Shein Closes at 48.50 HKD on Its Stock Market Debut

Shein's stock finished its first day on the Hong Kong Stock Exchange on September 1 at 48.50 HKD, slightly below its introductory price of 48.56 HKD. The stock dropped as much as 10% during the session before recovering, missing the typical surge seen in initial listings. Shein's valuation now stands at approximately $26.3 billion, well below its peak of nearly $100 billion in 2022. Demand for the IPO was weak, with a subscription rate of only 5.63 times for retail investors and 2.59 times for the international tranche. Notable investors such as Xavier Niel, Michael Bloomberg's family office, Microsoft, and SoftBank's Vision Fund participated in the offering. Shein's fundamentals have deteriorated, with a 39% drop in net profit last year and a return to losses in the first quarter of 2026. The removal of duty exemptions in the U.S. and Europe has led to a 45% decline in daily active users in Europe. Shein's valuation is considered high relative to the risks, trading at around 15 times its expected earnings. Several analysts believe this IPO represents a capital restructuring and fundraising, with Shein ready to pay up to $3.5 billion to certain investors.

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