Isikhulu semfashini esheshayo sase-Asia iShein sibhekene nesonto laso elinzima kakhulu selokhu saqala ukunikezwa umphakathi eHong Kong Stock Exchange. Ngemuva kokuqala kwaso ubuthakathaka, amasheya enkampani ehle ngo-21,5% ezinsukwini zayo zokuqala ezintathu zokuhweba. Lokhu kwehla kubangelwa yinhlanganisela yezici: ingcindezi yokulawula eYurophu, ukuqedwa kokukhululwa kwentela, kanye nokulahlekelwa okuqhubekayo okuqhubeka nokunciphisa ukukhanga kwayo kubatshalizimali.
Umongo awumusha. Sekuyizinyanga eziningi, iBrussels kanye nohulumeni abaningana baseYurophu begxile kumodeli yebhizinisi yamapulatifomu afana neShein, iTemu, ne-AliExpress. Ukuqaliswa kwentela engaguquki engu-€3 ngento ngayinye evela ngaphandle kwe-EU ngoJulayi mhla lu-1 kuNtulikazi sekubangele ukwehla phakathi kuka-30% no-40% ekungenisweni kwamaphakheji amancane aseShayina , ngokusho kwedatha evela kumasiko aseFrance. Manje, inkampani ibhekene nesimo esibi nakakhulu emakethe yamasheya.
Ukuqala kokulahlekelwa kanye nokwehla kwenani lentengo
UShein ubeke intengo yakhe yokuqala yomphakathi ku-HK$48,56, kodwa amasheya ehle afinyelela ku-10% emizuzwini embalwa yokuqala yokuhweba. Nakuba ikwazile ukuvala usuku lokuqala cishe iphansi, lo mkhuba washintsha ezimisweni ezalandela. Ekupheleni kwangoLwesihlanu, amasheya ayeku-HK$38,14, okumele ukulahlekelwa okuphelele okungu-21,5% futhi kwashiya inani lawo licishe libe yi-US$26.000 billion, okungu-79% ngaphansi kwe-US$98.200 billion eyafinyelela ngo-2022.
I-IPO, eqoqe u-$1.735 billion weShein, yehlulekile ukukholisa abatshalizimali. Ngaphezu kwalokho, inkampani izibophezele ekukhokheni imali efinyelela ku-$3.500 billion ukuze ikhokhele abanikazi bamasheya bayo ababalulekile ngokulahlekelwa yinani. Lokhu kufaka phakathi izimali ezifana neGeneral Atlantic, iTiger Capital, kanye nenkampani enkulu yezobuchwepheshe iTencent. Ngokusho kwephephandaba laseShayina i-36Kr, ukunikezwa kokuqala komphakathi kukaShein kwasheshiswa ukuze kuvinjelwe laba batshalizimali ukuthi basebenzise amasheya abo, inketho eyayizomiswa lapho kufakwa ohlwini.
Ingcindezi yokulawula yaseYurophu iyaqina
Ngosuku olufanayo nokwethulwa kwayo, iFrance yamemezela izijeziso emikhiqizweni yemfashini esheshayo , okuyisinyathelo esithinta ngqo uShein kanye nomncintiswano wayo uTemu. Lesi sijeziso sifika ngaphezu kwentela ye-€3 ngento ngayinye eyabekwa yi-EU ngoJulayi. Umthelela usuvele uzwakala: ngokusho kohlelo lokusebenza lwaseFrance iJoko, oluhlaziya ukuthengiselana kwebhange okuvela kubasebenzisi abayizigidi ezingu-1,5, ukuthengiswa kweTemu kwehle ngo-50% phakathi kukaJuni noJulayi , kanti i-AliExpress ilahlekelwe ngu-37% kanye neShein ngo-15%. Le nkampani yaseShayina ibhekane kangcono nesiphepho ngenxa yesu layo lokuthutha.
UShein wavula indawo enkulu yokugcina impahla ePoland ngoDisemba 2025, eyivumela ukuthi ithumele ama-oda amaningi avela ngaphakathi eYurophu futhi inciphise ukuchayeka kwayo enteleni encane yamaphasela . Lesi sinyathelo, esifana nesu lesikhungo sokusabalalisa se-Amazon, siyenza ibe nempumelelo yokuncintisana ngaphezu kwe-Temu ne-AliExpress, ezisathembele kakhulu ekuthunyelweni ngqo okuvela eShayina. Noma kunjalo, inkampani ilahlekelwe yizigidi ezingama-$99 kwikota yokuqala ka-2026, futhi abahlaziyi balindele ukuthi imali engenayo eYurophu ibe yimbi kulo nyaka.
Amasu okusinda enkathini entsha
Ebhekene nalesi simo, uShein ufuna ukushintshashintsha imodeli yebhizinisi lakhe. Le nkampani yandise uhlelo lwayo lweShein Xcelerator, oluvumela imikhiqizo yangaphandle ukuthi isebenzise ingqalasizinda yayo yokukhiqiza nokuthengisa, futhi ithole izinkampani ezifana neMissguided kanye ne-Everlane. Iphinde icabangele ukuvula izitolo eziningi ezibonakalayo, yize umzamo wayo eParis ngo-2025 wabangela ukugxekwa okukhulu kanye nokuhlolwa okwaveza ukuthengiswa kwezinto ezingekho emthethweni emakethe yayo. IKhomishini yaseYurophu yenza uphenyo ngaphansi koMthetho Wezinsizakalo Zedijithali ukuze ihlole ukuthi uShein uvimba ngokwanele yini imikhiqizo engekho emthethweni.
Ochwepheshe basikisela ukuthi ikusasa likaShein lisekubeni yipulatifomu ebanzi ye-e-commerce, ukunciphisa ukuthembela kwayo emfashinini yaseShayina nokugxila kubathengisi bezinkampani zangaphandle. Ingcindezi yokulawula ayiveli nje eYurophu: i-United States iphinde yanciphisa ukukhululwa kwe-de minimis kuma-oda anenani eliphansi. Konke lokhu kuphoqa le nkampani enkulu ukuthi ivuselele imodeli eyayenza yaduma ngamanani ayo aphansi kakhulu kanye nokuthunyelwa okuqondile.
Ukwehla kwemakethe yamasheya kubonisa ukungabaza kwabatshalizimali ngenxa yemingcele emincane eyanda kanye nesimo sezomthetho esinobutha. Nakuba uShein egcina isisekelo sabasebenzisi samakhasimende asebenzayo ayizigidi ezingu-273 futhi enezela izinkulungwane zemiklamo nsuku zonke, inzuzo iye yancipha. Ukuvula izindawo zokugcina impahla ezintsha eYurophu nokwandisa izigaba ezingezona ezemfashini kungaba yizinyathelo ezilandelayo zokubuyisa indawo elahlekile.
