Shein’s HK debut stumbles as stock slides on opening day

Shein’s long-awaited Hong Kong IPO priced at HK$48.56 per share, raising HK$13.6bn and valuing the group at just over $26bn; the stock slid up to 10% on its first trading day before finishing near flat at HK$48.50, a muted debut after years of regulatory scrutiny and amid broader risk to consumer IPOs as trade tensions loom and previous private rounds valued the company much higher (around $100bn in 2022, later about $66bn).