Changes in Hong Kong stocks | Xiying-W (00625) broke down nearly 10% during the intraday period. Revenue growth slowed, and listing valuation shrunk 70% from peak

The Zhitong Finance App learned that Xiyin-W (00625) fell after opening flat, and plummeted by nearly 10% during the intraday period. As of press release, it decreased by 8.69% to HK$44.34, with a turnover of HK$1,321 billion.

According to the prospectus, as a global online fashion and lifestyle company, Xiyin's core business is fast fashion apparel. The core consumer market is concentrated in Europe and the US, and the popularity and number of users in overseas markets jumped dramatically during the pandemic. From 2021 to 2023, Xiying's annual revenue growth rate remained above 40%, and the growth momentum was strong. However, the compounded annual growth rate of the company's net revenue (revenue) from 2023 to 2025 as disclosed in the prospectus was 14.2%, and the growth rate has slowed.

It is worth noting that Xiying's final sale price was HK$48.56 per share, with a trading unit of 100 shares, corresponding to the issuance market value of about HK$206.2 billion (US$26.3 billion), a sharp decrease of about 70% from the 2022 private equity market peak of around US$100 billion. China Investment Securities International previously stated that behind the discount, the market is repricing its growth rate of slowing growth, profit fluctuations, and tariff risks.