IMO, the EU's small parcel tax and packaging tax along, the tariffs on China and Vietnam, and the ExChina thesis made SHEIN's IPO much less impressive at it's intended valuation.

They could have IPOed on in the LSE in 2023 at the current discount when they had the chance, but they got greedy and attempted an NYSE IPO.

PDD was much smarter.

> some investors with longstanding experience of Asian capital markets told me they had never received so many assurances from underwriters about the quality of an IPO book

This. It shows that even SHEIN's leadership has qualms and wasn't fully convinced.