Shein Shares Plunge More Than 9% in Hong Kong Debut

Shein’s long-awaited Hong Kong debut began with a sharp fall. Shares of the online fast-fashion company traded at HK$40, down more than 9% from the HK$48.56 offer price.

The listing raised about €1.46 billion, slightly below the company’s target of nearly €1.5 billion. It valued Shein at more than €22 billion, roughly four times below the valuation it reached in 2022, when a funding round put the company at nearly $100 billion, or about €86 billion at the time.

Founded in China in 2012 and now based in Singapore, Shein offered 280 million shares in Hong Kong. The company said it would use most of the proceeds to expand its technology capabilities and international presence. Earlier plans to list in New York in 2023 and London in 2024 encountered regulatory obstacles, according to press reports. Chinese market regulators approved the Hong Kong listing application in early July.

Shein has built its business on rapidly changing collections sold at very low prices to young customers through social media. It operates in more than 150 countries and claims 273 million customers, including 23 million in France. Critics in developed countries accuse the platform of encouraging overconsumption that creates waste and pollution. The company reported $41.8 billion in revenue and $2.1 billion in net profit in 2025, but recorded a $99 million net loss in the first quarter of 2026.