Fast-fashion retailer Shein shares fall more than 10% in pre-debut trading
Hong Kong-based fast-fashion retailer Shein experienced a significant drop in its share price during pre-debut trading on Monday, with its value falling more than 10% in gray-market trading ahead of its scheduled debut on the Hong Kong Stock Exchange on Tuesday, according to sources cited by Reuters. The company raised $1.7 billion, valuing Shein at around $26.5 billion.
Gray-market prices, which are quoted by brokerages prior to a security's official listing on an exchange, saw Shein's shares decline by over 10% within minutes of trading commencing. The drop affected major Hong Kong brokers Futu Securities, Bright Smart, and Phillip Securities, among others.
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