HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Over 15 years' experience in both finance and healthcare, covering clinic operations, investment and equity research in both China and overseas.

Pre-IPO Mech-Mind Robotics Technologies (PHIP Updates) - Some Points Worth the Attention

Pre-IPO Medcaptain Medical Technology (PHIP Updates) - Some Points Worth the Attention

Pre-IPO Shenzhen Longsys Electronics (PHIP Updates) - Some Points Worth the Attention

Pre-IPO Ningbo Deye Technology (A/H Listing) - About the Business Model and the Outlook

Pre-IPO Gemilai Holdings - Is Coffee Machine a Good Business?

Pre-IPO SHEIN Global Holdings (PHIP Updates) - Some Points Worth the Attention

Equity Capital Markets

SHEIN Global Holdings / Equity Capital Markets

<ul>
<li>SHEIN is facing various unfavorable challenges. The core factors that previously supported its high growth and valuation are collapsing, so its future prospects and valuation is no longer optimistic</li>
<li>If the IPO valuation falls below US$25bn, it can be regarded as an opportunity with a certain margin of safety to participate; US$25-30bn falls within a neutral but cautious range</li>
<li>A valuation above US$30bn implies greater risks than opportunities, considering the significant potential selling pressure from existing shareholders after lock-up period ends, and a P/E higher than Inditex is unreasonable.</li>
</ul>


SHEIN is facing various unfavorable challenges. The core factors that previously supported its high growth and valuation are collapsing, so its future prospects and valuation is no longer optimistic
If the IPO valuation falls below US$25bn, it can be regarded as an opportunity with a certain margin of safety to participate; US$25-30bn falls within a neutral but cautious range
A valuation above US$30bn implies greater risks than opportunities, considering the significant potential selling pressure from existing shareholders after lock-up period ends, and a P/E higher than Inditex is unreasonable.


Pre-IPO SHEIN Global Holdings - Thoughts on Valuation and the Outlook