Gate has launched SHEINUSDT perpetual contract pre-market trading with USDT settlement, supporting 1x to 10x long and short leverage selectable at order time, joining Trade.xyz, Bitget and Bybit in offering synthetic exposure to SHEIN ahead of its expected Hong Kong listing. SHEIN, a cross-border fast-fashion e-commerce leader known for a flexible small-batch, quick-response supply chain, is expected to list on the Hong Kong Stock Exchange under stock code 0625 on Sept. 1, 2026, at an indicated IPO price of HK$47.60 to HK$49.50 per share under a dual-class share structure. Trade.xyz said an oracle will convert the post-listing Hong Kong share price into U.S. dollars using the prevailing dollar-Hong Kong dollar exchange rate and later warned that changing expectations could push the mark price to discovery bounds more often. Bitget's contract offers up to 20x leverage, 24/7 trading and funding settlements every eight hours, while a separate Bybit product was described with 10x leverage and four-hour funding settlements. Gate said it may adjust funding rates, minimum price increments, maximum leverage, risk limits and maintenance margin as conditions warrant. The derivatives do not confer ownership of SHEIN shares, and prices may diverge from the eventual IPO or listed-stock price. Bitget highlighted 2025 revenue of $41.8 billion, a 67.9% gross margin and an implied market capitalization of approximately $27 billion, more than 70% below SHEIN's earlier $100 billion peak valuation.