Isikhulu semfashini esisheshayo saseShayina uShein sifike eHong Kong Stock Exchange ngoLwesibili ngemuva kohambo olude nolunzima. Lesi sivumelwano, esiphele ngenani elilinganiselwa ku-$26.500 billion (cishe ama-€22.850 billion), simelela ukushaqeka okukhulu kulokho obekulindelwe yinkampani ngesikhathi sokuchuma kwayo. Kuhlukile kakhulu enani elicishe libe yi-$100.000 billion elafinyelela kulo ngo-2022, lapho imakethe yayisakubona njengento ephazamisa kakhulu umkhakha wezindwangu.
Ukunikezwa kokuqala komphakathi (i-IPO), okubandakanya ukubekwa kwamasheya angaba yizigidi ezingu-280 ngentengo ye-HK$48,56 (€5,35) ngesabelo ngasinye, kuvumela uShein ukuthi aqoqe cishe ama-€1.500 billion. Kodwa-ke, ukuqala kwakhe kuza ngesikhathi esibucayi: inkampani ibhekene nentela ezimakethe zayo ezimbili eziyinhloko, ukuncintisana okunamandla kakhulu, kanye nemiphumela esevele ikhombisa izimpawu zokuncipha. Noma kunjalo, inkampani eyasungulwa nguChris Xu ngo-2012 isalokhu ingenye yabadlali ababaluleke kakhulu emkhakheni wezohwebo lwe-e-commerce emhlabeni jikelele.
Isilinganiso sehla ngo-73%
Inani lokugcina lale ntengiselwano liphansi kakhulu kunenani lentengo lika-$98.200 billion elafinyelelwa yiShein ngemuva komjikelezo wayo wokuxhaswa ngo-2022. Ukwehla ngo-73% kwenani lentengo kukhombisa ukushintsha kwesimo senkampani, okubone imali engenayo yayo ima futhi izinzuzo zayo zincipha. Ngokusho kwe-prospectus, inkampani izoqoqa imali engenayo engaba ngu-$1.800 billion, yize ngemuva kokususa izindleko, inani eliphelele licishe libe ngu-€1.455 billion.
Inkampani yokubonisana iMoby ichaze lo msebenzi ngokuthi "mncane kakhulu, sekwephuzile kakhulu," kuyilapho iwebhusayithi i-36Kr isikisela ukuthi uShein usebenzisa leli qhinga lokuphuma ukuze avimbele abatshalizimali bakhe abayinhloko ukuthi bangakwazi ukuhlenga amasheya abo, okuzobeka engcupheni ukuntuleka kwemali. Isinxephezelo salaba batshalizimali abangosomaqhinga singenye yezici eziphawuleka kakhulu: inkampani ingakhokha imali efinyelela ku-$3.500 billion esitokweni kanye nemali ukuze ibanxephezele ngokwehla kwenani lentengo, inani elicishe liphindwe kabili lokho ekulindele ukukuthola emakethe yamasheya.
Isimo esinzima e-United States naseYurophu
UShein ubhekene nesimo esinzima ezimakethe zakhe ezimbili ezinkulu. I-United States ifaka u-24% wemali engenayo kanye ne-Europe ngo-35%, kodwa zombili izifunda zisuse ukukhululwa kwentela yamaphakheji anenani eliphansi abesekela imodeli yebhizinisi layo iminyaka eminingi. E-US, imali engenayo isivele yehle ngo-14% kwikota yokuqala , futhi inkampani ixwayise ngokuthi izodlulisela izindleko ezengeziwe kumakhasimende. EYurophu, ukusetshenziswa kwemali engu- €3 nge-oda ngalinye ngoJulayi 1 kunyuse izindleko zokusebenza, futhi uShein ulindele "umthelela omubi wesikhashana" ekuthengisweni kwayo.
Ingcindezi yenzuzo isobala: inzuzo eseleyo njengephesenti lokuthengisa yehle isuka ku-8,7% yaya ku-4,9% ngo-2025, icindezelwe ukwanda kwezindleko zezokuthutha nezokukhangisa. Ukuncintisana okuvela kuTemu kanye neziqhwaga zendabuko ezifana ne-Inditex akupheli, futhi impi eMpumalanga Ephakathi inyuse izindleko zokuthutha. Umhlaziyi we-IG u-Axel Rudolph ufingqa lesi simo: "ukukhula kancane, inzuzo ngaphansi kwengcindezi, izindleko zezokuthutha eziphakeme, amanani entela, imithetho eqinile, kanye nokuncintisana okwandayo."
Isiqhwaga esiqhubeka nokubusa naphezu kwakho konke
Naphezu kwezinselelo zayo, iShein igcina isikhundla esibalulekile kulo mkhakha. Ngokusho kwenkampani yokubonisana i-CIC, iyinkampani yesithathu ngobukhulu yemfashini emhlabeni enesabelo semakethe esingu-1,9%, ngemuva kweNike (3%) kanye ne-Inditex (2,5%) kuphela. Imodeli yayo yokukhiqiza efunwa kakhulu, eyaziwa ngokuthi i-LATR , ivumela ukuthi iqalise amaqoqo amayunithi aphakathi kuka-100 no-200 futhi ilayishe kabusha imikhiqizo ephumelelayo ezinsukwini ezinhlanu kuphela, okunciphisa ingozi yokukhiqiza ngokweqile futhi kuyinike amandla angenakuqhathaniswa.
