Shein shares plunge up to 28% in grey market ahead of Hong Kong debut
Shein 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 fast-fashion retailer sold 280 million shares at HK$48.56 each, according to an exchange filing Monday
Shein Global Holdings plunged as much as 10 per cent in its Hong Kong trading debut on Tuesday after raising HK$13.6 billion (US$1.7 billion), further shaking market confidence in the company’s valuation.
The shares opened flat at the offer price of HK$48.56 before falling as much as 10 per cent to HK$43.72. They later pared most losses, trading at HK$48.50 by market close, a 0.1 per cent drop.
“This listing marks a new beginning for Shein,” Gui said. “Moving forward, we will continue to innovate while grounding our operations in compliance, transparency and ESG principles to bring fashion to consumers worldwide.”
On Monday evening its shares closed 13.1 per cent lower on the grey market 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.
