Fast-fashion giant Shein opened flat in its Hong Kong trading debut on Sept 1 after raising HK$13.6 billion, or about US$1.7 billion, in its IPO that valued the company at just over US$26 billion.
Shares of Shein Global Holdings traded at their IPO price of HK$48.56, which was set slightly above the midpoint of its marketed range.
The valuation marks a dramatic reset from 2022, when Shein was estimated to be worth around US$100 billion. While its new market capitalisation still places it among the world’s largest listed apparel and fashion companies, it remains below Swedish retailer Hennes & Mauritz, which is valued at roughly US$30 billion.
Shein’s subdued debut follows years of setbacks to its listing ambitions and growing pressure on its ultra-low-cost business model. Tariff and duty changes in the US and Europe have raised costs in two of its key markets, while scrutiny over its business and supply-chain practices has intensified.
The company had previously sought listings in New York and London, but both plans stalled amid regulatory scrutiny in the West and hurdles involving Chinese authorities.
The muted Hong Kong debut underscores how sharply investor expectations have shifted as Shein faces tougher trade rules, regulatory pressure and questions over the sustainability of its fast-fashion model.
