Shares in fast-fashion online retail giant Shein lost around 10% after it began trading on Hong Kong's stock market Tuesday, after a long delay in the company's plans to list its shares publicly. This was reported by Qazaqyia.kz citing Associated Press.
Shein raised about $1.7 billion, priced at HK$48.56 ($6.19) a share, in its initial public offering in Hong Kong in one of the city's biggest new share sales this year.
The listing ceremony in Hong Kong was attended by the company's CEO Xu Yangtian (also known as Sky Xu) and CFO Leigh Gui. Representatives from the company struck the gong at the ceremony.
The drop in Shein's shares highlights its China roots, AP notes. Although the company is headquartered in Singapore, its roots are in China.