Shein shares fall 10% in HK debut

Chinese company "Shein" was listed on the Hong Kong Stock Exchange, but it experienced a decline of about 10% in its first trading session. Its share price started at HKD 48.56 and dropped to around HKD 43.8. A total of 32.9 million shares were traded, valued at HKD 1.51 billion. The company raised approximately $1.7 billion through its initial public offering, with a valuation of about $26.5 billion. This is more than 70% lower than its previous valuation of around $100 billion in 2022, reflecting investors' cautious outlook on its growth prospects.

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