Shein shares slump in highly anticipated Hong Kong trading debut

Shares of online fashion retailer Shein Global Holdings Ltd. (0625.HK) opened flat in their highly anticipated Hong Kong trading debut on Tuesday, then traded down during the morning to close at HK$46.62 by the midday trading break, 4% below the offer price.

Shein sold nearly 280 million shares for HK$48.56 each, representing the middle of their indicated range of HK$47.60 and HK$49.50, to raise net proceeds of HK$13.21 billion ($1.69 billion). The retail tranche for local Hong Kong investors was oversubscribed by 4.63 times, while the international tranche was oversubscribed by 1.6 times. Seven cornerstone investors purchased 61.89 million shares, representing 22.1% of the total offering.

Shein was active in 160 global markets at the end of last year, boasting 273 million active customers. Its average order frequency per customer was four times, with an average fulfillment expense per order of $17.70.

The company’s revenue rose from $32.1 billion in 2023 to $41.84 billion last year. Its revenue rose 1.1% year-over-year in the first quarter of 2026 to $9.05 billion. But its profitability has been more volatile, rising from $2.79 billion in 2023 to $3.37 billion in 2024, only to drop to $2.06 billion in 2025. The company recorded a net loss of $99 million in the first quarter of this year, primarily driven by changes in the fair value of its convertible redeemable preferred shares.

By Lau Chi Hang

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