Shein-W plunged over 13% intraday on poor interim results.

BlockBeats news, September 29 - According to Bitget market data, SHEIN-W fell more than 13% during intraday trading, with its stock price at HK$30.6.

Global online fast fashion e-commerce platform SHEIN-W (SHEIN, Hong Kong stock code 00625) released its first unaudited interim results after listing after market hours on September 28. First-half net revenue was $20.1 billion, up only 1% year-on-year; total order volume was 549 million orders, up 6.4% year-on-year. Book net profit rose sharply due to non-operating items such as changes in the fair value of convertible preferred shares, but adjusted net profit, which better reflects the core business, was $499 million, down 55.6% year-on-year, accounting for only 2.5% of net revenue. Operating profit fell 52.9% year-on-year. In the second quarter, adjusted net profit fell 66.6% year-on-year to $228 million, with the profit margin narrowing from 6.2% in the same period last year to 2.1%.