Changes in Hong Kong stocks | Xiying-W (00625) fell nearly 4% in early trading, and the company will quickly be included in the Hang Seng Composite Index listing valuation discount implying multiple concerns

The Zhitong Finance App learned that Xiyin-W (00625) fell nearly 4% in early trading. As of press release, it decreased by 3.78% to HK$44.26, with a turnover of HK$75.234 million.

According to news, on September 1, Xiying was listed on the main board of the Hong Kong Stock Exchange, becoming the largest fashion brand IPO in the Hong Kong stock market in 2026. On September 2, Hang Seng Index issued an index notice stating that Xiying complies with the requirements of the Hang Seng Composite Index's rapid inclusion rules and will be included in the Hang Seng Composite Index and its classification index after the market closes on September 14 (Monday), and will take effect on September 15 (Tuesday).

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.