HONG KONG, September 1, 2026, 17:20 HKT
- SHEIN closed at HK$48.50, slipping 0.12% from its offer price of HK$48.56.
- The share price fell nearly 10% to HK$43.72 before staging a late recovery.
- SHEIN’s initial public offering at HK$13.6 billion valued the company at roughly $26.3 billion.
- The company posted a $99 million loss for the first quarter, compared with a $395 million profit a period earlier.
SHEIN Global Holdings Limited HKG:0625 finished its debut session in Hong Kong with little change. The stock ended at HK$48.50 following an intraday drop to HK$43.72, closing 0.12% below its offer price Google Finance; Yahoo Finance.
SHEIN debut: a 10% drop, then a closing-auction recovery
Hong Kong dollars per share; five-minute observations
As of . Source: Yahoo Finance; offer price from the HKEX prospectus.
A late-session upswing contributed to what appeared to be a stable start. Despite this, the trading day saw significant volatility. Shares dropped by up to 10% at one point during intraday trade, underlining ongoing price uncertainty, before the closing auction helped regain almost all earlier losses Radiocor.
The transaction raised HK$13.6 billion, or about $1.74 billion. SHEIN allocated 279.99 million shares. The capital accounts for roughly 6.6% of the implied equity value of $26.3 billion.
IPO mechanics at the final price
Source: HKEX prospectus; gross proceeds calculated from offered shares and final price.
The investment comes after a sharp shift in performance. SHEIN reported a $99 million loss for the first quarter, after posting a $395 million profit in the same timeframe a year earlier—a swing of $494 million The Guardian.
Washington’s removal of the de minimis parcel exemption has led to a rise in shipping costs. Jane Foley, head of currency strategy at Rabobank, said it “really did undermine the core business model” BBC.
Customer scale grew while quarterly earnings reversed
Customer figures are as of March 31, 2026. Sources: BBC and The Guardian.
Strong demand continues. By March, active customer numbers surpassed 281 million, up more than 16%. In the previous year, they placed more than one billion orders.
The valuation fell sharply with the listing. SHEIN was valued at nearly $100 billion in 2022. The company ended Tuesday’s session at about $26.3 billion, a decline of 73.7%.
Public investors accepted only about one-quarter of the 2022 valuation
Sources: The Guardian and Radiocor; percentage calculated from reported values.
SHEIN last week priced its share offer between HK$47.60 and HK$49.50. The final pricing landed near the middle of this range. Hong Kong retail investors received 10% of the allocation, with the remaining 90% going to overseas investors HKEX.
Chief Financial Officer Leigh Gui marked the listing, saying, “Let global consumers enjoy the sound of fashion.” Still, the market responded more quietly, reflected in the valuation discount.
In the week ahead, investors will watch whether shares hold at the offer price. The agreement features a 15% over-allotment option. Information regarding stabilizing trades may affect initial trading activity.
Risks: Tariffs, parcel levies and European regulation could impact growth or earnings. An initial stabilization in activity might mask real selling interest during the first sessions.
The IPO ended its debut session without dipping under its offer price. Still, trading during the day highlighted investors’ caution. Investors recognized SHEIN’s considerable scale but marked down its earlier valuation by about 75%.
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