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Good morning. Online fast fashion giant Shein has doubled its profits as it awaits regulatory approval from Beijing to go ahead with its blockbuster listing in New York or London.
Shein posted record profits of more than $2 billion for 2023 and posted nearly $45 billion in gross merchandise value, the total value of goods sold on its website, said four people close to the company, which was founded in China but has moved its headquarters to Singapore. .
The group's profits last year exceeded $700 million from the net income it achieved in 2022 and $1.1 billion in 2021, according to a financing document seen by the Financial Times.
Shen, whose clothing is popular among Gen Z shoppers, is awaiting approval from regulators in Beijing and Washington for its listing, which is expected to be the largest initial public offering of the year.
The IPO is seen as an indicator of Beijing's stance toward companies founded in China but reincorporated abroad to avoid geopolitical tensions. Read more about Shein's campaign to go public.
Here are the other things I'm monitoring today:
Economic Data: March manufacturing PMI data is due from S&P Global for China, Japan, South Korea, Taiwan, Indonesia, Malaysia, Vietnam, Thailand and the Philippines.
Holiday: Financial markets are closed in Hong Kong, Australia, New Zealand and elsewhere for the Easter holiday.
Japan: Mitsuko Tottori becomes the first female president of Japan Airlines, succeeding Yuji Akasaka, who will now head the company.
Five more stories above
1. Factory activity in China expanded for the first time in six months, a positive sign for Beijing as the world's second-largest economy suffers from a deep real estate slowdown and weak investor confidence. But China's statistics office warned that companies were still suffering from “insufficient market demand” and called for more political support.
2. The opposition mayor of Istanbul, Ekrem Imamoglu, was leading against the ruling party led by President Recep Tayyip Erdogan in yesterday's pivotal municipal elections in Turkey, according to preliminary results. Follow this developing story here.
3. The influx of money into AI has created some cryptocurrency-like hype and “scams,” which obscures the amazing scientific progress in the field, according to Demis Hassabis, co-founder of DeepMind. But the CEO of Google's artificial intelligence research division told the Financial Times that he remains convinced that the technology was one of the most transformative inventions in human history. Read the full interview.
4. Tens of thousands of Israelis gathered in Jerusalem yesterday evening in the largest protest against the right-wing government of Benjamin Netanyahu since the start of the war with Hamas in October last year. The protest called for early elections as well as an agreement to release about 130 hostages still held by Hamas in Gaza.
5. Companies are rushing to meet their financing needs ahead of the US elections this year, in an attempt to anticipate potential market volatility in the final stages of the presidential race. Corporate borrowers have issued $606 billion in dollar bonds so far this year, according to data from LSEG, the highest total since at least 1990.
In-depth news
Millions of tourists are returning to Macau, leading to a recovery for its casinos after years of strict coronavirus controls and a Beijing-led crackdown on gambling promoters. The influx of gamblers into the mass market has offset a slower recovery of the VIP sector after Beijing authorities in 2021 launched a multi-year crackdown on ships that lured ultra-wealthy tycoons to Chinese territory.
We read too. . .
'The Three Body Problem': Netflix's adaptation of the beloved Chinese bestseller has sparked outrage in China.
The case for the dislike button: Social media doesn't have to be so polarizing, but options for dissent are limited, writes Elizaveta Konovalova of Warwick Business School.
Smartphone ban: China outperforms the West in protecting its children from the excesses of technology, writes Camilla Cavendish.
Today's chart
Traders are betting on a tighter copper market in the coming months, as disappointment over faltering economic growth in China is outweighed by concerns about pressure on global supplies. The spread between the spot price and future delivery is the largest ever, in records dating back to 1994, according to Bloomberg data.
Take a break from the news
What are the benefits of private members clubs? From restrictive membership policies to elitism and over-extension – the London club is under fire. Joy Le Decaux explains why people keep queuing to get in.
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