Abstract:
Today, Xiyin was officially listed on the Hong Kong Stock Exchange. The opening price was HK$48.56, which was the same as the issue price, achieving a flat opening. Based on the opening price, the total market value was approximately HK$205.2 billion. However, Xiyin’s stock price dropped rapidly after the opening, falling nearly 10% during the session. As of press time, the total market value was HK$188.3 billion.
The prospectus shows that Xiyin is a global online fashion and lifestyle company founded in 2012, with its core business being fast fashion apparel. The core consumer markets are concentrated in Europe and the United States. During the epidemic, its popularity and user scale in overseas markets increased significantly.
Data shows that it will serve approximately 273 million active customers in 160 markets around the world in 2025. As of the first quarter of 2026, the number of active customers on the platform has further climbed to 281 million. Xiyin currently has more than 7,500 contract manufacturers, and has gathered a large number of merchants, independent designers and various supply chain resources.
According to the prospectus, from 2023 to 2025, Xiyin will achieve total net income of US$32.103 billion, US$38.748 billion, and US$41.847 billion (approximately RMB 283.2 billion); net profit/(loss) will be US$2.789 billion, US$3.365 billion, and US$2.064 billion respectively.
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