Shein's stock falls 9% after HK listing

Chinese online clothing retailer "Shein" stock dropped by more than 9% at the start of trading on the Hong Kong Stock Exchange, trading between 44 and 45 Hong Kong dollars, whereas the offering price was 48.56 dollars. The company's market value reached approximately 26 billion US dollars after two previous attempts to list its shares outside China failed due to opposition from Beijing. The company intends to use the proceeds from the offering to develop its technological infrastructure and strengthen its brand, amid pressures resulting from new customs duty regulations in the US and European markets.

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