SHEIN Global Holdings Limited, the fast-fashion retailer, listed in Hong Kong yesterday after four years of failed attempts to go public in New York and London. Shares fell as much as 10% in early trading.
The stock priced at HK$48.56 ($6.19) and slid to an intraday low of HK$43.72 ($5.58) before recovering to trade around HK$46.62, still roughly 4% below the offer price.
Shein’s listing plans in New York and London were blocked or abandoned amid political and regulatory scrutiny of its Chinese supply chain, before Chinese regulators cleared the Hong Kong route in July. To get the deal done, the company priced the IPO at just over $26bn, roughly a quarter of the near-$100bn valuation it commanded in the private market in 2022. The offer raised about HK$13.6bn ($1.74bn), with Goldman Sachs acting as stabilisation manager.
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Even that steep discount failed to draw buyers. Shein’s net profit fell to $2bn in 2025 from a 2024 peak of $3.4bn, with net margin narrowing to 4.9% from 8.7%, and it posted a $99m net loss in the first quarter. Analysts pointed to slowing growth, higher costs after the US and EU scrapped de minimis duty exemptions on low-value parcels, and unresolved FTC and European Commission investigations as reasons markets stayed wary of the stock.
“I think the weak debut shows that even after the huge valuation reset, investors still don’t see Shein as obviously cheap,” said Charu Chanana, chief investment strategist at Saxo.
The debut contrasted sharply with other recent Asian IPOs, including memory-chip maker CXMT and humanoid-robot maker Unitree, both of which reportedly surged around 460% on their first day of trading.
