SHEIN-W (00625) jumped more than 9%, rising 8.8% to HK$35.84 as of press time, with turnover of HK$43.0852 million.

On the news front, Goldman Sachs released a research report initiating coverage of fast fashion platform SHEIN with a "Buy" rating and a target price of HK$62. The bank noted that SHEIN possesses a strong cash balance, free cash flow generation capability, potential earnings recovery in 2027, upside room in market share, and attractive valuation. It believes the currently depressed valuation reflects market expectations that the company will continue to burn cash, with its US$18 billion market capitalization representing only 118% and 104% of its projected cash balances for the first half of 2026 and full-year 2027, respectively, which is overly pessimistic.

At the end of last month, SHEIN delivered its first interim results since listing: total order volume reached 549 million units, up 6.4% year-on-year; net revenue was US$20.1 billion, up 1.0% year-on-year; adjusted net profit was US$499 million.

Looking ahead to the second half, the company expects the external environment to remain full of uncertainty. However, the fourth quarter covers Double 11, Black Friday, Cyber Monday, and the Christmas season — the most important promotional window of the year — and is expected to drive a significant increase in order volume.