Shein shares slide on stock market debut
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The gist
Shein shares fell 7% on Hong Kong debut, pricing at HK$48.56, valuing the firm at $26.5bn.
The debut marks a steep drop from its 2022 peak of $100bn, signaling weak.
Background
Shein, a Singapore-headquartered fast-fashion retailer founded in China, made its long-awaited stock market debut on the Hong Kong Stock Exchange on Tuesday. The company, once valued at nearly $100bn in private markets in 2022, priced its IPO at HK$48.56 per share, raising about HK$13.6 billion ($1.7bn) and valuing the firm at just over $26bn. The listing follows years of failed attempts to go public in the US and UK, and comes amid challenges including tariff changes in the US and Europe and an ongoing FTC investigation.
How it unfolded
- 2022Shein reached a private market valuation of nearly $100bn.
- Aug 31, 2026Shein priced its IPO at HK$48.56 per share, below the top of the marketed range, raising HK$13.6 billion ($1.7bn). Gray market trading indicated shares would open more than 10% below the IPO price.
- Sep 1, 2026Shein shares began trading on the Hong Kong Stock Exchange under the code 00625, falling as much as 10% in early trading before settling around 7% lower.
Who’s saying what
- Analysts
- Dickie Wong of uSMART Securities said he was 'never bullish on this IPO' citing stagnant revenue and that much of the raised money goes to earlier investors.
- Caution
- Quartz reported that gray-market trading signaled weak investor appetite, with shares sinking more than 10% before the official debut.
Still unverified
The exact extent of the FTC investigation's potential penalties is undisclosed; the gray-market trading figures are based on broker quotes and may not reflect actual opening trades.