Details
🔄 IPO pivot – After 18 months prepping for London, the fast-fashion giant is shifting listing plans to Hong Kong; London now just a backup (FT).
⚖️ Regulatory snag – Wording on risk factors plus new Trump tariffs on cheap imports make London less attractive.
💸 Valuation hit – Shein’s 2024 profit slid ~40 % to US $1 bn; investors now pencil in a US $30 bn IPO, down from the US $66 bn last round.
Why it matters
London risks losing the year’s biggest tech float—another blow for the post-Brexit market.
Shein is a bellwether for geopolitical risk in e-commerce; tariffs and ESG disclosure could squeeze margins.
A steep valuation haircut would chill sentiment for upcoming Asia consumer IPOs and push capital towards HK/Shanghai.
Further Reading: Financial Times, Reuters
Top Reads
📉Asian factory output fell in May on weak China demand and new US tariffs. Japan’s PMI 49.4, South Korea 47.7; Vietnam and Indonesia also dip below 50. Relief only expected if the trade row eases. More here.
🗳South Korea votes on Tuesday after Yoon Suk Yeol was ousted over martial-law scandal. 44 m voters start at 6 a.m.; campaigns end midnight Seoul time. Winner takes office Wednesday with no transition period. More here.
💹Hong Kong finance chief Paul Chan sticks to 2–3 % GDP target despite 3.1 % Q1 growth, calling the surge an exception and warning of trade-war shocks. More here
Optional Reads
Elon Musk: Social-media storm over possible baby with J-Pop star. More here.
Mongolia: Protests as PM’s family flaunts designer handbags. More here.
North Korea: Mystery balloons deployed to salvage capsized 5,000-t frigate. Read more.
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