Shein Shares Fall in Hong Kong Debut After Years-Long Push to Go Public

Online fashion retailer Shein made its stock market debut in Hong Kong on Tuesday, capping a multi year effort to go public after earlier attempts to list in New York and London failed to materialize. Shares fell about 10% in early trading before recovering slightly to trade down 4% by midday.

Valuation Falls Sharply From Previous Peak

The IPO valued Shein at approximately $26.5 billion, a steep drop from its peak valuation of nearly $100 billion in 2022. The decline reflects a combination of financial struggles and shifting investor sentiment toward the company’s business model in recent years.

Investor Demand Reflects Broader Market Preferences

Despite the stock’s decline, the offering attracted meaningful investor interest, with strong demand from both institutional and retail investors. Analysts noted that investor enthusiasm across Chinese and Hong Kong markets currently favors sectors such as artificial intelligence, robotics, and semiconductor technology more than traditional retail businesses like Shein.

Company Founder Makes Rare Public Appearance

Shein’s chief executive and founder made a rare public appearance to mark the listing, a notable departure from his typically private profile since founding the company in 2012.

Following its first-day decline, Shein’s market capitalization now places it outside the ranks of China’s 100 largest publicly traded companies, reflecting how significantly its valuation has fallen compared to previous years.