Shares of Shein fell 9% in their Hong Kong trading debut, after a tepid IPO that saw the fast-fashion giant's valuation drop to nearly a quarter from its peak.
The Singapore-headquartered company sold about 280 million shares in its initial public offering, raising around 13.60 billion Hong Kong dollars ($1.74 billion) after the final offer price was set at HK$48.56 per share, below the maximum offer price of HK$49.5.
The IPO values Shein at around $26.5 billion, compared with its private market valuation of $100 billion in 2022.
From a retail perspective, Bryan Gildenberg, managing director of Retail Cities, pointed to the changing competitive landscape facing Shein.
Shein plans to use 40% of the IPO proceeds to enhance its technology capabilities and another 40% to boost brand awareness and strengthen its global presence.
Shein reported net revenue of $41.8 billion in 2025, compared with $38.7 billion a year earlier.
