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>In this note, we talk about the not-so-positive aspects of the deal. </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.
In this note, we talk about the not-so-positive aspects of the deal. 


Aequitas: Shein - The Negatives - Controversies, Down Rounds, Cash Payouts & Earning as Well.

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>SHEIN, which previously operates on light-asset model of "cross-border direct mail",has been forced to shift to heavy-asset model of "local fulfillment" (construction of overseas warehouses).This demands more precise inventory forecasting</li>
<li>SHEIN's net profit has continued to decline.YoY growth of global website traffic has dropped to single digits in June 2026, indicating that the global traffic boom has reached its peak. </li>
<li>The peak valuation of ~US$100bn in 2022 would not be achievable, and valuation discount in IPO is inevitable. We think comfortable valuation could be 27.3-45.5x P/E based on 2026 forecast.</li>
</ul>


SHEIN, which previously operates on light-asset model of "cross-border direct mail",has been forced to shift to heavy-asset model of "local fulfillment" (construction of overseas warehouses).This demands more precise inventory forecasting
SHEIN's net profit has continued to decline.YoY growth of global website traffic has dropped to single digits in June 2026, indicating that the global traffic boom has reached its peak. 
The peak valuation of ~US$100bn in 2022 would not be achievable, and valuation discount in IPO is inevitable. We think comfortable valuation could be 27.3-45.5x P/E based on 2026 forecast.


Pre-IPO SHEIN Global Holdings (PHIP Updates) - Some Points Worth the Attention

Equity Long-Short

Mo Aziz

Equity Bottom-Up

<ul>
<li>SHEIN's cash conversion cycle is -46.5 days and widening — suppliers (108.6 payable days) and prepaying customers fund growth, while gross margin hit 67.9%, the highest among fashion peers.</li>
<li>Revenue growth fell to 1.1% as US tariffs bit, but adjusted net profit (stripping preferred-share accounting) still fell 42% YoY — real margin compression from marketing costs, not just optics.</li>
<li>We think fair value US$50bn (+11% vs target midpoint), as 1.19x sales still undervalues SHEIN versus Inditex's 4.6x despite superior margins and cash generation.</li>
</ul>


SHEIN's cash conversion cycle is -46.5 days and widening — suppliers (108.6 payable days) and prepaying customers fund growth, while gross margin hit 67.9%, the highest among fashion peers.
Revenue growth fell to 1.1% as US tariffs bit, but adjusted net profit (stripping preferred-share accounting) still fell 42% YoY — real margin compression from marketing costs, not just optics.
We think fair value US$50bn (+11% vs target midpoint), as 1.19x sales still undervalues SHEIN versus Inditex's 4.6x despite superior margins and cash generation.


SHEIN IPO: Twice Rejected, Still Underpriced

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>Shein is the largest online fashion destination globally as measured by apparel and footwear retail sales value in 2025.</li>
<li>The bull case rests on scale and cost advantages that are hard to replicate, robust order growth, the largest geographic segment not being constrained by tariff politics, and cash generation. </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.
Shein is the largest online fashion destination globally as measured by apparel and footwear retail sales value in 2025.
The bull case rests on scale and cost advantages that are hard to replicate, robust order growth, the largest geographic segment not being constrained by tariff politics, and cash generation. 


<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> (SHEIN), 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>In this note, we talk about the positive aspects of the deal.</li>
</ul>



SHEIN Global Holdings (SHEIN HK) (SHEIN), 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.
In this note, we talk about the positive aspects of the deal.


Aequitas: Shein - The Positive - Global Reach

Hong Kong

SHEIN Global Holdings Limited manufactures and distributes apparel products. The Company produces casual wear, loungewear, swimwear, sports apparel, and formal dress products. SHEIN Global Holdings conducts businesses in Mainland China and Hong Kong.

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SHEIN Global Holdings (625 HK)

Aequitas: Shein - The Negatives - Controversies, Down Rounds, Cash Payouts & Earning as Well.

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

Pre-IPO SHEIN Global Holdings (PHIP Updates) - Some Points Worth the Attention

SHEIN has to shift to heavy-asset model of "local fulfillment" from light-asset model "cross-border direct mail". Due to weak fundamentals/concerns...

Xinyao (Criss) Wang

SHEIN IPO: Twice Rejected, Still Underpriced

SHEIN lists ~1.1x sales after a 54% cut — cheapest fashion multiple despite the best margin. BULLISH, FV US$50bn. Europe's tariff hit is the swing...

Mo Aziz

SHEIN Global IPO: The Bull Case

SHEIN, a global online fashion and lifestyle company, is pre-marketing a HKEx IPO to raise US$3 billion. In this note, I discuss the bull case.

Arun George

Aequitas: Shein - The Positive - Global Reach

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

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