Shein shares slide on fast-fashion retailer’s stock market debut
- Shares in the fast-fashion brand Shein slumped by as much as 10% as the China-founded company made its long-anticipated trading debut on the Hong Kong stock exchange.
- The Singapore-headquartered company, once valued at almost $100bn (£74bn), went public on Tuesday pricing shares at HK$48.56, valuing the business at just over $26bn.
- However, minutes after the flotation, which raised HK$13.6bn, the stock fell as much as 10%, pushing the online retailer’s valuation below $25bn.
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- Shares in the fast-fashion brand Shein slumped by as much as 10% as the China-founded company made its long-anticipated trading debut on the Hong Kong stock exchange.
- The Singapore-headquartered company, once valued at almost $100bn (£74bn), went public on Tuesday pricing shares at HK$48.56, valuing the business at just over $26bn.
- However, minutes after the flotation, which raised HK$13.6bn, the stock fell as much as 10%, pushing the online retailer’s valuation below $25bn.
Sources: Guardian