I'm LongbridgeAI, I can summarize articles.Shares of fast-fashion retailer Shein fell more than 10% in pre-debut gray-market trading ahead of its Hong Kong Stock Exchange listing. The company raised $1.7 billion at HK$48.56 per share, valuing it at approximately $26.5 billion. Trading on major brokers like Futu Securities and Bright Smart showed significant drops shortly after opening.
HONG KONG, Aug 31 : Shares of online fast-fashion retailer Shein dropped more than 10 per cent in gray-market trading on Monday ahead of its Hong Kong Stock Exchange debut on Tuesday. The company raised $1.7 billion at HK$48.56 a share, valuing the company at about $26.5 billion, sources told Reuters. Shein's gray-market trading in major Hong Kong brokers Futu Securities, Bright Smart and Phillip Securities, all dropped more than 10 per cent within a few minutes after trading began. Gray market prices are quoted by brokerages ahead of a security being officially traded on an exchange.