Shein shares plunge 10% in Hong Kong debut after rocky road to IPO

Shein Global Holdings shares fell as much as 10% in their Hong Kong debut after a yearslong process to an initial public offering that eventually valued the company at a fraction of what it was once worth and still left investors questioning its value as consumer play.

The shares fell to as low as HK$43.72 in early trading, compared with the IPO price of HK$48.56, before recovering some of the losses. Shein’s shares saw heavy selling in early trading, with bids hit three times as often as offers were lifted.

The company raised HK$13.6 billion ($1.7 billion) in the offering, which gave the company a market value of slightly more than $26 billion, making it one of the world’s largest listed apparel and fashion companies, though still well below Swedish retailer Hennes & Mauritz, which is valued at about $30 billion.