In today’s briefing:
- SHEIN (希音) IPO: Analysis of Deal Terms
- Aequitas: Japan Airport Placement – US$350m Cross-Unwinding; Large Deal in ADV
- Aequitas: Shein Global Holdings IPO – Thoughts on Valuation- Just like Its Wares, It Is Cheap But…
- HK IPO WATCH: Shein – Behind the Seams!!
- Shein Global Holdings IPO: Fashionable Enough For Investors
- SHEIN Global (625 HK) IPO: Cheap for Some Reason
- Mech-Mind (梅卡曼德) IPO: Analysis of Deal Terms
- Ingenic Semiconductor (北京君正) IPO Trading
- Aequitas: Mech-Mind IPO Pricing – Slight Discount to HK Peers; but HK Peers Have Not Done Well
- Mech-Mind (梅卡曼德) IPO: Peer Comparison and Valuation
SHEIN (希音) IPO: Analysis of Deal Terms
- 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.
Aequitas: Japan Airport Placement – US$350m Cross-Unwinding; Large Deal in ADV
- A group of shareholders are looking to raise ~US$350m in a secondary sale of Japan Airport Terminal Co (9706 JP).
- The deal is another cross-shareholding unwind, which has been an ongoing narrative in Japan over the past 1-2 years.
- In this note, we will talk about the placement and run the deal through our ECM framework.
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.
- 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.
HK IPO WATCH: Shein – Behind the Seams!!
- Shein Group Ltd filed its prospectus for a Hong Kong listing on July 26th. SHEIN has adopted a dual-class share structure, which it expects to maintain post-IPO.
- Shein is widely classified as the leading example of ultra-fast fashion. It pushes traditional fast-fashion models to an extreme level through real-time trend tracking and massive daily output.
- US de minimis exemption ended in August 2025, increasing fulfillment costs for China-origin shipments. EU DSA investigation and escalating regulatory fines across multiple jurisdictions create compliance costs and reputational risk.
Shein Global Holdings IPO: Fashionable Enough For Investors
- 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 (625 HK) IPO: Cheap for Some Reason
- SHEIN Global Holdings (625 HK) has an ambitious IPO plan to raise HK$13.1bn. However, the volatile earnings record and challenging environment require a sizeable safety margin.
- We project a 3-year EPS CAGR of -5.3% as profitability will only slightly recover next year. Yet, our forecasts may still be optimistic.
- The maximum IPO price (HK$49.50) implies a FY16 PER of 18.5x, but its small size and volatile growth are negatives. We will only be involved at the low end.
Mech-Mind (梅卡曼德) IPO: Analysis of Deal Terms
- Mech-Mind, a provider of 3D vision-guided robot components, launched its Hong Kong IPO to raise USD 300m. CSC and CITIC are the Joint Sponsors.
- In this note, we look at the deal terms and provide our thoughts on valuation for the company.
- We analyze cornerstone and sponsor performance and assess the risk-reward of the deal.
Ingenic Semiconductor (北京君正) IPO Trading
- Ingenic Semiconductor, a fabless memory and computing IC designer, raised HKD 3,054.6m (USD 389.6m) from its global offering and will list on the HKEX on Tuesday, 25 Aug 2026.
- In our previous notes, we looked at the company’s fundamentals and the deal terms.
- In this note, we provide an update for the IPO before its trading debut.
Aequitas: Mech-Mind IPO Pricing – Slight Discount to HK Peers; but HK Peers Have Not Done Well
- Mech-Mind Robotics Technologies (MMRT HK) is looking to raise up to US$300m in its upcoming Hong Kong IPO.
- It is a leading provider of intelligent robot components and a pioneer in embodied intelligence, with operations spanning research and development, self-owned high-standard manufacturing, and global sales and deployment.
- In this note, we examine the IPO dynamics, and look at the firm’s valuation.
Mech-Mind (梅卡曼德) IPO: Peer Comparison and Valuation
- Mech-Mind, a supplier of AI and 3D vision-guided robot components, launched IPO to raise USD 300m. CSC and CITIC are the joint sponsors.
- Our previous note covered Mech-Mind’s business, financials and investor backing.
- This note compares Mech-Mind with its listed peers on financial, operating and valuation.
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