Shein priced its initial public offering in Hong Kong at 48.56 Hong Kong dollars per share on Monday, which is below the upper end of the announced range of 47.60 to 49.50 Hong Kong dollars. ^[1] The online fast-fashion retailer sold 280 million shares to raise 13.6 billion Hong Kong dollars, equivalent to $1.74 billion. ^[2] Major investors participating in the offering included Willett Advisors, the family office of Michael Bloomberg, Xavier Niel, Microsoft, Reliance, Claure Group, and the SoftBank Vision Fund. ^[3] The IPO saw an oversubscription of 5.63 times for the Hong Kong offering and 2.59 times for the international offering, according to a statement from Shein to the stock exchange. ^[4] Kenny Ng, a strategist at China Everbright Securities International, stated that the oversubscription rate is relatively mild and that some investors remain cautious about the valuation due to fluid international trade policies and geopolitical tensions. ^[5] The Hong Kong public offering portion was subscribed 5.63 times, while the international portion was subscribed 2.59 times, according to a stock exchange filing. ^[6] Shares of the fast-fashion retailer dropped more than 10 percent in gray-market trading on Monday. ^[7]