SHEIN began trading in Hong Kong on Sept. 1 under the stock short 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 reaching an estimated listing valuation of roughly $26 billion. On its first trading day, the stock opened flat at the offer price, then fell quickly and at one point slid to around HK$43.72, a drop of about 10%.
BlockBeats said the SHEIN Pre-IPO market on Trade.xyz, part of the Hyperliquid ecosystem, again showed notable price-discovery ability. The day before the listing, the SHEIN pair on Trade.xyz saw a 15% flash drop, effectively pricing in a break below the IPO price before Hong Kong trading began. As of publication, the xyz:SHEIN contract was trading at about $5.69. Converted using the Hong Kong dollar linked exchange rate, that works out to about HK$44.6, close to the roughly HK$44 range seen in SHEIN’s intraday trading on its first day.
SHEIN officially debuted on the Hong Kong Stock Exchange on Sept. 1 under the stock short name SHEIN-W and stock code 00625.
The company set its IPO price at HK$48.56 per share, raising about HK$13.6 billion, with an estimated listing valuation of roughly $26 billion. In first-day trading, SHEIN opened flat at the offer price and then moved lower quickly, at one point falling to around HK$43.72, or about 10% below the IPO price.
Trade.xyz market moved first
According to BlockBeats, the SHEIN Pre-IPO market on Trade.xyz within the Hyperliquid ecosystem once again showed strong price-discovery ability. The SHEIN trading pair on Trade.xyz saw a 15% flash drop yesterday, pricing in a break below the offer price before the stock started trading in Hong Kong.
As of publication, the xyz:SHEIN contract was trading at about $5.69. Using the Hong Kong dollar linked exchange rate, that is roughly HK$44.6, broadly in line with the HK$44 area where SHEIN traded intraday on its first day.
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