Shein Shares Plunge Up to 10% in Hong Kong Debut After Years of Failed Listings Elsewhere

Shein made its long-awaited stock market debut in Hong Kong on September 1, with shares falling as much as 10% in early trading, according to multiple reports, with CNBC citing a 7% drop at the open. The listing values the fast-fashion giant at approximately $26.3 billion, a fraction of the roughly $98 billion peak valuation it commanded in a 2022 private fundraising round and still well below the $64 billion valuation it carried in 2023 and early 2024.

Shein raised about 13.6 billion Hong Kong dollars, equivalent to roughly $1.7 billion, pricing its shares below the top end of the marketed range ahead of the debut. The company had set a target valuation of $26 billion to $27 billion, itself a sharp retreat from the $30 billion to $40 billion range it was pursuing at the start of investor meetings. The offering was already delayed from an original August 28 date.

The weak debut reflects a confluence of pressures on the company: slowing revenue growth, a net loss in the first quarter of 2026 despite revenue of $41.9 billion in 2025, rising costs, tariff changes, and persistent regulatory scrutiny. Trade risks and concerns about its business model have weighed heavily on investor sentiment. The Hong Kong listing comes after years of unsuccessful attempts to float in New York and London, where regulatory and political obstacles repeatedly blocked the company's plans. Shein said it intends to deploy 80% of IPO proceeds on technology and global expansion.