Fast-fashion giant Shein plunges 10% on Hong Kong debut

In its inaugural trading day in Hong Kong, fast-fashion retailer Shein experienced a ten percent drop in stock prices. The company successfully secured US$1.7 billion through its initial public offering, although its valuation now faces challenges at US$26.3 billion, a decline from previous private fundraising rounds in 2022. Despite plans to enhance technology and expand globally, analysts foresee hurdles from competition and new import duties impacting growth prospects.