Changes in Hong Kong stocks | Xiying-W (00625) fell more than 3% the day after listing, and the market is repricing growth and tariff risks

The Zhitong Finance App learned that Xiying-W (00625) fell more than 3% the day after listing. The stock once fell nearly 10% after opening yesterday, and then the decline narrowed significantly. As of press release, it fell 3.18% to HK$46.96, with a turnover of HK$145 million, and the total market value fell below HK$200 billion.

As a global online fashion and lifestyle company, Xiyin focuses on the clothing category and operates through a dual model of its own brand and third-party shopping malls. In terms of performance, in 2025, Xiying's net revenue was US$41,847 million and net profit of US$2,064 million; however, by the first quarter of this year, Xiying's revenue was 9.52 billion US dollars, with a year-on-year increase of only about 1%, while net profit turned into a loss of 99 million US dollars, mainly affected by a fair value loss of about US$328 million in convertible and redeemable preferred shares.

China Investment Securities International previously indicated that based on 2025 net profit of 2,064 billion US dollars, Xiying's current offering corresponds to about 12.4-12.9 times PE. Compared with peer companies Inditex about 30 times and H&M about 22 times, Xiying's valuation was significantly discounted. However, the current listing valuation has shrunk by about 70% compared to the peak of the private equity market of about 100 billion US dollars in 2022. Behind the discount, it is implicit that the market is repricing its growth rate, profit fluctuations, and tariff risks.