Shein shares slide 10% in long-awaited Hong Kong trading debut
On its debut, Shein is valued well below its 2022 peak of nearly US$100 billion.
Shein's stock price fell by 4% in its first day of trading on the Hong Kong stock market on September 1st, 2023. The trading debut saw the shares trade at HK$46.62, which is below the IPO price of HK$48.56 and significantly lower than its peak valuation of nearly US$100 billion in 2022. The decline in valuation is attributed to various factors, including increased trade costs, regulatory scrutiny, and a slower growth rate.
Despite these challenges, Shein's Chief Financial Officer, Leigh Gui, expressed optimism about the company's future, stating that they would continue to innovate and work with their supply chain partners for mutual benefit. The company's shares were initially valued at around US$25.3 billion, a stark contrast to its former valuation of nearly US$100 billion.
Despite the weak trading debut, some notable investors, including billionaire Michael Bloomberg's family office Willett Advisors, French entrepreneur Xavier Niel, and Microsoft, participated in the IPO.
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