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Shein shares drop in grey market before Hong Kong debut

The fast-fashion retailer raised HK$13.6 billion at a listing price of HK$48.56 per share, while its grey-market move earlier in the day was reported to reach a 28% decline.

Reported · Written up by our desk · Emerging Markets

Shein Global Holdings shares fell in the grey market ahead of its Hong Kong debut, underscoring continued uncertainty about the company’s valuation, according to SCMP Economy.

By Monday evening, shares were reported to have closed 13.1% lower at HK$42.2 after dropping as much as 28% earlier in the session, based on Futu Holdings data.

SCMP Economy also reported that Shein priced its Hong Kong listing slightly above the midpoint, selling 280 million shares at HK$48.56 each and raising HK$13.6 billion, valuing the company at just over US$26 billion.

The prospectus cited by SCMP Economy said Shein will pay about US$1.33 billion to holders of its pre-D, D, and D+ preference shares to compensate investors from private rounds in 2022 and 2023.

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