Shein shares drop 10 percent in Hong Kong debut

Chinese-founded e-commerce retailer Shein made its share trading debut in Hong Kong on Tuesday, capping a years-long effort to tap capital markets following failed attempts to list in New York and London. Share prices tumbled about 10 percent in early Hong Kong trading before paring losses to trade down 4 percent by lunchtime, last trading at 46.62 Hong Kong dollars (5.95 dollars). The initial public offering (IPO) valued Shein at around 26.5 billion dollars, far below its 2022 peak of nearly 100 billion dollars.