Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Capital Markets

<ul>
<li>Crucial US "de minimis" imports exemption will end this Thursday night, May 1st</li>
<li>Beginning May 2nd, low-value direct-to-US consumer imports subject to duties, reporting </li>
<li>For US consumers, buying from SHEIN et al set to become more expensive, more onerous</li>
</ul>


Crucial US "de minimis" imports exemption will end this Thursday night, May 1st
Beginning May 2nd, low-value direct-to-US consumer imports subject to duties, reporting 
For US consumers, buying from SHEIN et al set to become more expensive, more onerous


May 1st Marks End of US "De Minimis" Exemption that Has Enabled Growth of SHEIN, Temu, & AliExpress

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>In the past week, Reuters reported that Shein has received approval from the UK's Financial Conduct Authority (FCA) for its IPO in London.</li>
<li>In February 2025, Reuters reported Shein could cut its valuation in a potential listing to around $50 billion, which would be 24% lower than the previous private market funding round.</li>
<li>Tariff war and ending de minimis for shipments from China to US are likely to result in further reduction in the valuation of Shein, much lower than $50 billion. </li>
</ul>


In the past week, Reuters reported that Shein has received approval from the UK's Financial Conduct Authority (FCA) for its IPO in London.
In February 2025, Reuters reported Shein could cut its valuation in a potential listing to around $50 billion, which would be 24% lower than the previous private market funding round.
Tariff war and ending de minimis for shipments from China to US are likely to result in further reduction in the valuation of Shein, much lower than $50 billion. 


Shein: London Approves IPO but Tariffs and End Of "De Minimis" Exemption to Lower Valuation

<ul>
<li>Over the last 25 months, there's been a steady stream of bad news for DTC platform SHEIN</li>
<li>The latest challenges: US tariff chaos &amp; Amazon's launch of its competing platform, Haul 
</li>
<li>Tariff changes &amp; growth of Haul could mean SHEIN IPO gets done at fraction of 2023 valuation</li>
</ul>


Over the last 25 months, there's been a steady stream of bad news for DTC platform SHEIN
The latest challenges: US tariff chaos &amp; Amazon's launch of its competing platform, Haul 

Tariff changes &amp; growth of Haul could mean SHEIN IPO gets done at fraction of 2023 valuation


It's Been a Tough Two+ Years for SHEIN & Its Investors, & Things Don't Get Easier From Here

Equity Analyst, Investory

Devi Subhakesan

Equity Analyst

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zoetop-business-co-ltd-shein" target="_blank" data-smartkarma-citation="entities:33536:1" rel="noopener">SHEIN (1895674D HK)</a> returns to India after a five-year hiatus under a license agreement with <a href="https://www.smartkarma.com/entities/reliance-industries-ltd" target="_blank" data-smartkarma-citation="entities:198:1" rel="noopener">Reliance Industries (RIL IN)</a> owned Reliance Retail ltd.</li>
<li>India's vast, untapped market for fast fashion, driven by a large and growing young population, rising disposable incomes, and increased e-commerce penetration presents an attractive growth opportunity for Shein.</li>
<li>Shein faces growing challenges in the US due to new trade restrictions. Its partnership with Reliance could serve as a strategic move to develop alternative supply chains outside China.</li>
</ul>



SHEIN (1895674D HK) returns to India after a five-year hiatus under a license agreement with Reliance Industries (RIL IN) owned Reliance Retail ltd.
India's vast, untapped market for fast fashion, driven by a large and growing young population, rising disposable incomes, and increased e-commerce penetration presents an attractive growth opportunity for Shein.
Shein faces growing challenges in the US due to new trade restrictions. Its partnership with Reliance could serve as a strategic move to develop alternative supply chains outside China.


SHEIN: Back in India in Alliance with Reliance, Amid Woes in the West

<ul>
<li>By executive order, President Trump suspended section 321 ("de minimis") imports on Feb 4th</li>
<li>Direct-To-Consumer imports valued at &lt; US$800 may no longer enter the US duty-free</li>
<li>Added cost and new paperwork burden (both borne by US consumers) to hit SHEIN, Temu</li>
</ul>


By executive order, President Trump suspended section 321 ("de minimis") imports on Feb 4th
Direct-To-Consumer imports valued at &lt; US$800 may no longer enter the US duty-free
Added cost and new paperwork burden (both borne by US consumers) to hit SHEIN, Temu


Trump Admin's Tariff Headlines Obscure Suspension Of "De Minimis" Rule | Big Impact on SHEIN, Temu

Hong Kong

Zoetop Business Co., Limited, doing business as SHEIN, operates as a fashion e-commerce platform. The Company focuses on women's wear, men's apparel, children's clothes, accessories, shoes, bags, and other fashion items. SHEIN serves clients worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

SHEIN (1895674D HK)

May 1st Marks End of US "De Minimis" Exemption that Has Enabled Growth of SHEIN, Temu, & AliExpress

US "de minimis" import rules that have enabled the growth of platforms like SHEIN and Temu will change dramatically this week. We believe the...

Tracking Traffic

Shein: London Approves IPO but Tariffs and End Of "De Minimis" Exemption to Lower Valuation

Tariff war and ending de minimis for shipments from China to US are likely to result in further reduction in the valuation of Shein, much lower...

Douglas Kim

It's Been a Tough Two+ Years for SHEIN & Its Investors, & Things Don't Get Easier From Here

Over the past two+ years, SHEIN has faced a deluge of developments that threaten its future growth and profitability, especially in the US.

Tracking Traffic

SHEIN: Back in India in Alliance with Reliance, Amid Woes in the West

Shein returns to India after a 5-year hiatus with Reliance Retail partnership, eyeing growth in fast fashion market amid US trade challenges.

Devi Subhakesan

Trump Admin's Tariff Headlines Obscure Suspension Of "De Minimis" Rule | Big Impact on SHEIN, Temu

With higher tariff rates grabbing headlines, it seems few noticed that the Trump administration suspended US "de minimis" import rules, as well....

Tracking Traffic

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

May 1st Marks End of US "De Minimis" Exemption that Has Enabled Growth of SHEIN, Temu, & AliExpress

US "de minimis" import rules that have enabled the growth of platforms like SHEIN and Temu will change dramatically this week. We believe the...

Tracking Traffic

Shein: London Approves IPO but Tariffs and End Of "De Minimis" Exemption to Lower Valuation

Tariff war and ending de minimis for shipments from China to US are likely to result in further reduction in the valuation of Shein, much lower...

Douglas Kim

It's Been a Tough Two+ Years for SHEIN & Its Investors, & Things Don't Get Easier From Here

Over the past two+ years, SHEIN has faced a deluge of developments that threaten its future growth and profitability, especially in the US.

Tracking Traffic

SHEIN: Back in India in Alliance with Reliance, Amid Woes in the West

​Shein returns to India after a 5-year hiatus with Reliance Retail partnership, eyeing growth in fast fashion market amid US trade challenges.

Devi Subhakesan

Trump Admin's Tariff Headlines Obscure Suspension Of "De Minimis" Rule | Big Impact on SHEIN, Temu

With higher tariff rates grabbing headlines, it seems few noticed that the Trump administration suspended US "de minimis" import rules, as well....

Tracking Traffic

Shein returns to India after a 5-year hiatus with Reliance Retail partnership, eyeing growth in fast fashion market amid US trade challenges.