Shein's Hong Kong debut: shares drop 19% to $21bn
Business
Shein's big debut in Hong Kong didn't go as planned: its shares dropped 19% in just a few days, wiping $5 billion off its value.
The company is now worth $21 billion, way down from the nearly $100 billion hype it had back in 2022.
Shein posts $99 million Q1 loss
Shein's facing tariffs, lost some duty-free perks, and shipping costs are up, all of which are hurting its bottom line. On top of that, rivals like Temu are turning up the heat.
The result? Shein reported a $99 million loss in the first quarter of this year after making $395 million in profit during the same period a year earlier.
Analysts say market concerns are also growing around Shein's marketplace transition.