Shein's share falls 9% after HK listing
The stock of Chinese e-commerce company "Shein" experienced a sharp decline of over 9% at the start of trading on the Hong Kong Stock Exchange, with its price falling to between 44 and 45 Hong Kong dollars, compared to its initial offering price of 48.56 Hong Kong dollars. This reduces the company's market value to approximately $26 billion USD. The company, which had planned to list its shares on the London and New York Stock Exchanges, delayed these plans due to opposition from Beijing. It intends to use the proceeds from the IPO to develop its technological infrastructure and strengthen its brand, amid pressures caused by new fee regulations in the U.S. and European markets. This move is part of the company's efforts to recover from recent losses amounting to $99 million prior to the listing.
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