Shein’s shares closed nearly flat at HK$48.50 in Hong Kong on Monday, barely below their HK$48.56 IPO price, after an early slide of up to 10% during trading. The debut caps years of failed attempts to list in New York and London, finally landing the fast-fashion giant a $26.3 billion valuation, a steep drop from its $100 billion peak in 2022. Tariff changes in the US and Europe have squeezed the business behind Shein’s famous $5 tops and $10 dresses. Founder Sky Xu made a surprise appearance at the ceremony but stayed silent, while CFO Leigh Gui pledged continued innovation with supply chain partners.
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