Shein Slumps in Long-Awaited Hong Kong Debut | The China Show | 9/1/2026

Watch on YouTube ↗  |  September 01, 2026 at 06:40  |  1:36:07  |  Bloomberg Markets
Speakers
Avril Hong — Reporter, Bloomberg Markets
Idanna Appio — Manager and Senior Research Analyst, First Eagle Investments
Sucharita Kodali — Retail Analyst, Forrester
Kevin Sneader — APAC ex-Japan President, Goldman Sachs
Anthony Stevens — Bloomberg Market Producer
Henry He — CFO, Baidu
Jensen Huang — CEO, NVIDIA
S.Y. Hsu — Co-CEO, ASUS
Yeyi Yun — Co-founder and President, MiniMax
David Ingles — Anchor, Bloomberg
Yvonne Man — Head of APAC, CoinDesk

Summary

The episode covers Shein's long-awaited Hong Kong IPO and sharp debut decline as regulatory, tariff and profitability concerns weigh on the stock. It also examines China AI earnings pressure at Z.AI, a global sovereign bond selloff, and interviews with Goldman Sachs, Baidu, GlobalWafers and MiniMax. Key market implications include continued AI and semiconductor strength in Taiwan, value in TIPS, and divergent fortunes among Chinese internet and AI names.

  • Shein lists in Hong Kong and slumps up to 10% on profitability, tariff and de minimis concerns.
  • Global sovereign bond selloff pushes Australia 10-year yield to highest since 2011 and JGB near 3%.
  • Idanna Appio favors TIPS as real yields exceed the neutral policy rate.
  • Z.AI first-half revenue misses estimates amid China AI price wars and memory costs.
  • NVIDIA's $3.5B investment in MediaTek lifts Taiwan tech stocks.
  • GlobalWafers sees semiconductor recovery and long-term customer demand.
  • Baidu dual primary listing may bring southbound flows; AI cloud revenue grows over 280%.
  • MiniMax reports strong revenue growth and rising token consumption.
Ideas
Avril Hong Reporter, Bloomberg Markets 10:57
AI competition costs bruise revenue profitability
Z.AI's first-half revenue missed estimates by 30% despite fivefold growth, losses persisted due to China AI price competition, and rising memory costs ate into earnings. Bloomberg Intelligence expects losses to widen as the firm pivots toward cloud-based token supply, raising doubts about its ability to turn technical capability into commercial success.
Z.AI MED
Idanna Appio Manager and Senior Research Analyst, First Eagle Investments 18:08
TIPS offer inflation edge and value
She likes the TIPS market over nominal Treasuries because TIPS offer an inflation edge and real yields of 2% to 3% are above the neutral policy rate, creating value.
TIP HIGH
Sucharita Kodali Retail Analyst, Forrester 29:44
Shein expensive with regulatory and competitive pressures
Shein missed the optimal listing window, US de minimis removal crushed its US business and similar impacts are likely in Europe. The company faces intense competition, has a valuation substantially higher than most apparel retailers, and without a clear plan beyond ultra-cheap fast fashion, shares could fall further.
SHEIN HIGH
Kevin Sneader APAC ex-Japan President, Goldman Sachs 37:24
Asia region strong across most geographies
Goldman remains positive on Asia with strong equity issuance, trading activity, private wealth flows, AI investment, and capital markets activity across Japan, Korea and Taiwan. Most geographies in the region are operating at high levels and the outlook remains robust.
AAXJ MED
Anthony Stevens Bloomberg Market Producer 53:05
Toyota re-rated as robotics play
Toyota is leading Japanese stocks and could be re-rated as a robotics play going forward, according to Goldman, giving the company a new function beyond traditional autos.
TM MED
Anthony Stevens Bloomberg Market Producer 54:34
AI short video trend lifts Mango Media
Chinese short-video names are benefiting from a new trend in China using AI to generate short movie clips, and Mango Media has risen for a second day on this theme.
MANGO LOW
Henry He CFO, Baidu 60:03
Baidu AI growth and southbound flows support
Baidu's dual primary Hong Kong listing may allow Stock Connect southbound flows; AI revenue is already more than 50% of total revenue, cloud revenue grew over 280%, and the full-stack AI business from chips to applications supports a second growth curve. Potential chip unit spin-off and dividends provide additional catalysts.
BAIDU HIGH
Jensen Huang CEO, NVIDIA 73:13
NVIDIA partnership plugs MediaTek into AI factory
NVIDIA's $3.5 billion investment in MediaTek allows MediaTek to plug directly into NVIDIA's AI factory platform and cloud architecture, creating a massive alignment between the companies.
2454.TW MED
S.Y. Hsu Co-CEO, ASUS 76:06
Semiconductor recovery; long-term agreements boosting demand
The semiconductor industry is seeing recovery, with more customers asking for long-term supply commitments and rush orders. GlobalWafers expects the next cycle is coming now, has new capacity ramping in Texas and Missouri, and sees a healthier semiconductor ecosystem.
GlobalWafers HIGH
Yeyi Yun Co-founder and President, MiniMax 85:19
MiniMax revenue surged 280%; cost efficient models
MiniMax's first-half revenue grew more than 280%, already 1.5 times last year's full-year revenue and surpassing $800 million. Model updates drove token consumption to 20 times January levels; cost-efficient frontier models, open-source adoption, and AI livestream products create a revenue flywheel.
MiniMax HIGH
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This Bloomberg Markets video, published September 01, 2026, features Avril Hong, Idanna Appio, Sucharita Kodali, Kevin Sneader, Anthony Stevens, Henry He, Jensen Huang, S.Y. Hsu, Yeyi Yun discussing Z.AI, TIP, SHEIN, AAXJ, TM, MANGO, BAIDU, 2454.TW, GlobalWafers, MiniMax. 10 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Avril Hong, Idanna Appio, Sucharita Kodali, Kevin Sneader, Anthony Stevens, Henry He, Jensen Huang, S.Y. Hsu, Yeyi Yun  · Tickers: Z.AI, TIP, SHEIN, AAXJ, TM, MANGO, BAIDU, 2454.TW, GlobalWafers, MiniMax