Shein shares finished 0.1% below their HK$48.56 offer price on the first day of trading on the Hong Kong Stock Exchange after raising about $1.74 billion, the city’s largest new equity offering so far in 2026. The stock plunged as much as 10% in morning trade before partially rebounding and closing only marginally under the IPO level, leaving the company valued at roughly $26 billion—down sharply from a $100 billion private-market valuation in 2022. Roughly 280 million Class B shares changed hands under ticker 00625. Shein plans to put 40% of proceeds into technology and another 40% into brand building and international expansion. Full-year 2025 net revenue reached $41.8 billion, up 8% from $38.7 billion in 2024, but first-quarter 2026 growth slowed to 1.1% on $9.05 billion of sales and a $99 million net loss, reversing a $395 million profit a year earlier. U.S. revenue fell 14.3% in that quarter after the Trump administration eliminated the de minimis duty exemption on low-value parcels, while European tariffs added further pressure; rival Temu owner PDD Holdings saw its U.S. ADRs drop 31% over the prior twelve months. CFO Leigh Gui said the platform now reaches about 160 markets. Earlier New York and London listing efforts failed before Chinese regulators cleared the Hong Kong path in early July, and gray-market quotes had already signaled weak demand ahead of the open.