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Fast-fashion giant Shein’s shares drop 7% in Hong Kong market debut
- On Tuesday, shares of Shein fell 7% during their Hong Kong Stock Exchange debut. The IPO raised $1.74 billion, valuing the Singapore-headquartered company at about $26.5 billion.
- Shein's Hong Kong listing follows unsuccessful attempts to go public in New York and London. Beijing previously blocked the London offering over risk disclosures tied to the China-founded company's supply chain.
- Once valued at $100 billion in 2022, the company's valuation dropped to $26.5 billion. First-quarter revenue reached $9.05 billion, though Shein reported a $99 million net loss.
- Shein contends with shifting tariff and duty regulations in the West, impacting the retailer known globally for selling $5 tops and $10 dresses.
- Allocating 40% of IPO proceeds to enhance technology capabilities, Shein will use another 40% to boost brand awareness and strengthen its global presence.
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The ultra-ephemeral fashion giant Shein dropped by more than 9% after raising some 1.46 billion euros for its long-awaited market entry in Hong Kong on Tuesday. ...
·Brussels, Belgium
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Zeit Online+2 Reposted by 2 other sources
Here you can find information on the topic "Fashion". Read now "Shopping platform Shein slips into the negative at the stock market debut.
·Germany
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Shein is known for cheap fashion, but is also criticized for it. In Hong Kong, the shopping platform is now making its market debut. How this is evaluated in the professional world.
The title of the ultra fast fashion giant has lost more than 9%.
·Paris, France
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Total News Sources130
Leaning Left19Leaning Right20Center31Last UpdatedBias Distribution44% Center
Bias Distribution
- 44% of the sources are Center
44% Center
L 27%
C 44%
R 29%
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