Shares slid ahead of its Hong Kong debut, deepening investor doubts on its latest listing attempt
2-MIN READ2-MINZoe SL ChanPublished: 8:00am, 1 Sep 2026Shein Global Holdings shares plunged in the grey market day ahead of its Hong Kong debut, further shaking market confidence in the company’s valuation.
On Monday evening its shares closed 13.1 per cent lower at HK$42.2 after dropping as much as 28 per cent, according to Futu Holdings data. With a board lot size of 100 shares, each lot yielded a loss of HK$636, excluding transaction fees.
Shein raised HK$13.6 billion (US$1.7 billion) after pricing shares for its Hong Kong listing at just above the midpoint amount it had set.
The fast-fashion retailer sold 280 million shares at HK$48.56 each, according to an exchange filing Monday, valuing the company at slightly over US$26 billion.
That would be a significant markdown from its peak valuation of nearly US$100 billion in 2022, as well as its Series D+ funding valuation of around US$64 billion in 2023.
To compensate investors who took part in the private funding rounds in 2022 and 2023, the prospectus reveals that Shein will pay around US$1.33 billion to holders of its pre-D, D and D+ preference shares.
