SHEIN's Hong Kong IPO Priced at $48.56 per Share, Crypto Contract Drops 17%
A day before SHEIN begins trading on the Hong Kong Stock Exchange, a crypto-based perpetual contract tracking its expected stock price dropped nearly 17% on Hyperliquid. The platform allows traders to speculate on assets prior to their official listing through blockchain-based contracts. According to data from Hyperliquid, the SHEIN-USDC pair traded around $5.60 after falling roughly 16.53% in a single day. SHEIN priced its IPO at HK$48.56 per share on August 31, raising approximately $1.74 billion and valuing the company at about $26.5 billion—down nearly 75% from its peak valuation of almost $100 billion in 2022. The listing follows failed attempts to go public in New York and London. The IPO comes amid financial challenges for SHEIN, including declining U.S. revenue and narrowing profit margins. Competitor Temu has aggressively expanded into key markets, while trade exemptions that supported its low-cost shipping model have been removed by the U.S. and EU.
Topics: crypto trading Hyperliquid IPO stock pricing