Fast-fashion giant Shein slid in its long-awaited Hong Kong trading debut Tuesday, with shares tumbling as much as 10% before recovering to HK$44.50. The listing values the China-founded retailer at around US$24 billion, far below its previous US$100 billion valuation. Shein raised HK$13.60 billion (US$1.73 billion) at a final offer price of HK$48.56, making it one of Hong Kong's largest IPOs this year behind tech names like Zhongji Innolight and Luxshare Precision Industry. Cornerstone investors include General Atlantic and Greenwoods Asset Management Hong Kong.

Regulatory obstacles and geopolitical tensions complicated Shein's circuitous path to market after failed attempts in New York and London. The company avoided a $4.4 billion payout to convertible redeemable preferred shareholders by listing before year-end. Existing shareholders hold about 90% of shares, with lock-up periods extending to February 2025 and August 2028 for some.

Analysts cite slowing revenue growth, increased competition from PDD Holdings' Temu, and a market shift toward AI and robotics sectors as headwinds. Morningstar's Lorraine Tan projects single-digit revenue growth ahead. Shein's major supply chain operates in Guangdong province, and the company gained pandemic-era popularity selling ultracheap apparel in the U.S. since 2012.