SHEIN officially began trading in Hong Kong under the stock name SHEIN-W and stock code 00625. The company priced its IPO at HK$48.56 per share, raising about HK$13.6 billion and implying a listing valuation of roughly $26 billion. On its first trading day, the stock opened flat versus the offer price and then moved lower, at one point falling to around HK$43.72, or about 10% below the IPO price.
A related signal had already appeared in crypto-linked pre-market trading. On Trade.xyz, part of the Hyperliquid ecosystem, the SHEIN Pre-IPO market fell 15% in a sharp move a day earlier, effectively pricing in a break below the offer price. As of publication, the xyz:SHEIN contract was trading at about $5.69. Based on the Hong Kong dollar peg exchange rate cited in the report, that worked out to roughly HK$44.6, close to the HK$44 area seen in SHEIN’s intraday Hong Kong trading.
Odaily reported that SHEIN officially listed in Hong Kong today under the stock name SHEIN-W and stock code 00625.
The company priced its initial public offering at HK$48.56 per share, raising about HK$13.6 billion, with an implied listing valuation of roughly $26 billion. On its first trading day, the stock opened flat at the offer price and then turned lower. It fell to around HK$43.72 intraday, marking a drop of about 10%.
In the Hyperliquid ecosystem, Trade.xyz’s SHEIN Pre-IPO market had already shown weakness a day earlier, with a 15% flash drop that effectively priced in a break below the IPO price. As of publication, the xyz:SHEIN contract was trading at about $5.69. Using the Hong Kong dollar peg exchange rate cited in the report, that equals roughly HK$44.6, broadly close to the HK$44 range seen during SHEIN’s first-day intraday trading in Hong Kong.
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