Shein Global Holdings Ltd. shares fell as much as 10% during their Hong Kong trading debut, marking a subdued start to the initial public offering. ^[1] Shein Global Holdings Ltd. listed on the Hong Kong stock exchange with an initial valuation of approximately 26,000 million US dollars, which is 73% lower than its peak private valuation of 98,200 million US dollars. ^[2] After the IPO, Shein's market capitalization is approximately 26 billion US dollars, which is about a quarter of the 100 billion US dollar valuation it held in 2022. ^[3] Shein, the Chinese fast-fashion retailer, debuted on the Hong Kong Stock Exchange and its shares fell by up to 10% within the first ten minutes of trading. ^[4] According to a Bloomberg report, the pricing gave Shein a market capitalization of slightly more than $26 billion. ^[5] The final offer price for Shein shares was fixed at HK$48.56 per share, below the maximum offer price of HK$49.5. ^[6] The Singapore-headquartered company sold around 280 million shares through its initial public offering, raising approximately HK$13.60 billion, or $1.74 billion. ^[7] Shares of Shein Global Holdings Ltd. fell 10% on their first day of trading, reaching a low of 43.72 Hong Kong dollars per share against an offering price of 48.56 Hong Kong dollars. ^[8]