快时尚零售商Shein在香港股票交易所正式上市，但其股价表现未达预期。1公司以港元48.56元的价格发行股票，募集资金136亿港元，上市估值为260亿美元。1然而交易开始后不久，股价便出现大幅波动，最多下跌10%，最终收盘报港元46.62元，跌幅达4%。1
这次上市使Shein成为全球最大的快时尚上市公司之一，但同时也反映出公司面临的重重挑战。1相比2022年4月融资时的1000亿美元估值，此次上市估值大幅缩水。1此外，Shein的财务状况出现恶化，2024年前三个月亏损9900万美元，而去年同期仍保持盈利3.95亿美元。1
Shein遭遇的经营困难与日益严峻的全球监管环境息息相关。1欧盟从2024年6月起对小包裹征收3欧元关税，法国则从2024年10月起对快时尚产品征收0.25至12欧元罚款。1中国商务部因此表示，法国的相关法律违反了世贸组织原则。1
Fast-fashion retailer Shein made its public market debut on the Hong Kong Stock Exchange, though investor enthusiasm proved muted on the company's first trading day.1 The company priced its shares at HK$48.56 per share and raised HK$13.6 billion, valuing the enterprise at $26 billion.1 However, the stock fell as much as 10 percent within the first minutes of trading before closing down 4 percent at HK$46.62.1
The modest market reception reflects mounting pressures facing Shein amid intensifying global regulatory scrutiny. The company's financial performance has deteriorated sharply, with losses of $99 million recorded in the first three months of 2024 compared to profits of $395 million in the same period the previous year.1 Regulatory headwinds have intensified across major markets: the European Union imposed a €3 tariff on small parcels beginning in June 2024, while France introduced fines ranging from €0.25 to €12 on fast-fashion products starting in October 2024.1 China's Commerce Ministry responded by asserting that France's measures violated World Trade Organization principles.1
The listing marks a significant milestone for founder Chris Xu's Singapore-headquartered company, though it underscores the challenges facing one of the world's largest publicly listed fast-fashion enterprises.1 The $26 billion valuation represents a steep decline from Shein's $100 billion valuation when it raised capital in April 2022.1
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