Shein Global Holdings plunged as much as 10 per cent in its Hong Kong trading debut on Tuesday after raising HK$13.6 billion (US$1.7 billion), further shaking market confidence in the company’s valuation.The shares opened flat at the offer price of HK$48.56 before falling as much as 10 per cent to HK$43.72. They later pared most losses, trading at HK$48.50 by market close – a 0.1 per cent drop.Shein founder Sky Xu Yangtian attended the listing ceremony but remained low profile. He did not give any speeches or interviews. Instead, chief financial officer Leigh Gui spoke on behalf of the company.“This listing marks a new beginning for Shein,” Gui said. “Moving forward, we will continue to innovate while grounding our operations in compliance, transparency and ESG principles to bring fashion to consumers worldwide.”Shein’s Hong Kong public offering was oversubscribed 4.6 times, while the international offering was oversubscribed 1.6 times.Shein Global Holdings’ chief financial officer Leigh Gui (right) and HKEX’s chairman of the listing committee Christopher Wong at the listing ceremony on Tuesday. Photo: Jonathan WongOn Monday evening its shares closed 13.1 per cent lower on the grey market at HK$42.2 after dropping as much as 28 per cent, according to Futu Holdings data. With a board lot size of 100 shares, each lot yielded a loss of HK$636, excluding transaction fees.