Shein is eyeing a valuation rivalling H&M. Will the market buy it?

Online fast-fashion platform Shein believes it deserves a premium valuation comparable to that of industry peers like H&M, citing its business model and global customer base as major competitive advantages, according to internal documents provided to the South China Morning Post by investors.

The documents cited analysts as saying the market should view the company as a global fashion giant similar to Zara’s parent company Inditex and H&M, rather than as a regional Chinese brand.

They also...