HKEX: IPO MODEL

Shein Valuation & Multiple Explorer

Calibrated to Reuters Exclusive: $25B HK Target
Model Parameters ACTIVE
Target Market Cap ($B) $25.0B
Reported HKEX equity valuation goal
Est. Trailing Revenue ($B) $38.0B
Estimated FY gross sales base
Net Profit Margin (%) 6.5%
Fast-fashion benchmark: 5-8%
IPO Target Float (%) 10.0%
HKEX typical minimum listing float
HKEX Venue Discount (%) 15.0%
Regulatory & liquidity discount vs US/UK
Implied P/E Multiple
10.12x
vs Peer Avg ~21.5x
Implied P/S Multiple
0.66x
Price / Trailing Sales
Peak Valuation Cut
-75.0%
vs $100B 2022 Peak
Implied Capital Raise
$2.50B
Net Inc: $2.47B
VALUATION TRAJECTORY ($B) 2022 → 2026E
PEER P/E MULTIPLE COMPARISON FAST-FASHION / E-COMMERCE
Global Peer Trading Multiples Reference Updated Live
Ticker / Entity Market Cap ($B) EV / Sales P/E Multiple Est. Net Margin
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