On September 18, SHEIN-W fell 3.53% in regular trading, trading at 38.26 HKD/share, with turnover of approximately 85.20 million HKD. The stock continued its downward trajectory, extending losses from its September 1 IPO price of 48.56 HKD.

The decline comes as bearish sentiment lingers following Jefferies' initiation of coverage with an \"Underperform\" rating and a target price of 26 HKD, implying roughly 32% further downside from current levels. The broker cited rising costs eroding SHEIN's key advantages — including low-cost parcels, dense Guangdong-based supplier networks, and supplier-funded innovation — and projected EPS estimates 3% and 20% below consensus for fiscal years ending in the near term. Although SHEIN-W was formally included in the Hang Seng Composite Index on September 15, the stock remains excluded from Stock Connect for approximately seven months due to its weighted voting rights structure, limiting near-term southbound capital inflows.

SHEIN Global Holdings Limited is a leading online fashion company offering apparel, footwear, accessories, beauty, home, and lifestyle products under brands including SHEIN, MOTF, and SHEGLAM, operating across domestic and overseas markets.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)