Shein’s Hong Kong Listing Debut Struggles with 10% Plunge After IPO

Shein, the fast-fashion retailer, faced a challenging debut on the Hong Kong stock market as its shares plunged by 10% to Dh20.48 before partially recovering. This drop came after the company raised $1.7 billion, valuing it at $26 billion, a significant decline from its peak valuation of $100 billion in 2022. The first-quarter financials of Shein revealed a stark contrast, with a loss of $99 million compared to a $395 million profit in the same period the previous year. This downward trend in financial performance is attributed to various factors including rising tariffs, regulatory scrutiny, geopolitical tensions, and fierce competition…