Shein shares fall to lowest since IPO amid underperform rating

Shein Global Holdings shares fell 10% to HK$36.40 Monday, the lowest since its September 1 debut on the Hong Kong stock exchange and 25% below its IPO price of HK$48.56. Jefferies gave the stock an underperform rating with a target price of HK$26.

Jefferies analysts John Chou highlighted the company’s competitive moat in its low-cost parcels, Guangdong’s supplier density, and supplier-funded experimentation, noting that these advantages will become more expensive.

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