Shein hisseleri 26 milyar $ değerindeki Hong Kong halka arzında düştü

Shein stock falls in Hong Kong IPO debut, valued at $26 billion

Tue, September 1, 2026 at 2:41 PM GMT+3 2 min read

Shein began trading on the Hong Kong Stock Exchange on Tuesday under the stock code 00625, with its stock falling about 9% on its first day of public trading after a years-long effort to go public.

The Singapore-headquartered company sold roughly 280 million Class B shares, netting about HK$13.60 billion ($1.74 billion) in proceeds, with the final offer price landing at HK$48.56 per share, according to CNBC. That offer price fell below the maximum of HK$49.50 per share. The IPO values Shein at roughly $26.5 billion, compared with a private-market valuation of $100 billion in 2022.

Shein stock fell as much as 10% in early trading before recovering some ground to close down 9% for the day. The listing marks the largest new share issuance on the Hong Kong exchange so far this year.

According to its prospectus, Shein intends to direct 40% of IPO proceeds toward improving its technology capabilities and an equal share toward building brand awareness and expanding its global footprint, with the remaining funds split between corporate responsibility initiatives and general corporate purposes. The company's prospectus showed full-year 2025 net revenue of $41.8 billion, a rise from the $38.7 billion recorded in 2024. In the first quarter of 2026, revenue reached $9.05 billion and the company posted a net loss of $99 million, reversing a $395 million profit from the same period a year earlier.

Shein chief financial officer Leigh Gui, speaking at a ceremony marking the start of trading, said the company's model now reaches about 160 markets worldwide, according to BBC.

Brendan Ahern, chief investment officer of KraneShares, told CNBC that near-term sentiment could remain guarded, with a portion of investors preferring to hold off until the company releases its second-quarter figures and provides more visibility on its balance sheet. Ahern noted that new tariff regimes in the United States and Europe had created a tougher operating environment for Shein, squeezing its margins and slowing its top-line momentum.

The listing capped a long and turbulent path to the public markets. As gray-market trading on Monday signaled tepid investor enthusiasm, with shares quoted down more than 10% at some Hong Kong brokerages before official trading began, the compressed valuation reflected both Shein's deteriorating financial trajectory and the geopolitical headwinds the company has navigated. Revenue growth fell to 8% in 2025, down from 20.7% the prior year, before slowing to 1.1% in the first quarter of 2026. U.S. revenue fell 14.3% in that quarter compared with a year earlier after the U.S. eliminated a duty exemption on small packages from China.

Shein had previously launched its global offering on August 24 at a price range of HK$47.60 to HK$49.50 per share. Earlier attempts to list in New York and London did not proceed, with Chinese regulators ultimately approving the Hong Kong offering in early July.