SHEIN-W (00625.HK): Drops nearly 10% intraday on debut, market value once eroded by over HKD 20 billion

NewTimeSpace News: On 1 September 2026, SHEIN Global Holdings Limited (stock code: 00625), the cross-border fast fashion giant, was listed on the Hong Kong Stock Exchange, closing at HKD 48.50 per share, down 0.12%, with a market capitalisation of approximately HKD 205 billion. After the market opened, the share price continued to decline, touching an intraday low of HKD 43.72 per share, a maximum drop of nearly 10%, with market capitalisation once eroding by more than HKD 20 billion.

As the largest cross-border e-commerce IPO on the Hong Kong market in 2026, the final offer price was set at HKD 48.56 per share, with total gross proceeds of approximately HKD 13.596 billion and net proceeds of approximately HKD 13.214 billion from the global offering.

SHEIN relies on the "small-batch, quick-response" (LATR) model: new products are initially launched in small batches of 100 to 200 units for market testing, and the system automatically makes decisions based on real-time sales data, allowing best-selling items to be replenished within as few as 5 days; SHEIN's inventory turnover days were only 36 days in 2025. As of 31 March this year, SHEIN's online active users reached 281 million.

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