Once a high-flying fast-fashion retailer, Shein’s Hong Kong market debut fell short of expectations.
On September 3, the group’s stock fell as low as HK$41.24 ($5.25), down from the listing price of HK$48.56. Shares closed almost 9% lower at HK$42, valuing the company at $22.7bn.
The IPO value represents a sharp fall from its peak, when pandemic lockdowns and social media hype from ‘Shein hauls’ drew young consumers to its affordable fashion.
The company was valued at about $100bn following a private fundraising round in 2022. However, investor enthusiasm began to ebb later that year and the next fundraising valued Shein at $66bn.
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Produced by Paolo Pascual.
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