In today’s briefing:
- SHEIN (希音) IPO: Analysis of Deal Terms
- SHEIN Global (625 HK): Delayed Index Inclusions; Stock Connect Next September
- Aequitas: Shein Global Holdings IPO – Thoughts on Valuation- Just like Its Wares, It Is Cheap But…
- Trading Strategy of Shein on the First Day of IPO
- HK IPO WATCH: Shein – Behind the Seams!!
- Shein Global Holdings IPO: Fashionable Enough For Investors
- SHEIN Global (625 HK) IPO: Cheap for Some Reason
- Deep-Dive:Trip.com (TCOM US)
- Neopharm Co Ltd (092730 KS): Synthetic Expert Call Transcript (24 Aug 2026)
- Aequitas: Lalithaa Jewellery Mart IPO Trading – Sometimes, All That Glitters Is Gold
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.
SHEIN Global (625 HK): Delayed Index Inclusions; Stock Connect Next September
- 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.
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.
Trading Strategy of Shein on the First Day of IPO
- 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.
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.
Deep-Dive:Trip.com (TCOM US)
- US online travel agent Booking Holdings (BKNG US — US$158 billion) built a dominant online travel business across the United States and Europe over the past 20 years.
- And the business seems to be going from strength to strength.
- In Asia, we have India’s MakeMyTrip (MMYT US – US$5.7 billion), which dominates that market and trades at a 5.0x EV/Sales multiple with weak profitability.
Neopharm Co Ltd (092730 KS): Synthetic Expert Call Transcript (24 Aug 2026)
- The legacy domestic growth engine has hit a structural ceiling. The tightening of private medical indemnity insurance (silbi) reimbursement rules in South Korea has severely constrained the high-margin hospital-exclusive Zeroid MD channel. The transition of the Zeroid brand into mass-retail channels like Olive Young in late 2024 was an essential defense mechanism but is diluting profitability due to intense competition and heavy marketing requirements.
- Operating margins remain healthy but are increasingly vulnerable to K-beauty’s structural inflation of customer acquisition costs (CAC). While Neopharm reported a solid 21.77% operating margin for FY 2025, domestic marketing expenses and slotting fees demanded by the dominant multi-brand store (MBS) channel, Olive Young, are compressing margins.
- Inorganic growth through M&A is urgently required to deploy cash and fill critical portfolio gaps. Despite holding 145.94 billion KRW in net cash with zero debt as of late 2025, management has been overly conservative. A capital allocation policy that prioritizes a 33% to 35% dividend payout ratio over aggressive, strategic acquisitions prevents the company from acquiring active ingredient-led brands (e.g., PDRN, Retinol) or international distribution infrastructure necessary to break the legacy brand ceiling.
Disclaimer: The following transcripts are synthetic, AI-generated on demand, and compiled exclusively from public data sources; no real-word experts were actually interviewed. This content is designed to highlight potential market mispricings, explore compelling lines of inquiry, and suggest strategic questions rather than present verified facts. All specific financial metrics and data points, including market shares, TAM, margins, and growth rates, are AI-estimated approximations. They may be inaccurate and must be independently verified.
Aequitas: Lalithaa Jewellery Mart IPO Trading – Sometimes, All That Glitters Is Gold
- Lalithaa Jewellery Mart Ltd (1607844D IN) raised US$178m in its India IPO.
- Lalithaa Jewellery Mart Ltd (LJML) is a jewellery retailer operating under the brand name “Lalithaa”, offering a range of gold, silver, and diamond jewellery.
- We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.
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