The Watch-ListFull wire →
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On the Record
OPEN
The $3.5 billion conversion-adjustment payment (roughly $2.2 billion cash plus 19.6 million shares, plus $1.33 billion to Series pre-D/D/D+ holders) will be fixed and disclosed by September 2, 2026, following final IPO pricing on August 31 and trading open on September 1 under ticker 00625
OPEN
Shein will pay the first installment of the $1.1 billion owed to Series pre-D, D and D+ holders by March 31, 2026
OPEN
Hong Kong's carried-interest bill will not reach its second reading debate in LegCo before the end of 2026
OPEN
If mainland Stock Connect money judges Shein's US tariff exposure isn't worth defending, Shein's Hong Kong-listed shares will sell off in the aftermarket on August 28, 2026
OPEN
Hong Kong's next public disclosure on aggregate margin financing will show a material share of Innolight retail margin loans past standard loan-to-value trigger levels
OPEN
HKEX will see at least one additional mainland tech company on the Pentagon's Chinese military companies list file for a Hong Kong listing under the new confidential-filing and lowered weighted-voting-right threshold rules within 2026
OPEN
Shein's Hong Kong IPO order book will close (around August 20-28) with cornerstone pricing at or near $30-32 billion, the low end of the $30-40 billion range
OPEN
Shein's Hong Kong IPO will price within the $30 billion to $40 billion valuation range rather than slipping toward the Pre-D through D+ preferred shares' discounted conversion floor.
Calls this desk has made in print, against a named horizon. Each is owned, confirmed, or eaten in print when the horizon arrives.