Fast-fashion giant Shein saw its shares drop as much as 10% on Tuesday when the company finally made its stock market debut in Hong Kong, raising around $1.7 billion at a valuation of $26.3 billion — roughly a quarter of its peak estimated worth of nearly $100 billion. The listing comes after failed attempts to go public in the United States and United Kingdom, where lawmakers raised concerns over alleged forced labour in its supply chain, intellectual property disputes, and environmental impact. Analysts say the underwhelming debut reflects investor scepticism about Shein's ability to sustain growth amid rising tariffs, intensifying competition from rivals such as Temu, and tighter regulatory scrutiny in both the US and Europe.