Shein’s Debut Falls Flat as Valuation Sinks From Peak

Shein Global Holdings Ltd.’s shares slipped in their Hong Kong trading debut on Tuesday, capping a long-delayed listing at a valuation far below the fast-fashion giant’s pandemic-era peak.

The stock closed at HK$48.50 ($6.19), down 0.1% from its HK$48.56 offer price, after falling as much as 9.8% intraday. That gave Shein a market value of about HK$205 billion.