Shein Shares Plunge Up to 10% in Hong Kong Trading Debut

Shares of fast-fashion giant Shein fell as much as 10% in their trading debut on the Hong Kong Stock Exchange on Tuesday, a rocky start after a years-long path to going public.

The company sold about 280 million shares at HK$48.56 ($6.19) apiece, raising roughly HK$13.6 billion ($1.74 billion). At the IPO price, Shein was valued at around $26.3 billion, a fraction of the roughly $100 billion valuation investors assigned the company at its funding peak in 2022.

Shein's path to a public listing has been unusually long. The company previously pursued and abandoned listing plans in New York and then London amid regulatory scrutiny over its supply chain and labor practices before turning to Hong Kong.

Analysts pointed to rising tariffs, increased regulatory scrutiny and intensifying competition from rivals such as Temu and AliExpress as headwinds weighing on the stock. Shein reported a first-quarter loss of $99 million, a reversal from a $395 million profit in the same period a year earlier.

This is not investment advice.

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