Fast-fashion giant Shein set to open flat in Hong Kong market debut
HONG KONG: Shares in fast-fashion giant Shein were set to open flat in their Hong Kong market debut on Tuesday, following numerous setbacks that have long delayed its listing and undermined the foundations of its business.
Shein, the fast-fashion giant, is set to open flat in its Hong Kong market debut, according to initial reports from the New Straits Times. The company, known for selling affordable clothing items like US$5 tops and US$10 dresses, has faced numerous setbacks that have delayed its listing and undermined its business foundations. Despite being worth an estimated US$100 billion in 2022, Shein's initial public offering valued the company at about US$26.5 billion, indicating a significant drop in valuation.
The company has been hit by tariff and duty changes in the US and Europe, and failed to list in New York and London due to intense scrutiny of its business practices in the West and blocked by Chinese authorities.
Brief written by urgent.news from New Straits Times's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
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- Can cut-price Shein shine in its long-awaited stock market debut? bbc.co.uk
- Shein set for lacklustre debut after setbacks cause huge drop in valuation businesstimes.com.sg
- Fast-fashion giant Shein shares plunge in Hong Kong debut after US$1.7b IPO malaymail.com
- Fast-fashion giant Shein set to open flat in Hong Kong market debut channelnewsasia.com
- Fast-fashion giant Shein's shares drop 8% in Hong Kong market debut cnbc.com
- Shein shares slide 10% in Hong Kong debut after valuation reset investing.com