Le nkampani inabasebenzisi abasebenzayo abayizigidi ezingu-273 futhi isebenza ezimakethe ezingu-160. IYurophu ingumthombo wayo oyinhloko wemali engenayo, ebala u-32% wokuthengisa, ilandelwe yi-US ngo-22%. I-Shein iqasha abantu abangaphezu kuka-17.700, abangu-80% babo baseShayina , futhi ikhathalogi yayo inezinto ezingaphezu kwezigidi ezimbili, kanye nemikhiqizo emisha engu-4.700 eyengeziwe nsuku zonke. Le nkampani isiqalile futhi ukuhlukahluka ekuhlobiseni ikhaya, ubuhle, kanye nezesekeli, futhi ithenge njenge-Everlane ese-US ukuze kwandiswe inani elijwayelekile lokuthenga.
Icala kanye nezingozi zomthetho
Iphrosesi ye-IPO iphinde iveze ukuthi uShein ubhekene nezinqubo eziningana zomthetho nezokulawula, uma zixazululwa ngokumelene nazo, ezingabiza inkampani cishe ama-euro ayizigidi eziyizinkulungwane ezingu-3.800. La macala aqala ekuthengisweni konodoli bocansi abafana nezingane eFrance kuya ezinkantolo eziphathelene namalungelo abathengi, ukubika ngezemvelo, kanye nokuvikelwa kwedatha. Le nkampani futhi iyavuma ukuthembela kwayo kakhulu kubantu abanethonya, abaziphatha ngendlela engathinta kabi idumela layo kanye nekhono layo lokuheha amakhasimende.
Enye ingozi etholakele yisinxephezelo esingaba khona kubatshalizimali abahlanganyele emizuliswaneni yokuxhasa ngezimali yangaphambilini. Izimali ezifana neGeneral Atlantic, Tiger Capital, Boyu, kanye neTencent zibophezele u-$383 million ukuze zithole u-22% wamasheya anikezwayo, kodwa uShein kungadingeka awakhokhele aze afike ku-$3.500 billion eyengeziwe ngenxa yokwehla kwenani lentengo. Lesi sibalo, esicishe siphindwe kabili kunenani eliqoqiwe, senza ukungabaza ngenzuzo esheshayo yalesi sipho senkampani.
Imibono kanye nezinselele zesikhathi esizayo
UShein umemezela esidlangalaleni ngenhloso yokusebenzisa imali eqoqwe ukuthuthukisa ubuchwepheshe bakhe nokukhula emhlabeni jikelele. Le nkampani ihlose ukuziguqula ibe yipulatifomu yesevisi yezinye izinhlobo, efana ne-Amazon Web Services embonini yemfashini, enikeza uchungechunge lwayo lokuhlinzeka kanye nenethiwekhi yayo yabahlinzeki abangu-7.500. Umgomo uwukuba ngumhlinzeki ohamba phambili kulo mkhakha , yize iziphathimandla zase-US zivimbele okwesikhashana ukuthengwa kwe-Everlane ngenxa yokukhathazeka ngokuphepha kwezwe.
Imiphumela yakamuva ayizange ibe yinto ekhuthazayo: kwikota yokuqala ka-2026, uShein uthole ukulahlekelwa okungu-$99 million, uma kuqhathaniswa nenzuzo engu-$395 million esikhathini esifanayo sonyaka odlule. Ukuthengisa kukhule ngo-1,1% kuphela , kwafinyelela ku-$9.052 billion, kanti inzuzo ephelele ka-2025 yehle ngo-40% yaya ku-$2.064 billion. Naphezu kwalokhu, inkampani isaqiniseka ukuthi imakethe yemfashini eku-inthanethi izoqhubeka nokukhula ifike ku-$792.000 billion ngo-2030, lapho cishe u-40% wokuthengisa kuzokwenziwa ku-inthanethi.
I-IPO kaShein eHong Kong iphawula ingqophamlando emlandweni wenkampani, kodwa futhi ishiya imibuzo eminingi ingaphendulwa. Ukuhlolwa kokugcina, okuphansi ngo-73% kunango-2022, kukhombisa ukungabaza kwemakethe ngemodeli yebhizinisi ebhekene nentela, ukuncintisana okukhulu, kanye nemithethonqubo eqinile eyandayo. Le nkampani kuzodingeka ibonise ukuthi ingaqhubeka nokukhula kwayo futhi ithuthukise izinzuzo zayo endaweni engathandeki kakhulu kunaleyo edalwe ubhubhane. Njengoba iqoqe imali engu-€1.500 billion kanye nezinkokhelo zezigidi zama-euro kubatshalizimali bayo, ukuqala kukaShein emakethe yamasheya kungaphezu nje kokuqala; kuyisilingo somlilo senkampani enkulu engasabonakali ingenakunqotshwa.
