Shein shares plunge up to 28% in grey market ahead of Hong Kong debut
Asia-Pacific3 sources3 countries🔦 Under-reportedjust now
Online fashion retailer Shein Global Holdings made its long-awaited public debut in Hong Kong on Tuesday, raising HK$13.6 billion (US$1.7 billion) after an initial offering price of HK$48.56 per share. Following the launch, the company's shares tumbled about 10 percent in early trading.
On its debut, Shein was valued at US$26.5 billion, marking a significant drop from its 2022 peak valuation of nearly US$100 billion. The sharp decline in share price caps a years-long effort by the company to go public and has further shaken market confidence in its overall valuation.
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South China Morning Post (HK)Highlights grey market plunge, funds raised, and shaken market confidence.
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