Key facts
- Shein shares opened flat on the Hong Kong Exchange on Tuesday.
- The company raised $1.7 billion at a valuation of $26.5 billion.
- Shares fell over 10% in pre-debut gray-market trading.
- Shein shares declined 8% shortly after their market debut.
China-founded fast fashion retailer Shein executed a subdued debut on the Hong Kong Exchange on Tuesday, with its shares opening flat and quickly declining 8%. The listing comes amid questions over the company's business model and follows a more than 10% drop in pre-debut gray-market trading. Shein raised $1.7 billion at a valuation of approximately $26.5 billion, significantly lower than its peak private valuation. The company had previously faced setbacks and regulatory scrutiny that delayed its IPO plans in New York and London.