Shein debuts in Hong Kong at $26bn valuation, shares slide 10%

Shein's Hong Kong IPO priced at HK$48.56, valuing the company at just over $26bn, a sharp discount to its prior $100bn private valuation. Shares fell up to 10% on debut, reflecting investor skepticism about the fast-fashion retailer's growth prospects and regulatory risks. The listing follows failed attempts to float in the US and UK, marking a significant de-rating for a once-high-flying e-commerce firm.