Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Bottom-Up

<ul>
<li>H1/Q2 results largely match tone of management guidance from the IPO process</li>
<li>Revenue barely grew, and margins shrank due to higher Fulfilment costs (tied to oil)</li>
<li>Shares are down over 27% from IPO; any break from fuel costs could boost bottom-line</li>
</ul>


H1/Q2 results largely match tone of management guidance from the IPO process
Revenue barely grew, and margins shrank due to higher Fulfilment costs (tied to oil)
Shares are down over 27% from IPO; any break from fuel costs could boost bottom-line


SHEIN H1/Q2 Results | Slow Top-Line Growth, More Margin Compression | Fulfilment Costs Up Sharply

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>We spent the past week meeting ECM focused clients in Hong Kong.</li>
<li>Overall, IPO flow doesn’t appear to be showing any signs of slowing down with multiple investor teams being in expansion mode.</li>
<li>In this note, we talk about some of the feedback for the upcoming IPOs and placements.</li>
</ul>


We spent the past week meeting ECM focused clients in Hong Kong.
Overall, IPO flow doesn’t appear to be showing any signs of slowing down with multiple investor teams being in expansion mode.
In this note, we talk about some of the feedback for the upcoming IPOs and placements.


Aequitas: ECM Asia Takeaways from Hong Kong Investor Meetings- Innolight, Shein, A/H Listings, Gcash

<ul>
<li>New regulations affecting SHEIN and other retailers are becoming visible on the horizon</li>
<li>We believe coming changes will hit SHEIN and its peers harder than traditional retailers</li>
<li>We look at California's SB 707 law as an illustrative example of new challenges facing SHEIN</li>
</ul>


New regulations affecting SHEIN and other retailers are becoming visible on the horizon
We believe coming changes will hit SHEIN and its peers harder than traditional retailers
We look at California's SB 707 law as an illustrative example of new challenges facing SHEIN


SHEIN IPO in Hong Kong | Pressures from New Rules To Grow, Will Hit Low-Price Platforms Hardest

<ul>
<li>In this insight we update readers on new developments affecting SHEIN, Temu, AliExpress</li>
<li>New laws and ongoing investigations are likely to raise the cost of operating in the EU</li>
<li>We expect to hear about important legal milestones in the coming weeks - stay tuned!</li>
</ul>


In this insight we update readers on new developments affecting SHEIN, Temu, AliExpress
New laws and ongoing investigations are likely to raise the cost of operating in the EU
We expect to hear about important legal milestones in the coming weeks - stay tuned!


SHEIN IPO in Hong Kong: Latest Developments Affecting SHEIN, Temu, and AliExpress

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.

Index Rebalance

<ul>
<li>SHEIN listed on the HKEX Main Board on 1 Sep 2026, and we work out entry timing for HSCI, HSI, HSCEI, HS TECH, Stock Connect and MS-China.</li>
<li>HSIL confirmed the HSCI ADD after the 14 Sep 2026 close on 2 Sep, and a 2.3% FF holds MS-China and HSCEI entry until the 28 Feb 2027 lock-up expiry.</li>
<li>The December 2026 HSI review is the first cycle SHEIN can enter, and Southbound inclusion follows the WVR rule of six months plus 20 trading days on 31 Mar 2027.</li>
</ul>


SHEIN listed on the HKEX Main Board on 1 Sep 2026, and we work out entry timing for HSCI, HSI, HSCEI, HS TECH, Stock Connect and MS-China.
HSIL confirmed the HSCI ADD after the 14 Sep 2026 close on 2 Sep, and a 2.3% FF holds MS-China and HSCEI entry until the 28 Feb 2027 lock-up expiry.
The December 2026 HSI review is the first cycle SHEIN can enter, and Southbound inclusion follows the WVR rule of six months plus 20 trading days on 31 Mar 2027.


SHEIN-W: Path to HS Indices, HK Connect and MS-China

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 H1/Q2 Results | Slow Top-Line Growth, More Margin Compression | Fulfilment Costs Up Sharply

SHEIN disclosed H126 financial results, which show few surprises: revenue growth is still depressed, and margins continue to shrink due to high...

Tracking Traffic

Aequitas: ECM Asia Takeaways from Hong Kong Investor Meetings- Innolight, Shein, A/H Listings, Gcash

We spent the past week meeting ECM focused clients in Hong Kong. This note contains some of the key takeaways from the upcoming listings.

Sumeet Singh

SHEIN IPO in Hong Kong | Pressures from New Rules To Grow, Will Hit Low-Price Platforms Hardest

In its first day of trading on September 1, SHEIN's shares closed down 0.1% in Hong Kong after initially falling close to 10%. We're re-surfacing a...

Tracking Traffic

SHEIN IPO in Hong Kong: Latest Developments Affecting SHEIN, Temu, and AliExpress

In this insight we bring to readers' attention important developments affecting the Chinese direct-to-consumer retail platforms SHEIN, Temu, and...

Tracking Traffic

SHEIN-W: Path to HS Indices, HK Connect and MS-China

We assess SHEIN's index path. HSCI ADD is confirmed for the 14 Sep 2026 close. We analyze its inclusion timeline for HSI, HSCEI, HS TECH,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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