On September 29, cross-border apparel company Shein-W (00625.HK) fell as much as ~14% intraday to HK$30.36, a record low since listing. Based on the closing price, Shein is down more than 35% from its IPO issue price. $SHEIN-W(00625)$ After a long and bumpy IPO journey, Shein listed on the Hong Kong Stock Exchange earlier this month at a valuation of about US$26 billion. At its 2022 peak, its valuation reached roughly US$100 billion, while its current market cap is only about US$16.7 billion. On the news side, on September 28 Shein released its 2026 interim results for the first half of the year—its first interim report since going public. The results show that net revenue rose just 0.9% in Q2 2026, while operating profit fell 66.