HK/China Equity Long-Short

Osbert Tang, CFA

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> 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

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 the joint sponsors.</li>
<li>We look at the company's core segments: apparel and non-apparel.</li>
<li>We then look at the company's financial profile, profit decline, pre-IPO valuation and investor backing.</li>
</ul>


SHEIN, a global online fashion and lifestyle retailer, has passed the HKEX listing hearing. GS, MS, and JPM are the joint sponsors.
We look at the company's core segments: apparel and non-apparel.
We then look at the company's financial profile, profit decline, pre-IPO valuation and investor backing.


Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

<ul>
<li>Postal parcel volume bound for the US fell -81% after exemption ended Aug 29</li>
<li>In many cases, logistics providers unwilling to manage US Customs process</li>
<li>We believe the change undermines US model used by SHEIN, Temu, AliExpress</li>
</ul>


Postal parcel volume bound for the US fell -81% after exemption ended Aug 29
In many cases, logistics providers unwilling to manage US Customs process
We believe the change undermines US model used by SHEIN, Temu, AliExpress


SHEIN / Temu / AliExpress: After US Ended "De Minimis" Exemption, Shipments to US Declined 81%

<ul>
<li>SHEIN's US sellers will be able to use Amazon for US fulfillment by end of 2025</li>
<li>SHEIN will open up its Chinese manufacturing capabilities to outside brands</li>
<li>Changes are in response to lost "de minimis" loophole, search for growth drivers</li>
</ul>


SHEIN's US sellers will be able to use Amazon for US fulfillment by end of 2025
SHEIN will open up its Chinese manufacturing capabilities to outside brands
Changes are in response to lost "de minimis" loophole, search for growth drivers


Two Big Changes to SHEIN's Business Model in Response to the End of US "De Minimis" Exemption

<ul>
<li>Reportedly, SHEN recently shared FY25 targets of US$2 bn Net, "mid-teens" sales growth</li>
<li>SHEIN faces familiar issues in France, where the company has just opened a physical store</li>
<li>The release of new FY25 financial targets suggest SHEIN is progressing towards an IPO </li>
</ul>


Reportedly, SHEN recently shared FY25 targets of US$2 bn Net, "mid-teens" sales growth
SHEIN faces familiar issues in France, where the company has just opened a physical store
The release of new FY25 financial targets suggest SHEIN is progressing towards an IPO 


SHEIN Update: US$2 Bn Net, "Mid-Teens" Revenue Growth Targets Shared | New Challenges in France?

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)

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

SHEIN (希音) Pre-IPO: Tearsheet

SHEIN has passed the HKEX listing hearing. In this tearsheet, we look at the company's business and operating profile, its industry backdrop, its...

Ke Yan, CFA, FRM

SHEIN / Temu / AliExpress: After US Ended "De Minimis" Exemption, Shipments to US Declined 81%

Now that fast-fashion giant SHEIN has finally filed offering documents in Hong Kong (July 27), we believe it's a good time to revisit the company's...

Tracking Traffic

Two Big Changes to SHEIN's Business Model in Response to the End of US "De Minimis" Exemption

Now that fast-fashion giant SHEIN has finally filed offering documents in Hong Kong (July 27), we believe it's a good time to revisit the company's...

Tracking Traffic

SHEIN Update: US$2 Bn Net, "Mid-Teens" Revenue Growth Targets Shared | New Challenges in France?

Now that fast-fashion giant SHEIN has finally filed offering documents in Hong Kong (July 27), we believe it's a good time to revisit the company's...

Tracking Traffic

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

SHEIN (希音) Pre-IPO: Tearsheet

SHEIN has passed the HKEX listing hearing. In this tearsheet, we look at the company's business and operating profile, its industry backdrop, its...

Ke Yan, CFA, FRM

SHEIN / Temu / AliExpress: After US Ended "De Minimis" Exemption, Shipments to US Declined 81%

Now that fast-fashion giant SHEIN has finally filed offering documents in Hong Kong (July 27), we believe it's a good time to revisit the company's...

Tracking Traffic

Two Big Changes to SHEIN's Business Model in Response to the End of US "De Minimis" Exemption

Now that fast-fashion giant SHEIN has finally filed offering documents in Hong Kong (July 27), we believe it's a good time to revisit the company's...

Tracking Traffic

SHEIN Update: US$2 Bn Net, "Mid-Teens" Revenue Growth Targets Shared | New Challenges in France?

Now that fast-fashion giant SHEIN has finally filed offering documents in Hong Kong (July 27), we believe it's a good time to revisit the company's...

Tracking Traffic

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