Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<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> could raise up to US$2bn in its IPO if the overallotment option is exercised, valuing the company at HK$212bn (US$27bn).</li>
<li>Cornerstone investors will take up between 21.7-22.6% of the base offering and those shares will be locked up for 6 months from listing date.</li>
<li>Fast Entry inclusion in the HSCI is likely but Southbound Stock Connect could take over a year from listing date. Earliest global index inclusion in March.</li>
</ul>



SHEIN Global Holdings (625 HK) could raise up to US$2bn in its IPO if the overallotment option is exercised, valuing the company at HK$212bn (US$27bn).
Cornerstone investors will take up between 21.7-22.6% of the base offering and those shares will be locked up for 6 months from listing date.
Fast Entry inclusion in the HSCI is likely but Southbound Stock Connect could take over a year from listing date. Earliest global index inclusion in March.


SHEIN Global (625 HK): Delayed Index Inclusions; Stock Connect Next September

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>I discuss a trading strategy for Shein which starts trading in Hong Kong on 1 September. My base case valuation of Shein is target price of HK48.2 per share.</li>
<li>I think its share price needs to decline another 25% or more for the valuation of the company to be more compelling.</li>
<li>That would mean its share price would need to decline to about HK36.2 per share. </li>
</ul>


I discuss a trading strategy for Shein which starts trading in Hong Kong on 1 September. My base case valuation of Shein is target price of HK48.2 per share.
I think its share price needs to decline another 25% or more for the valuation of the company to be more compelling.
That would mean its share price would need to decline to about HK36.2 per share. 


Trading Strategy of Shein on the First Day of IPO

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>, a global online fashion and lifestyle company, aims to raise up to US$1.8bn 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 IPO pricing.</li>
</ul>



SHEIN Global Holdings (625 HK), a global online fashion and lifestyle company, aims to raise up to US$1.8bn 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 IPO pricing.


Aequitas: Shein Global Holdings IPO - Thoughts on Valuation- Just like Its Wares, It Is Cheap But...

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Shein Global launched Hongkong IPO to raise nearly HK$13.9B. They are a global online fashion and lifestyle company.</li>
<li>Shein Global intends to use the proceeds for technology upgradation, enhance brand awareness, promote corporate responsibility (compliance, governance, climate initiatives etc) and for general corporate purpose.</li>
<li>Valuation seems reasonable. The operational scale, technological infrastructure and supply chain efficiency does make this issue worth a try for investors.</li>
</ul>


Shein Global launched Hongkong IPO to raise nearly HK$13.9B. They are a global online fashion and lifestyle company.
Shein Global intends to use the proceeds for technology upgradation, enhance brand awareness, promote corporate responsibility (compliance, governance, climate initiatives etc) and for general corporate purpose.
Valuation seems reasonable. The operational scale, technological infrastructure and supply chain efficiency does make this issue worth a try for investors.


Shein Global Holdings IPO: Fashionable Enough For Investors

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, launched its Hong Kong IPO to raise USD 1,768m. GS, MS and JPM are the joint sponsors.</li>
<li>In this note, we look at the deal terms and recap our valuation note for the company.</li>
<li>We analyze cornerstone and sponsor performance and assess the risk-reward of the deal.</li>
</ul>


SHEIN, a global online fashion and lifestyle retailer, launched its Hong Kong IPO to raise USD 1,768m. GS, MS and JPM are the joint sponsors.
In this note, we look at the deal terms and recap our valuation note for the company.
We analyze cornerstone and sponsor performance and assess the risk-reward of the deal.


SHEIN (希音) IPO: Analysis of Deal Terms

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 (625 HK): Delayed Index Inclusions; Stock Connect Next September

SHEIN could raise up to US$2bn in its IPO, valuing the company at US$27bn. Likely HSCI Fast Entry but Stock Connect only next Sept. One global...

Brian Freitas

Trading Strategy of Shein on the First Day of IPO

I think Shein's share price needs to drop another 25% or more for the valuation of the company to be more compelling. That would mean its share...

Douglas Kim

Aequitas: Shein Global Holdings IPO - Thoughts on Valuation- Just like Its Wares, It Is Cheap But...

SHEIN Global Holdings (625 HK), a global online fashion and lifestyle company, aims to raise up to US$1.8bn in its Hong Kong listing. In this note,...

Sumeet Singh

Shein Global Holdings IPO: Fashionable Enough For Investors

Shein Global launched Hongkong IPO to raise nearly HK$13.9B for technology upgradation, enhance brand awareness. Valuation seems reasonable for...

Tina Banerjee

SHEIN (希音) IPO: Analysis of Deal Terms

We analyze SHEIN's USD 1,768m Hong Kong IPO. We look at deal terms and track records of cornerstone investors and sponsors, as well as its...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)