Shein Shares Fall Up to 10% on First Day of Trading in Hong Kong After Failed US and London Listings

Shein made its long-awaited stock market debut in Hong Kong on Tuesday, with shares sliding between 7% and 10% on the first day of trading, according to various reports. The decline came amid persistent investor concerns about trade risks, regulatory headwinds, and slowing sales that had already forced the company to dramatically reduce its valuation targets over the years.

Shein priced its IPO at between HK$47.60 and HK$49.50 per share, offering 280 million Class B shares and raising approximately HK$13.86 billion, or roughly $1.77 billion. The listing valued the company at close to $27 billion, a steep drop from its 2022 private fundraising peak of $98.2 billion and well below the $64 billion valuation it carried as recently as 2023 and early 2024.

The Hong Kong listing capped years of failed attempts to go public in New York and London, where regulatory scrutiny and political concerns repeatedly blocked Shein's plans. Risks disclosed in the company's prospectus include a significantly higher duty and tax burden in the United States, an ongoing Federal Trade Commission investigation, and broader trade headwinds that investors fear have structurally undermined key competitive advantages the retailer once enjoyed.