Shein shares fell more than 5% on their second day of trading in Hong Kong, extending a weak debut that left the ultra-fast-fashion retailer valued at a fraction of its private-market peak. The stock, listed as 0625.HK, dropped as much as 10% on Tuesday to a low of HK$43.80 before finishing at HK$48.50, just below the HK$48.56 IPO price, a close that valued the company at about $26.3 billion against a 2022 peak near $100 billion; the first-day rebound was linked to stabilisation measures with Goldman Sachs as stabilising manager. Shein had raised $1.7 billion at a roughly $26.5 billion IPO valuation. The setback comes after the United States ended the de minimis exemption that let sub-$800 parcels enter duty-free and as the European Union prepares fees on low-value parcels from July 1, 2026, raising costs for Shein and Temu parent PDD Holdings. Shein reported $41.8 billion in 2025 net revenue and a $99 million net loss on $9.05 billion of first-quarter 2026 revenue, while facing a U.S. FTC consumer-protection investigation and a European Commission probe; investors are watching trading once stabilisation ends.