I ordered this cycling jersey in size S. For reference, my waist measures 74 cm and my hips 96 cm. The jersey is not extremely tight, but the fit works perfectly for me and feels comfortable.
If you are looking for a more fitted, close-to-the-body feel, I would recommend going one size down.
I would also like to mention that I am a woman, with relatively slim arms and narrow shoulders. For a man with the same measurements, size S could still work, but the fit may differ depending on body shape.