Global government bonds are selling off, pushing yields to new highs as oil prices have risen above $91 a barrel, stoking inflation fears. ^[1] Shein shares fell 4% on their first day of trading in Hong Kong, trading at 46.62 HKD compared to an IPO price of 48.56 HKD. ^[2] Shein completed its initial public offering on the Hong Kong stock exchange, selling approximately 280 million shares and raising 13.6 billion Hong Kong dollars, equivalent to about 1.74 billion US dollars. ^[3] Japan's 10-year benchmark government bond hit 3% for the first time in a generation and is now up nearly 5 basis points at 2.99%. ^[4] The US 10-year Treasury yield rose 2.6 basis points to 4.78%, the highest since early 2025. ^[5] The US and Iran exchanged fire for the first time in a month on Monday, with missiles and drones fired at Iranian rocket launchers on an island in the strait of Hormuz. ^[6] Charu Chanana, head investment strategist at Saxo, noted that Shein trades at 15 times future earnings, more than double the multiple of rival Temu. ^[7] Investors are concerned about the impact of long-delayed market entry and regulatory risks on Shein's competitive advantages. ^[8] Tariff and customs duty changes in the US and Europe have contributed to a drastic drop in the company's valuation. ^[9] Shein reported a net loss of 99 million dollars in the first quarter of 2026, down from a profit of 395 million dollars in the same period the previous year, according to a draft prospectus. ^[10] The final valuation of Shein at 26.5 billion dollars represents approximately one-quarter of the company's peak valuation of 100 billion dollars reached in 2022. ^[11] This listing marks Shein's third attempt to enter the international stock market, following previous failed IPO attempts in New York and London in 2022 due to political opposition and supply chain scrutiny. ^[12]