{
  "id": 5029875,
  "title": "SHEIN's crypto contract plunges 17% as it prices its IPO",
  "url": "https://urgent.news/2026/08/31/sheins-crypto-contract-plunges-17-as-it-prices-its-ipo",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-31T18:46:27.000Z",
  "source": {
    "name": "Yahoo Finance",
    "slug": "yahoo-finance",
    "url": "https://finance.yahoo.com/markets/crypto/articles/sheins-crypto-contract-plunges-17-184627545.html"
  },
  "original_language": "en",
  "account": "On the eve of SHEIN's anticipated IPO on the Hong Kong Stock Exchange, the value of a crypto-based contract tracking the stock's projected price experienced a significant decline of nearly 17% on Hyperliquid. Hyperliquid, a decentralized exchange facilitating blockchain-based trading of perpetual contracts, enables users to speculate on asset prices prior to their official listing. The SHEIN-USDC pair on Hyperliquid allowed traders to bet on SHEIN's stock performance upon its public debut, although the platform cautioned about its low liquidity and high volatility risks. As of the 24-hour period preceding the drop, the contract's value stood at approximately $5.60, down roughly 16.53%. SHEIN, a prominent fast-fashion e-commerce company, had set its IPO price at HK$48.56 per share, representing a midpoint of its marketed range of HK$47.60 to HK$49.50. The company raised HK$13.60 billion, or around $1.74 billion, valuing itself at approximately $26.5 billion, a drastic reduction of nearly 75% from its 2022 valuation of nearly $100 billion. SHEIN's IPO, set for September 1 following prior unsuccessful attempts in New York and London, arrives amidst challenges including increased competition from rival Temu and the removal of trade exemptions in the U.S. and EU that favored its cost-effective shipping model. SHEIN's U.S. revenue saw a 14% decline in the first quarter, with global revenue growing only 1% year-over-year. Net margins contracted sharply from 8.7% in 2023 and 2024 to 4.9% in 2025 and turned negative at minus 1.1% in the first quarter of 2026. The pre-listing decline on Hyperliquid indicates that some traders anticipate SHEIN's stock to face downward pressure once it starts trading publicly, aligning with the company's deteriorating financial performance as it prepares for the listing.",
  "summary": null,
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}