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Shein shares steady on HKEX debut
The shares of the online fast-fashion company "Shein" closed their first session on the Hong Kong Stock Exchange with little change, at a price of HKD 48.50. This occurred despite the stock recovering from an earlier decline of up to 10%. The listing comes after unsuccessful attempts in New York and London, which were delayed due to intensified regulatory scrutiny over its business practices in China. The company's market value is estimated at around $26.3 billion, significantly lower than its peak of over $100 billion in 2022. Investors are concerned about slowing growth and rising regulatory costs, with shares trading at a P/E ratio of 15, higher than that of PDD. Despite weak demand during the offering, major institutions such as Microsoft and the Michael Bloomberg family office participated in the investment, with a limited amount of shares available for free trading after the lock-up period.
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