Shein swung to a loss of $99m in the first three months of 2025, compared with a net income of $395m in the same period a year earlier, after the US removed its de minimis import duty exemption. ^[1] Shein, the Singapore-headquartered fast-fashion retailer, made its trading debut on the Hong Kong stock exchange on 2025-05-27, pricing its shares at HK$48.56, which valued the company at just over $26bn. ^[2] Shein shares opened flat at HK$48.56 but fell by 9.97% to HK$43.98 by 09:36 local time during its Hong Kong stock market debut. ^[3] On 2025-05-27, Shein's shares fell as much as 10% minutes after its flotation, which raised HK$13.6bn, pushing the company's valuation below $25bn, before recovering to close 4% below the offer price at HK$46.62 by the end of trading. ^[4] Shein's previous plans to list on the New York stock exchange were blocked by regulators over forced labour concerns, and it also considered a £50bn flotation in London that faced questions from campaigners, MPs and investors. ^[5] Shein's current valuation of $26.3 billion represents a 73% drop from its peak valuation of $98.2 billion in 2022. ^[6] Shein's net margins fell from 8.7% to 4.9% in 2025 due to increased logistics and marketing costs amid growing competition from Temu and Inditex. ^[7]