Shein's Hong Kong trading share falls 9%
Shares of the fast-fashion company "Shein" dropped by over 9% in their first trading session on the Hong Kong Stock Exchange, despite successfully raising approximately $1.7 billion in the initial public offering. The stock was traded at around $5.10 USD, compared to the IPO price of $6.19 USD, reflecting a decline in the company's market value to about $26 billion, which is one-fifth of its historic valuation that was nearly $100 billion in 2022. The company has faced market pressures and challenges related to valuation and market volatility, despite its efforts to strengthen its international presence and develop its technological infrastructure.
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