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Fast-fashion giant Shein’s shares drop 7% in Hong Kong market debut
The fast-fashion company raised $1.74 billion, but its $26.5 billion valuation fell far below its $100 billion peak in 2022.
- On Tuesday, shares of Shein fell 7% during their Hong Kong Stock Exchange debut. The IPO raised $1.74 billion, valuing the Singapore-headquartered company at about $26.5 billion.
- Shein's Hong Kong listing follows unsuccessful attempts to go public in New York and London. Beijing previously blocked the London offering over risk disclosures tied to the China-founded company's supply chain.
- Once valued at $100 billion in 2022, the company's valuation dropped to $26.5 billion. First-quarter revenue reached $9.05 billion, though Shein reported a $99 million net loss.
- Shein contends with shifting tariff and duty regulations in the West, impacting the retailer known globally for selling $5 tops and $10 dresses.
- Allocating 40% of IPO proceeds to enhance technology capabilities, Shein will use another 40% to boost brand awareness and strengthen its global presence.
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6 Articles
Fast-fashion giant Shein set to open flat in Hong Kong market debut
Shares in fast fashion giant Shein were set open flat in their Hong Kong market debut on Tuesday, hurt by numerous setbacks that have long delayed its listing and undermined the foundations of its business.
·London, United Kingdom
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Total News Sources6
Leaning Left1Leaning Right0Center5Last UpdatedBias Distribution83% Center
Bias Distribution
- 83% of the sources are Center
83% Center
L 17%
C 83%
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