HONG KONG, Aug 31 (Reuters) – Shares of online fast-fashion retailer Shein dropped more than 10% 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% within a few minutes after trading began.
Gray market prices are quoted by brokerages ahead of a security being officially traded on an exchange.
(Reporting by Summer Zhen, writing by Scott Murdoch, Editing by Louise Heavens)
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