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>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.


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>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.

<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.


HK/China Equity Long-Short

Osbert Tang, CFA

<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> aims to raise HK$15.7-23.5bn in its upcoming HK IPO and has passed the listing committee hearing. It recorded losses of US$99m in 1Q26. </li>
<li>Key positives are its leadership position with global presence, excellent brand portfolio with comprehensive offerings, and unique operating model and end-to-end intelligent supply chain.</li>
<li>Key negatives are its exposure to regulatory and tariff uncertainties, geopolitical and supply chain scrutiny, and challenges from intensifying competition.</li>
</ul>



SHEIN Global Holdings (SHEIN HK) aims to raise HK$15.7-23.5bn in its upcoming HK IPO and has passed the listing committee hearing. It recorded losses of US$99m in 1Q26. 
Key positives are its leadership position with global presence, excellent brand portfolio with comprehensive offerings, and unique operating model and end-to-end intelligent supply chain.
Key negatives are its exposure to regulatory and tariff uncertainties, geopolitical and supply chain scrutiny, and challenges from intensifying competition.


SHEIN Global Pre-IPO: Key Positives and Negatives

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

Global equities (MSCI ACWI) are decisively breaking above 1-month resistance on US-China trade war optimism, incrementally improving the technical picture. While there is some room to move higher in the near-term, we are hesitant to get too excited because several major indexes have additional hurdles to jump. We highlight important technical levels across major averages including Europe/UK (STOXX 600), Hong Kong (Hang Seng), Japan (TOPIX), and several EM countries (China, Brazil, Russia, Taiwan, and India).  Finally, we highlight attractive opportunities within the Consumer Discretionary, Heath Care and Services sectors.

Global equities (MSCI ACWI) are decisively breaking above 1-month resistance on US-China trade war optimism, incrementally improving the technical picture. While there is some room to move higher in the near-term, we are hesitant to get too excited because several major indexes have additional hurdles to jump. We highlight important technical levels across major averages including Europe/UK (STOXX 600), Hong Kong (Hang Seng), Japan (TOPIX), and several EM countries (China, Brazil, Russia, Taiwan, and India).  Finally, we highlight attractive opportunities within the Consumer Discretionary, Heath Care and Services sectors.

Spain

Industria de Diseno Textil, S.A. designs, manufactures, and distributes apparel.  The Company operates retail chains in Europe, the Americas, Asia, and Africa.

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Industria De Diseno Textil SA (ITX SM)

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

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

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

SHEIN Global Pre-IPO: Key Positives and Negatives

SHEIN Global Holdings plans HK IPO, facing challenges from losses, regulatory uncertainties, and competition, but touts strong global presence and...

Osbert Tang, CFA

Global Equity Strategy: Guarded Optimism

Global equities (MSCI ACWI) are decisively breaking above 1-month resistance on US-China trade war optimism, incrementally improving the technical...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

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

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

SHEIN Global Pre-IPO: Key Positives and Negatives

​SHEIN Global Holdings plans HK IPO, facing challenges from losses, regulatory uncertainties, and competition, but touts strong global presence and...

Osbert Tang, CFA

Global Equity Strategy: Guarded Optimism

Global equities (MSCI ACWI) are decisively breaking above 1-month resistance on US-China trade war optimism, incrementally improving the technical...

Vermilion Research

SHEIN Global Holdings plans HK IPO, facing challenges from losses, regulatory uncertainties, and competition, but touts strong global presence and...