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The fast-fashion retailer priced its IPO at HK$48.56 a share, raising $1.7 billion at a valuation of about $26.5 billion
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Shein stock tumbled more than 10% in gray-market trading on Monday, the day before it was set to begin trading on the Hong Kong Stock Exchange, a sign of tepid investor enthusiasm heading into the listing. Futu Securities, Bright Smart, and Phillip Securities — three of Hong Kong's major brokerages — each quoted the stock down more than 10% shortly after gray-market trading got underway, according to Reuters.
At Futu, which leads Hong Kong's retail brokerage market by trading volume, the shares were last quoted near HK$42. Brokerages quote gray-market prices for a stock before it begins official trading on an exchange.
