Shein Global Holdings is set to debut on the Hong Kong stock exchange following a lengthy effort to list its shares in international markets, including New York and London. However, the company’s market entry has been met with volatility in the grey market—a platform where shares are traded before the official public listing.

According to data from Futu Holdings, Shein shares experienced a significant decline on Monday evening, dropping as much as 28% before closing 13.1% lower at HK$42.2. For investors holding a standard board lot of 100 shares, this movement resulted in a loss of HK$636 per lot, excluding transaction fees. The company successfully raised HK$13.6 billion (US$1.7 billion) through its initial pricing, which was set just above the lower end of its target range. While the BBC notes that this listing follows a multi-year quest to go public, the SCMP highlights that the sharp drop in grey market trading has cast doubt on the company's overall valuation and investor sentiment heading into the official launch.