Shein shares plunge up to 28% in grey market ahead of Hong Kong debut

Shein Global Holdings plunged as much as 10 per cent in its Hong Kong trading debut on Tuesday after raising HK$13.6 billion (US$1.7 billion), further shaking market confidence in the company’s valuation.The shares opened flat at the offer price of HK$48.56 before falling as much as 10 per cent to HK$43.72. They later pared some losses to trade at HK$45.64 as of 9.45am local time.On Monday evening its shares closed 13.1 per cent lower on the grey market at HK$42.2 after dropping as much as 28 per cent, according to Futu Holdings data. With a board lot size of 100 shares, each lot yielded a loss of HK$636, excluding transaction fees.