A once high-flying fast-fashion giant has made its stock market debut in Hong Kong after abandoning plans to list in the US and UK, with its shares plunging by up to 10% on the first day of trading. The company, which was previously valued at nearly $100 billion, now enters the market at a significantly lower valuation of over $26 billion following its Hong Kong flotation. The move marks a major shift for the Singapore-based brand, which priced its shares at HK$48.56 as part of its highly anticipated public offering. Investors are closely watching how the company performs amid concerns over its financial health and market competition.
Hong Kong flotation at $26bn by firm once valued at $100bn follows failure to list in US and UKShares in the fast-fashion brand Shein slumped by as much as 10% as the China-founded company made its long-anticipated trading debut on the Hong Kong stock exchange.The Singapore-headquartered company, once valued at almost $100bn (£74bn), went public on Tuesday pricing shares at HK$48.56, valuing the business at just over $26bn. Continue reading...
