Shein Finally Made It To The Stock Market. Investors Immediately Knocked 9% Off Its Shares.

Shein's financial performance has weakened as trade changes disrupt the low-cost model that helped it grow rapidly outside China. (Credit: AFP)

Shein's long-awaited arrival on the public markets got off to a rocky start Tuesday, with its shares dropping as much as 10% during their Hong Kong debut after years of failed listing attempts and a steep decline in the fast-fashion company's valuation.

The Singapore-headquartered retailer sold about 280 million shares at HK$48.56 each, raising roughly HK$13.6 billion, or $1.7 billion, and valuing the company at about $26.5 billion. Reuters noted that the IPO price was near the midpoint of Shein's marketed range of HK$47.60 to HK$49.50 per share.