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" 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>We have looked at the company’s past performance in our previous note. In this note, we will undertake a peer comparison.</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.
We have looked at the company’s past performance in our previous note. In this note, we will undertake a peer comparison.


Aequitas: Shein Global Holdings Pre-IPO - Peer Comparison

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Jul 31st. The aggregated net margin trading position is USD26,908m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in Kioxia, Advantest, Mitsubishi UFJ Financial, Nintendo, Tokyo Electron, Sumitomo Mitsui Trust, Mizuho Financial, Disco, Toyota Motor, Sumitomo Mitsui Financial.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Jul 31st. The aggregated net margin trading position is USD26,908m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in Kioxia, Advantest, Mitsubishi UFJ Financial, Nintendo, Tokyo Electron, Sumitomo Mitsui Trust, Mizuho Financial, Disco, Toyota Motor, Sumitomo Mitsui Financial.


JPX Margin Trading Weekly (Jul 31st): Kioxia, Advantest, Mitsubishi UFJ Financial, Nintendo, Disco

<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 note, we briefly looked at the company's business, financials and investor backing.</li>
<li>In this note, we compare the company with listed peers from financial, operating and valuation perspectives.</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 note, we briefly looked at the company's business, financials and investor backing.
In this note, we compare the company with listed peers from financial, operating and valuation perspectives.


Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>The Nikkei 225 closed the week +0.2% higher after sharp gains on Friday</li>
<li>The Japanese yen dropped to a 32-year low on Thursday, trading at around 147.65 against the dollar, hitting its weakest point since August 1990</li>
<li>Higher rates and weakening economic growth are proving a stern headwind for tech stocks; Yaskawa cut full year OP guidance</li>
</ul>


The Nikkei 225 closed the week +0.2% higher after sharp gains on Friday
The Japanese yen dropped to a 32-year low on Thursday, trading at around 147.65 against the dollar, hitting its weakest point since August 1990
Higher rates and weakening economic growth are proving a stern headwind for tech stocks; Yaskawa cut full year OP guidance


Japan Weekly | Fast Retailing, Disco, Nidec

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. 

<ul>
<li>Low demand and slightly higher unemployment during the pandemic dampened the rising cost of part-time employees but that short respite is now over. </li>
<li>Hourly wages hit a new high in August and are set to rise further in coming months, renewing pressure on sectors like hospitality, retailing and logistics.</li>
<li>Retailers with high ratios of part-time wages such as the 100 Yen retailers like <a href="https://www.smartkarma.com/entities/seria-co-ltd" target="_blank" data-smartkarma-citation="entities:12989:1" rel="noopener">Seria Co Ltd (2782 JP)</a> and apparel retailers, will be hit particularly hard.</li>
</ul>


Low demand and slightly higher unemployment during the pandemic dampened the rising cost of part-time employees but that short respite is now over. 
Hourly wages hit a new high in August and are set to rise further in coming months, renewing pressure on sectors like hospitality, retailing and logistics.
Retailers with high ratios of part-time wages such as the 100 Yen retailers like Seria Co Ltd (2782 JP) and apparel retailers, will be hit particularly hard.


New Highs for Part-Time Wages a Worry for Japan's Retailers

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 Pre-IPO - Peer Comparison

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

Sumeet Singh

JPX Margin Trading Weekly (Jul 31st): Kioxia, Advantest, Mitsubishi UFJ Financial, Nintendo, Disco

We analyzed JPX margin trading positions report for the past week and highlighted Kioxia (285A JP), Advantest (6857 JP), Mitsubishi UFJ Financial...

Ke Yan, CFA, FRM

SHEIN (希音) Pre-IPO: Peer Comparison

SHEIN has passed the HKEX listing hearing and is seeking a Main Board listing. In this note, we compare the company with listed peers on operating...

Ke Yan, CFA, FRM

Japan Weekly | Fast Retailing, Disco, Nidec

We highlight the key stocks that moved in the market over the past week. The Nikkei was looking ugly until US stocks rebounded on Thursday. The yen...

Mark Chadwick

New Highs for Part-Time Wages a Worry for Japan's Retailers

Wage growth slowed during the pandemic in Japan but is now relentlessly on the rise again. Retailers in particular are vulnerable, especially those...

Michael Causton

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52-week Range

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