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.


Expert on Japan Retail and Consumer Markets, JapanConsuming

Michael Causton

Expert on Japan Retail and Consumer Markets

Real Insight on Japanese Consumer Markets

JapanConsuming

JapanConsuming is a specialist research firm producing intelligence on Japanese retail and consumer markets. Founded in 2000, JapanConsuming has become the leading provider of insights on Japanese retailers and consumer trends to retailers, brands, government agencies and investors. As well as a highly regarded monthly report on the market, JapanConsuming produces in-depth reports on retail sectors, seminars on key trends and telephone consulting to investors on trends and retailers.

JapanConsuming was founded by Michael Causton and Roy Larke. 

Thematic (Sector/Industry)

<ul>
<li>After a bumper bonus during Covid, the fashion sector saw calmer spending in the last 18 months as the big return to shops led to more muted growth online. </li>
<li>The overall EC fashion market grew around 4-7% depending on how you measure it, but online market share actually fell as people went back to shops.</li>
<li>This in-depth review highlights the key trends in the sector as well as the winners by sales growth among retailers and fashion brands.</li>
</ul>


After a bumper bonus during Covid, the fashion sector saw calmer spending in the last 18 months as the big return to shops led to more muted growth online. 
The overall EC fashion market grew around 4-7% depending on how you measure it, but online market share actually fell as people went back to shops.
This in-depth review highlights the key trends in the sector as well as the winners by sales growth among retailers and fashion brands.


Fashion E-Commerce: Physical Stores Grow Faster than Online in Japan

Pan-Asia Tactical Market Calls (Quant-Driven), MRM Research

Nico Rosti

Pan-Asia Tactical Market Calls (Quant-Driven)

MRM Research

Quantitative Research

Equity Derivatives

<ul>
<li>Our WEEKLY tactical global macro recap/analysis for several markets and stocks we track, grouped by sector.</li>
<li>We apply our quantitative models to each instrument's trend, to determine which stocks/markets are just starting a trend, are in the middle of it, or are about to end it.</li>
<li>
<strong>Most overbought</strong>:  BHP Group Ltd, POSCO Holdings, Bank of China, Hitachi Ltd. <strong>Most oversold</strong>: NetEase Cloud Music, Samsung Electronics, Meituan, Gold, Softbank Group, Contemporary Amperex Technology (CATL) </li>
</ul>


Our WEEKLY tactical global macro recap/analysis for several markets and stocks we track, grouped by sector.
We apply our quantitative models to each instrument's trend, to determine which stocks/markets are just starting a trend, are in the middle of it, or are about to end it.

Most overbought:  BHP Group Ltd, POSCO Holdings, Bank of China, Hitachi Ltd. Most oversold: NetEase Cloud Music, Samsung Electronics, Meituan, Gold, Softbank Group, Contemporary Amperex Technology (CATL) 


WEEKLY Tactical Recap: Samsung Electronics, CATL, Gold, Softbank Group, NetEase, BHP, POSCO Holdings

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>The bullish outlook for global equities (MSCI ACWI) that we initiated in early November 2023 remains intact; continue to ride this trend higher.</li>
<li>Many of the heavily-weighted countries in terms of global market capitalization (U.S., Europe, Japan) are extended; we'd welcome some consolidation, though it may come from higher levels.</li>
<li>Ultimately, market dynamics remain healthy, and we would treat pullbacks as buying opportunities. Downgrading India to market weight. Actionable Themes: Global Materials, Energy, Consumer Discretionary, and Industrials</li>
</ul>


The bullish outlook for global equities (MSCI ACWI) that we initiated in early November 2023 remains intact; continue to ride this trend higher.
Many of the heavily-weighted countries in terms of global market capitalization (U.S., Europe, Japan) are extended; we'd welcome some consolidation, though it may come from higher levels.
Ultimately, market dynamics remain healthy, and we would treat pullbacks as buying opportunities. Downgrading India to market weight. Actionable Themes: Global Materials, Energy, Consumer Discretionary, and Industrials


Bullish Outlook Intact; Downgrading India; Buys in Materials, Energy, Discretionary, Industrials

Japan

FAST RETAILING CO., LTD. operates a chain of clothing stores, UNIQLO, throughout Japan and in other markets overseas including UK, China, Hong Kong, South Korea, US, France, Singapore and Russia.  The Company designs, manufactures, and retails its own line of casual clothing.

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Fast Retailing (9983 JP)

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

Fashion E-Commerce: Physical Stores Grow Faster than Online in Japan

Fashion sector saw a slowdown in online spending post-Covid as shoppers returned to physical stores, impacting overall market growth. Winners in...

Michael Causton

WEEKLY Tactical Recap: Samsung Electronics, CATL, Gold, Softbank Group, NetEase, BHP, POSCO Holdings

Weekly Global Macro Tactical Recap: our models tracks trends across asset classes to highlight overbought/oversold market conditions across Asian...

Nico Rosti

Bullish Outlook Intact; Downgrading India; Buys in Materials, Energy, Discretionary, Industrials

Bullish Outlook Intact on MSCI ACWI; Downgrading India to Market; Market Dynamics Healthy; Treat Pullbacks as Buying Opportunities; Buys in global...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Fashion E-Commerce: Physical Stores Grow Faster than Online in Japan

​Fashion sector saw a slowdown in online spending post-Covid as shoppers returned to physical stores, impacting overall market growth. Winners in...

Michael Causton

WEEKLY Tactical Recap: Samsung Electronics, CATL, Gold, Softbank Group, NetEase, BHP, POSCO Holdings

Weekly Global Macro Tactical Recap: our models tracks trends across asset classes to highlight overbought/oversold market conditions across Asian...

Nico Rosti

Bullish Outlook Intact; Downgrading India; Buys in Materials, Energy, Discretionary, Industrials

Bullish Outlook Intact on MSCI ACWI; Downgrading India to Market; Market Dynamics Healthy; Treat Pullbacks as Buying Opportunities; Buys in global...

Vermilion Research

Fashion sector saw a slowdown in online spending post-Covid as shoppers returned to physical stores, impacting overall market growth. Winners in...