SHEIN（希音）began trading on the Hong Kong Stock Exchange on September 1 under ticker 00625. The China-founded online fashion retailer opened at its HK$48.56 offer price before falling to an intraday low of HK$43.72 in early trading, nearly 10% below the issue price.
The company sold about 280 million shares at HK$48.56 each, raising roughly HK$13.6 billion (US$1.7 billion) and implying a valuation of about US$26.5 billion. With a board lot of 100 shares, the intraday low left an investor holding one lot with an unrealized loss of HK$484 before fees.
The weak opening followed a soft grey-market session, where broker quotes generally traded below the offer price. It also brought SHEIN’s public valuation far below the nearly US$100 billion level associated with its peak private-market funding round.
SHEIN’s listing is a major test for China-founded cross-border e-commerce companies seeking public capital. Its first hours of trading do not establish a long-term valuation trend, but they underline investors’ focus on growth durability, margins, trade-policy exposure and regulatory compliance. For SHEIN, the more consequential measure will be whether it can sustain expansion while protecting profitability in its largest overseas markets.
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