This weekly newsletter pulls together summaries of the top ten most-read Insights across Equity Capital Markets on Smartkarma.
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1. Shein IPO Preview
- Shein is actively preparing for an IPO on the Hong Kong Stock Exchange, tentatively scheduled for the second half of 2026.
- The company is targeting a listing valuation of US$40 billion to US$50 billion, representing a significant haircut from its historical peak valuations.
- I think the company is likely to face tough challenges in in reaching valuation at even lower end of its target valuation range.
2. 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.
- 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.
3. Aequitas: Shein Global Holdings Pre-IPO – Thoughts on Valuation
- SHEIN Global Holdings, 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.
- We have looked at the company’s past performance and undertaken a peer comparison in our previous notes. In this note, we talk about valuations.
4. Aequitas: Shein Global Holdings Pre-IPO – Peer Comparison
- 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.
- We have looked at the company’s past performance in our previous note. In this note, we will undertake a peer comparison.
5. Life Insurance Corporation of India Placement – Damned If You, Damned If You Don’t Upsize
- The Government of India (GOI) is looking to raise at least US$1.3bn via selling a 2.2% stake in Life Insurance of India (LICI IN).
- There is a further upsize option for ~4% of the stock to bring overall deal size to around US$3.3bn.
- In this note, we run the deal through our ECM framework and comment on deal dynamics.
6. Aequitas ECM Weekly (3 August 2026)-Innolight, Shein, Manipal, Juniper, Gcash, Quant, Montage, Han’s
- Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
- On the IPO front, Zhongji InnoLight (3308 HK) made a tepid debut in HK’s largest IPO this year.
- There weren’t many placements over the past week, apart from Quanta Computer (2382 TT)‘s GDRm but we did look at a few upcoming lockup expiries.
7. Unitree Robotics IPO Preview
- Unitree Robotics is getting ready to complete its IPO on the STAR market of this Shanghai Stock Exchange this month.
- Unitree would become the first major producer of humanoid robots to be listed on the Chinese mainland.
- Target valuation is about 42 billion yuan (US$5.7 billion). Subscription date is 10 August. The company is looking to raise 4.2 billion yuan (US$618 million).
8. SHEIN (希音) Pre-IPO: Peer Comparison
- SHEIN, a global online fashion and lifestyle retailer, has passed the HKEX listing hearing. GS, MS and JPM are joint sponsors.
- In our previous note, we briefly looked at the company’s business, financials and investor backing.
- In this note, we compare the company with listed peers from financial, operating and valuation perspectives.
9. Unitree Robotics (688836 CH) IPO: Valuation Insight
- Unitree Robotics (688836 CH) concluded its IPO price at Rmb150.8, and we estimate this equals 78.5x PER for FY26 and 55.3x for FY27.
- The IPO valuation is cheap when compared with the peer median of 86.7x and 119.7x, respectively. Its higher P/S of 21.2x and 15.2x is due to its better profitability.
- We calculate that it can reach 146.5x PER, or a price of Rmb399.5, 164.9% upside if we apply the current AH premium to the peers’ median FY27 PER.
10. SHEIN Global IPO: Valuation First-Look
- SHEIN Global Holdings (SHEIN HK), a global online fashion and lifestyle company, is pre-marketing a HKEx IPO to raise US$3 billion.
- I previously discussed the IPO in SHEIN Global IPO: The Bull Case and SHEIN Global IPO: The Bear Case.
- In this note, I present my forecasts and examine Shein’s potential valuation range. My analysis suggests a valuation range of US$33.3 billion to US$34.0 billion.
