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

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.


HK/China Equity Long-Short

Osbert Tang, CFA

Equity Bottom-Up

<ul>
<li>Despite its recent rally, <a target="_blank">Meituan (3690 HK)</a> still lags the HSI YTD. For FY26-27F, it will be the sector's main growth driver. Its P/B is 1SD below the 5-year average.</li>
<li>It is disciplined in AI investments, focusing on operational efficiency, cost control, new business capabilities, and long-term strategic positioning. </li>
<li>Its portfolio of investments equals 9.5% of market capitalisation, and includes high-profile names like <a href="https://www.smartkarma.com/entities/moonshot-ai" target="_blank" data-smartkarma-citation="entities:46606:1" rel="noopener">Moonshot AI (MOONSHOTAI HK)</a>, <a href="https://www.smartkarma.com/entities/unitree-robotics" target="_blank" data-smartkarma-citation="entities:48008:1" rel="noopener">Unitree Robotics (UNITREE CH)</a>, etc.</li>
</ul>


Despite its recent rally, Meituan (3690 HK) still lags the HSI YTD. For FY26-27F, it will be the sector's main growth driver. Its P/B is 1SD below the 5-year average.
It is disciplined in AI investments, focusing on operational efficiency, cost control, new business capabilities, and long-term strategic positioning. 
Its portfolio of investments equals 9.5% of market capitalisation, and includes high-profile names like Moonshot AI (MOONSHOTAI HK), Unitree Robotics (UNITREE CH), etc.


2026 High Conviction Update: Meituan (3690 HK) - Disciplined AI Beneficiary

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>700 HK: Tencent's "Dungeon &amp; Fighter Mobile" is officially scheduled to be released on May 21st.(+)</li>
<li>3690 HK/TCOM US: Meituan and Ctrip revenue growth may lower than industry average, indicating intensified competition.(-/-)</li>
<li>BIDU US: Baidu ADS sets revenue and profit indicators for Robotaxi（/）</li>
</ul>


700 HK: Tencent's "Dungeon &amp; Fighter Mobile" is officially scheduled to be released on May 21st.(+)
3690 HK/TCOM US: Meituan and Ctrip revenue growth may lower than industry average, indicating intensified competition.(-/-)
BIDU US: Baidu ADS sets revenue and profit indicators for Robotaxi（/）


[Blue Lotus Daily - TMT Update]:700 HK/3690 HK/TCOM US/BIDU US/MNSO US/PDD US/BABA US/NTES US

<ul>
<li>PDD/BABA/JD/3690.HK/VIPS: NBS publishes data social retail data for March 2024 (+/////-)</li>
<li>NTES US: NetEase's &lt;Naraka Mobile&gt;, has completed its pre-launch testing phase with overall positive feedback, and pre-registration reached 25 million. (+)</li>
<li>BABA US/3690 HK : Eleme launches semi-managed mode for retail merchants, adding pressure to Meituan instashopping</li>
</ul>


PDD/BABA/JD/3690.HK/VIPS: NBS publishes data social retail data for March 2024 (+/////-)
NTES US: NetEase's &lt;Naraka Mobile&gt;, has completed its pre-launch testing phase with overall positive feedback, and pre-registration reached 25 million. (+)
BABA US/3690 HK : Eleme launches semi-managed mode for retail merchants, adding pressure to Meituan instashopping


[Blue Lotus Daily - TMT Update]:PDD US /BABA US /JD US /3690 HK/VIPS/NTES US/BIDU US/SHEIN/AMZN US

China

PDD Holdings Inc. is a multinational commerce group that owns and operates a portfolio of businesses. The Company focuses on digital economy so that local communities and small businesses can benefit from the increased productivity and new opportunities. PDD Holdings has built a network of sourcing, logistics, and fulfillment capabilities for its underlying businesses.

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

PDD Holdings (PDD US)

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 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

2026 High Conviction Update: Meituan (3690 HK) - Disciplined AI Beneficiary

Meituan returned to profit in 2Q26 at Rmb2.2bn and also achieved positive UE for the delivery business, indicating the fading effects of irrational...

Osbert Tang, CFA

[Blue Lotus Daily - TMT Update]:700 HK/3690 HK/TCOM US/BIDU US/MNSO US/PDD US/BABA US/NTES US

USTR initiates section 301 investigations on China Maritime and logistics,.Meituan Promotes Marketing Tool "Divine Membership" <blood strike> has...

Blue Lotus Research Institute

[Blue Lotus Daily - TMT Update]:PDD US /BABA US /JD US /3690 HK/VIPS/NTES US/BIDU US/SHEIN/AMZN US

NBS releases social retail data for March 2024; NetEase's Naraka Mobile receives positive feedback and 25 million pre-registrations; Eleme's semi...

Blue Lotus Research Institute

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 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

2026 High Conviction Update: Meituan (3690 HK) - Disciplined AI Beneficiary

Meituan returned to profit in 2Q26 at Rmb2.2bn and also achieved positive UE for the delivery business, indicating the fading effects of irrational...

Osbert Tang, CFA

[Blue Lotus Daily - TMT Update]:700 HK/3690 HK/TCOM US/BIDU US/MNSO US/PDD US/BABA US/NTES US

USTR initiates section 301 investigations on China Maritime and logistics,.Meituan Promotes Marketing Tool "Divine Membership" <blood strike> has...

Blue Lotus Research Institute

[Blue Lotus Daily - TMT Update]:PDD US /BABA US /JD US /3690 HK/VIPS/NTES US/BIDU US/SHEIN/AMZN US

​NBS releases social retail data for March 2024; NetEase's Naraka Mobile receives positive feedback and 25 million pre-registrations; Eleme's semi...

Blue Lotus Research Institute

NBS releases social retail data for March 2024; NetEase's Naraka Mobile receives positive feedback and 25 million pre-registrations; Eleme's semi...