Shares in the fast fashion giant Shein dropped sharply on their first day of trading in Hong Kong on Tuesday, in an initial public offering that valued the company at roughly a quarter of its peak worth of a hundred billion dollars in 2022.
The company had been under growing pressure after the United States closed a loophole allowing small packages to enter duty-free, and the European Union scrapped a similar exemption.
Shein had previously failed to secure listings in both New York and London before Chinese regulators approved a Hong Kong debut.
Laura Westbrook has more from Hong Kong.
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