Shein closes flat at $26.3b valuation in Hong Kong debut
The listing valued Shein at about US$26.3 billion, down from nearly US$100 billion in 2022.
Shein Global Holdings experienced a significant drop in its Hong Kong stock market debut, falling by up to 10% during trading. The company had undergone a lengthy IPO process, eventually valuing the firm at a fraction of its previous worth. Despite this, investors remained uncertain about the company's value amidst the growing e-commerce industry.
At the open of trading on the first day, Shein's shares reached a low of HK$43.72, falling short of the IPO price of HK$48.56. However, the shares recovered some of their losses as the day progressed. Shein's shares faced substantial selling pressure in early trades, with market makers offering bids three times more frequently than they were making offers.
The initial public offering raised HK$13.6 billion ($1.7 billion) for the company, which valued Shein at slightly over $26 billion upon listing. This puts Shein among the largest publicly traded apparel and fashion companies globally, though still trailing behind Swedish retailer Hennes & Mauritz, valued at around $30 billion.
Written by urgent.news from Japan Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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