Shein Opens Flat in Hong Kong Market Debut After Delays and Setbacks
Shein's Challenging Path to Hong Kong Listing
Market Debut Performance
HONG KONG, Sept 1 (Reuters) - Shares in fast fashion giant Shein were set open flat in their Hong Kong market debut on Tuesday, hurt by numerous setbacks that have long delayed its listing and undermined the foundations of its business.
Global Business Pressures
Tariff and Duty Changes
Known globally for selling $5 tops and $10 dresses, Shein has been humbled by tariff and duty changes in the U.S. and Europe.
Valuation Drop and IPO Challenges
From Startup Darling to Lower Valuation
In 2022, it was one of the world's most valuable startups worth an estimated $100 billion but last week's IPO valued the company at about $26.5 billion. Shein also failed to list in New York and London, hampered by intense scrutiny of its business practices in the West and blocked by Chinese authorities.
Reporting Credits
(Reporting by Yantoultra Ngui and Summer Zhen in Hong Kong, Helen Reid in London and Casey Hall in Shanghai; Editing by Sumeet Chatterjee and Edwina Gibbs)