global IPO: The Bull Case and SHEIN Global IPO: The Bear Case. 
In this note, I present my forecasts and examine Shein's potential valuation range. My analysis suggests a valuation range of US$33.3 billion to US$34.0 billion.


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 - Thoughts on Valuation- Just like Its Wares, It Is Cheap But...

SHEIN Global Holdings (625 HK), a global online fashion and lifestyle company, aims to raise up to US$1.8bn in its Hong Kong listing. In this note,...

Sumeet Singh

SHEIN (希音) IPO: Analysis of Deal Terms

We analyze SHEIN's USD 1,768m Hong Kong IPO. We look at deal terms and track records of cornerstone investors and sponsors, as well as its...

Ke Yan, CFA, FRM

SHEIN (希音) Pre-IPO: Forecast and Valuation

SHEIN's forecast valuation is about half its last private round, with upside tied to margin recovery and regional growth.

Ke Yan, CFA, FRM

Aequitas: Shein Global Holdings Pre-IPO - Thoughts on Valuation

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: Valuation First-Look

SHEIN Global, an online fashion and lifestyle company, is pre-marketing an HKEx IPO to raise US$3 billion. In this note, I examine Shein's...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)