HONG KONG, September 2, 2026, 05:43 HKT — SHEIN rebounded after an initial 10% fall on debut, with 6.6% of its share float now acting as a measure for its market valuation.
- SHEIN Global Holdings HKG:0625 ended the session at HK$48.50, finishing 0.12% under its offer price after slipping as much as 10% during the day.
- In the opening session, trading volume totaled 48.01 million shares with turnover at HK$2.23 billion.
- The offer accounted for 6.59% of shares post-listing, while demand in Hong Kong was 5.63 times the available allocation.
- Revenue in the first quarter increased by 1.1%, as operating margin declined by one point to reach 2.9%.
SHEIN Global Holdings HKG:0625 finished its first trading session in Hong Kong nearly unchanged, after dropping as much as 10% during the day. The stock settled at HK$48.50, compared to the offer price of HK$48.56.
The rebound masked a more sobering reality. Just 6.59% of shares after listing were included in the global offer, making price discovery reliant on a limited initial float.
SHEIN’s first-day trading range
HK dollars ·
Source: ET Net, using HKEX market data. Midday figure: AAStocks.
The shares began trading at the offer price and reached a high of HK$43.72. After falling to HK$46.62 around midday, they closed six cents under the offer price.
Approximately 48.01 million shares were traded, with a total value of HK$2.23 billion. The trading volume represented 17.1% of the offer, but just 1.1% of the shares in circulation.
Pre-trade demand appeared robust. Hong Kong subscriptions reached 5.63 times the offered shares, and the international tranche saw 2.59 times coverage.
Offer size versus available supply
Source: SHEIN final offer price and allotment results, August 31, 2026.
Cornerstone investors were allocated 61.89 million shares, accounting for 22.1% of the offer. The exchange filing additionally cautioned that significant holdings may amplify price swings during light trading.
Chief Financial Officer Leigh Gui described SHEIN’s Hong Kong listing as “a new starting point” during the ceremony. The offer generated HK$13.60 billion in gross proceeds, with net proceeds totaling HK$13.21 billion. Associated Press
The positive earnings direction increases the significance of the float. Revenue for the first quarter increased by 1.1% to $9.05 billion, while the operating margin declined to 2.9% compared to 3.9% previously.
Growth slowed as operating margin narrowed
Revenue growth is year on year; operating margin is reported for each period.
2023
2024
2025
Q1 2026
Source: SHEIN prospectus, IFRS results through March 31, 2026.
The company reported a net loss of $99 million for the quarter, compared with a profit of $395 million in the same period the previous year. The main factor behind the turnaround was a $328 million fair-value loss on preferred shares.
Tariffs weighed more heavily on operations. The prospectus shows that U.S. revenue declined 14.3% to $2.0 billion in the quarter.
Management anticipates first-half revenue to increase at the same rate as the first quarter. The company projects a slight decline in operating margin, pointing to duties and increased logistics costs as the reason.
Liquidity provides a cushion. Cash holdings totaled $14.83 billion at the end of March, as first-quarter operating cash flow dropped to $392 million compared to $1.06 billion previously.
Based on the closing price, the company’s market capitalisation stood at HK$205.9 billion, calculated with 4.246 billion shares outstanding after the offer. This figure is similar to the IPO valuation, but it is based on a 2025 net income estimate of $2.06 billion and a less robust start to 2026.
According to Natixis economist Gary Ng, SHEIN “missed its golden listing window” due to tariffs and a move by investors towards artificial intelligence. The initial range on the first day underscores that warning, despite shares recovering late in the session. Associated Press
Key risks are still focused on customs costs, regulatory challenges and weighted voting rights. A limited tradable float may also increase gains or losses until liquidity expands.
The subsequent confirmed date is September 26, marking the conclusion of the permitted stabilization period. Prior to this, the first complete week of trading will indicate if HK$48.50 serves as a support level or aligns with demand.
