Shein posts $99-million quarterly loss ahead of Hong Kong IPO
Shein said China-origin products sold by it or through its marketplace and shipped to the U.S. are now subject to tax rates ranging from 10 per cent to 87.5 per cent.The first-quarter loss was also caused by US$328-million in fair-value losses on convertible redeemable preferred shares. These are investor shares that can later convert into ordinary shares, and their accounting value can change before a listing.It posted net income of US$395-million in the same quarter a year earlier. Revenue rose 1.1 per cent to US$9.05 billion from US$8.95-billion.The filing listed founder Sky Yangtian Xu as chairman and chief executive.
- ▪Shein said China-origin products sold by it or through its marketplace and shipped to the U.S. are now subject to tax rates ranging from 10 per cent to 87.5 per cent.The first-quarter loss was also caused by US$328-million in fair-value los
- ▪These are investor shares that can later convert into ordinary shares, and their accounting value can change before a listing.It posted net income of US$395-million in the same quarter a year earlier.
- ▪Revenue rose 1.1 per cent to US$9.05 billion from US$8.95-billion.The filing listed founder Sky Yangtian Xu as chairman and chief executive.
3 outlets in our directory ran this story, first to last over 4 hours. All of the coverage we found sits in one bucket: centre. That one-sidedness is itself worth noticing.
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Open this photo in gallery:The online fast-fashion retailer's sales took a hit from the Trump administration’s removal of the "de minimis" duty-free policy.Sarah Meyssonnier/ReutersShareSave for laterPlease log in to bookmark this story.Log InCreate Free AccountShein swung to a US$99-million net loss in the first quarter of this year, the draft Hong Kong listing prospectus of the online fast-fashion retailer showed, as its sales took a hit from the Trump administration’s removal of the “de minimis” duty-free policy.The filing lays the groundwork for investor roadshows and official bookbuilding of its much-awaited global offering.The Singapore-headquartered company, which was founded in China, did not disclose the size of the Hong Kong share sale, the offer price, the listing timetable or…
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