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Shein shares fell more than 5% on Wednesday, extending a disappointing start to trading in Hong Kong after the fast-fashion retailer completed its long-awaited initial public offering.
The stock closed at HK$46 on its second trading day, down 5.15% and below its HK$48.56 IPO price. Hong Kong’s benchmark Hang Seng Index, meanwhile, finished the session largely unchanged.
Shein shares had dropped as much as 10% during Tuesday’s market debut before staging a late recovery that brought the stock close to its issue price. A source and market analysts attributed the rebound partly to stabilization measures commonly used in major IPOs to limit sharp price declines during initial trading.
The online fashion giant raised $1.7 billion through its Hong Kong IPO, giving Shein a valuation of approximately $26.5 billion. That represents a dramatic decline from the company’s peak private-market valuation of nearly $100 billion in 2022.
Investors are increasingly questioning Shein’s growth outlook as the retailer faces higher import duties, mounting regulatory scrutiny and stronger competition across its major international markets.
Brandon Ho, head of investment advisory for Singapore at Arta Finance, said Shein’s weak share performance showed investors were reassessing a growth story that had become more difficult to justify.
The company’s revenue growth has slowed in recent years, while pressure on profit margins has increased. Higher tariffs and customs costs in the United States and European Union are also challenging the economics behind Shein’s low-cost, cross-border e-commerce business model.
Shein built its global presence by offering rapidly changing collections of inexpensive clothing to consumers through its online platform. However, its dependence on international shipments leaves the company particularly exposed to changes in trade policies and import rules.
The decline in Shein shares during the first two days of trading suggests investors remain cautious despite the company successfully completing one of Hong Kong’s closely watched IPOs. Attention will now turn to whether Shein can maintain growth and protect margins as tariffs, regulatory pressures and competition reshape the global fast-fashion market.
