Hong Kong flotation at $26bn by firm once valued at $100bn follows failure to list in US and UK

Shares 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...

© Photograph: May James/EPA

© Photograph: May James/EPA

© Photograph: May James/EPA

Squeezed by new trade rules, shrinking market share and labor concerns, Shein’s share decline in Hong Kong on Tuesday is a sign investors have moved on.

© Loic Venance/Agence France-Presse — Getty Images

Lee Cheuk-yan and Chow Hang-tung, former leaders of the Hong Kong Alliance in Support of Patriotic Democratic Movements of China, were charged in 2021 with inciting subversion under a China-imposed national security law that has effectively crushed the city's previously thriving pro-democracy movement.