Shein slips as much as 17% in grey market before Hong Kong debut
What's new: The retailer's HK$48.56 IPO valued it at about $26 billion, down sharply from its roughly $100 billion peak.
Shein shares fell as much as 17% in grey market trading on Monday ahead of the fast-fashion retailer's Hong Kong stock market debut. The stock dropped to HK$40.04 from its IPO price of HK$48.56 on a KGI Securities platform after the company raised $1.7 billion in the listing. The deal valued Shein at about $26 billion, far below the roughly $100 billion private-market peak it reached in 2022. Investors are weighing slower growth, tariff pressure and tougher competition from Temu in the US and Europe. A Bloomberg Opinion commentary carried by Channel News Asia said the listing also underscores how heavily Shein still relies on its supplier base in Guangzhou despite its move to Singapore.