快时尚电商巨头Shein香港上市首日股价下跌

快时尚电商平台Shein于香港股市上市，融资约17亿美元，但上市首日表现不佳12。公司IPO定价为48.56港元，首日股价下跌至44港元左右12。上市后公司估值约为263至270亿美元，相比此前接近1000亿美元的估值大幅下滑12。

Shein面临多重经营困难。美国于2025年7月取消了小包裹进口关税豁免，欧盟对低价值进口商品征收3欧元税，这些贸易政策调整导致物流成本上升，压缩了公司利润率12。第三季度Shein报告亏损9900万美元，与去年同期3.95亿美元的利润形成对比2。为应对成本上升，公司被迫提价，这削弱了其长期的价格竞争优势2。

Shein在截至2026年3月底的一年内拥有2.73亿活跃客户，累计订单超过10亿份，产品已覆盖约160个市场1。创始人Sky Xu曾表示，广东是Shein的根源和公司旅程的起点12。这次香港上市是Shein在美国和英国上市遭阻后的转向1。

Fast-fashion e-commerce giant Shein made its public market entry in Hong Kong, raising approximately HK$1.36 billion (about $17 billion USD) at an IPO price of HK$48.56 per share 12. However, the debut proved underwhelming, with shares declining on the first trading day. The stock fell to around HK$44, representing a drop of approximately 8.7 to 10 percent from its offer price 12. Following the listing, the company's valuation stood at approximately $263 to $270 billion USD—a dramatic decline from its previous peak valuation near $1 billion 12.

The sluggish debut underscores mounting pressures facing the Chinese retailer, which had previously sought listings in the United States and United Kingdom without success 1. The company reported a loss of $99 million in the third quarter of 2025, a striking reversal from a profit of $395 million in the same period the previous year 2. This deterioration in profitability stems largely from shifting trade policy dynamics. The United States eliminated preferential tariff treatment for small packages in July 2025, while the European Union imposed a 3-euro tax on low-value imports 1, forcing Shein to raise prices and eroding its traditional competitive advantage of ultra-low costs 2.

Despite these challenges, Shein maintains significant scale, serving approximately 273 million active customers over a twelve-month period ended March 2026 and processing over 1 billion cumulative orders 1. The company's chief financial officer, Leigh Gui, noted that Shein's products now reach approximately 160 markets globally 1. Founder Xu Yangtian emphasized the company's deep roots in China, stating in February that Guangdong represents "the origin of Shein and the starting point of our journey" 12.