Shein IPO pitched to investors at sub-$30bn valuation - FT中文网
登录×
电子邮件/用户名
密码
记住我
请输入邮箱和密码进行绑定操作:
请输入手机号码,通过短信验证(目前仅支持中国大陆地区的手机号)。如果该手机号尚未注册,将自动创建 FT中文网账号。短信可能需要几分钟送达,验证码15分钟内有效,请耐心等待:
请您阅读我们的用户注册协议和隐私权保护政策,点击下方按钮即视为您接受。
新股发行

Shein IPO pitched to investors at sub-$30bn valuation

Fast-fashion retailer has suffered a roughly 70% drop in valuation over past four years
00:00

{"text":[[{"start":12.74,"text":"Shein’s advisers are pitching the company to potential investors at a valuation below $30bn, a roughly 70 per cent drop from its peak, as the fast-fashion retailer battles to win investor interest in its long-awaited initial public offering."}],[{"start":27.56,"text":"Chinese regulators last month approved the clothing giant’s application to list in Hong Kong, greenlighting an IPO that has been more than four years in the making."}],[{"start":37.3,"text":"Shein’s previous attempts to list in New York and London were derailed by opposition from politicians and scrutiny of its Chinese supply chain."}],[{"start":45.64,"text":"The sub-$30bn valuation compares with a valuation of more than $100bn that Shein hit after a private fundraising in 2022, according to two people familiar with the process."}],[{"start":54.6,"text":"Internally, Shein set a target valuation of $30bn, according to two people familiar with the company’s plans. If it were to IPO at a lower level, the company may have to go back and consult with its existing investors before proceeding, according to one of the people."}],[{"start":73.64,"text":"Another person familiar with the matter said that investors had shown interest in buying shares at a valuation “in the mid-to-high twenties [of billions]”."}],[{"start":81.8,"text":"Shein’s popularity exploded during the pandemic, when housebound consumers were drawn in by its cheap prices and huge ad spending."}],[{"start":89.72,"text":"But its valuation has been hit by the implementation of US tariffs as well as the removal of tax exemptions that allowed the company to avoid paying import duties when shipping customer orders into the US or the EU."}],[{"start":101.88,"text":"Meanwhile, competition from Chinese rival Temu — which has copied Shein’s model of shipping directly from factories to western shoppers’ homes — has intensified and the cost of air freight has risen."}],[{"start":113.22,"text":"Two people familiar with the IPO roadshow warned that Shein, which manufactures in China but has its corporate headquarters in Singapore, may struggle to convince major Chinese institutional investors to buy shares in the IPO."}],[{"start":126.2,"text":"The China-founded company reported a quarterly net loss of $99mn for the first quarter as it flagged the risk of US and EU trade tensions on its business in a filing to Hong Kong’s exchange."}],[{"start":139.2,"text":"Net profit, which peaked at $3.4bn in 2024, fell to $2bn last year. Net profit margins narrowed sharply from 8.7 per cent to 4.9 per cent over the same period."}],[{"start":154.08,"text":"Shein did not respond to a request for comment. Two of the lead banks on the IPO, Goldman Sachs and Morgan Stanley, declined to comment. The third, JPMorgan, did not respond to a request for comment."}],[{"start":171.48,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1786407889_6959.mp3"}

版权声明:本文版权归FT中文网所有,未经允许任何单位或个人不得转载,复制或以任何其他方式使用本文全部或部分,侵权必究。

美债收益率冲击下,欧洲必须自寻出路

埃里安:欧洲不能只盼着大西洋彼岸的借贷成本回落,它必须着手解决自身问题。

AI与通胀:央行行长该担忧到什么程度?

凯恩斯:这取决于一个价值万亿美元问题的答案:AI是否真能带来预期的生产力提升?

印度企业界的乐观情绪站得住脚吗?

印度企业界公开表达的乐观情绪,与家庭和投资者的焦虑情绪之间的落差日益明显。

Lex专栏:中国药企在药品开发领域获得一席之地

外国制药集团如今开始购买中国本土开发创新药物的授权。

特斯拉与太空探索技术公司:以马斯克为中心的庞大企业星系

埃隆•马斯克旗下上市公司的合并有一定道理,但其他股东最终可能不如现在有影响力。

火箭、机器人和风险:马斯克的3.6万亿美元豪赌

全球首富试图促成迄今最大胆的一笔合并交易,但他还需要说服股东和全球监管机构。
设置字号×
最小
较小
默认
较大
最大
分享×