Shein港股上市首日跌约8% 市场关注盈利与关税风险
Shein Shares Plunge in HK Debut After Rocky Road to IPO
Shein作为头部跨境电商巨头登陆港股，首日表现及背后的盈利反转、关税与监管风险是市场焦点，值得投资从业者重点关注其后续基本面验证与估值逻辑。
OK. Yeah. There we go. Shein, as Anthony was pointing out, losing a bit of sheen. We're down about 8% right now. Winnie Hsu, perfect segue. She's at the HKEX for us. She's been covering this listing today. Winnie, I I think the point stabilizes right now. It's, I mean, are they in the market right now to stabilize the price? Help us understand the context of what's going on. Yeah. So in fact, we did see shares falling by about 2% at the open, and then those losses are sending to as much as 10 percent earlier.
好的。是的。我们看到了。正如安东尼所指出的，Shein（希音）的光芒有所减退。目前股价下跌了约8%。Winnie Hsu，完美的过渡。她正在为我们报道港交所的情况。她今天一直在跟踪这次上市。Winnie，我认为目前的焦点在于稳定。我的意思是，他们现在是否在市场中 stabilizing（稳定）价格？请帮我们理解正在发生的情况的背景。是的。事实上，我们确实看到开盘时股价下跌了约2%，随后跌幅一度扩大至10%。
And as you just mentioned, now retracing some of the losses, and we are sitting at about 7% decline right now. So there is, though, still a lot of excitement in the room, and in fact, we did see some of the employees from these global offices come to the ceremony as well. And in fact, the gong was also hit by these global in employees. And I think it's interesting because it really goes to show the global presence of the company.
正如你刚才提到的，现在正在回吐部分跌幅，目前我们处于下跌约7%的位置。然而，现场仍然充满兴奋之情，事实上，我们也看到来自这些全球办公室的一些员工也参加了仪式。事实上，敲钟仪式也是由这些全球员工共同完成的。我认为这很有趣，因为它真正展示了该公司的全球影响力。
We're talking about how Europe and the US are in fact the biggest revenue sources of the company. So it's quite interesting to see how really it's establishing its presence internationally and that enthusiasm really coming through from all over the world. But, obviously, we are seeing a bit of a downside when it comes to stocks, and that's perhaps reflecting some of these concerns, especially the growth concerns and the profitability concerns that investors have, especially when we look at where the valuation is trading as well.
我们正在讨论欧洲和美国实际上是该公司最大的收入来源。因此，看到它如何在国际上建立其存在感，以及这种热情如何从世界各地传递出来，是非常有趣的。但是，显然在股票方面我们看到了一些下行压力，这可能反映了一些投资者的担忧，特别是增长和盈利能力的担忧，尤其是当我们审视估值交易情况时。
So lots of questions that, the company will have to answer, including the impact, how they're going to manage the impact of US tariffs going forward, and some of the regulatory changes what that we see for Europe as well. And beyond that, some of the questions around the sustainability of the current business model as well as some questions around the labor practices that the company has. So those will be the challenges going forward.
因此，公司需要回答许多问题，包括影响、他们将如何管理未来美国关税的影响，以及我们在欧洲看到的某些监管变化。此外，还有一些关于当前商业模式可持续性的问题，以及关于该公司劳工实践的问题。这些将是未来面临的挑战。
And for now, we are also looking at, profit at just about, 99,000,000 losses so far for the first quarter of this year, and that is actually, a reversal of what we saw last year when we had, 400 gains just about a year ago.
目前，我们还注意到，今年第一季度迄今为止利润仅为亏损约99,000,000美元，这实际上与去年此时我们看到的约400,000,000美元的收益形成了逆转。
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