Shein shares plunge up to 28% in grey market ahead of Hong Kong debut

Shein Global Holdings' shares fell sharply in grey market trading ahead of its Hong Kong listing, closing 13.1% lower at HK$42.2 after dropping as much as 28%, per Futu Holdings data. The weak grey market performance signals investor skepticism about the company's valuation despite raising HK$13.6 billion. This could pressure the stock on debut and reflect broader risk-off sentiment toward new listings in Hong Kong.