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Shares in fast-fashion giant Shein fell as much as 10% on their trading debut on Hong Kong’s stock market on Tuesday, before recovering some of their losses, following years of delay to the company’s plans to list publicly and regulatory setbacks in Europe and in the US.

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Shein’s initial public offering opened on 24 August, with the final share price set a week later on 31 August. Trading began the following day, on Tuesday.

The gap reflects standard IPO process, as investors placed their orders over about a week, the banks running the deal then fixed the final price and decided who got shares, and trading opened a few business days later once the exchange gave the final go-ahead.

The listing marks the end of a long search for a stock market willing to take Shein after plans to list in New York and London stalled amid scrutiny over its Chinese supply chains, forcing the company to turn to Hong Kong instead.

New US and EU tariffs on low-cost parcels from China, along with rising shipping costs from the war in Iran, have contributed to Shein’s swing from a $395 million (€340mn) profit to a $99 million (€85mn) loss in the first quarter of this year.

Shein raised about $1.7 billion (€1.46bn), pricing shares at HK$48.56 (€5.33) each, in one of the city’s biggest share sales this year.

“Shein’s Hong Kong listing marks a new starting point,” said Leigh Gui, Shein’s chief financial officer, in a short speech at its listing ceremony.

But in early trading, the shares fell to below HK$44 (€4.83) before losses narrowed.

Tariffs squeeze profits

Shein has built its appeal to customers on ultra-fast, affordable fashion, delivered from China to the West within days.

However, the end of “de minimis” tariff exemptions in the US and the European Union has raised duties on low-value parcels from China, including Shein’s products. Higher logistics costs, driven partly by the war in Iran, have also squeezed the company’s low-price business model and profitability.

Tariff costs have forced Shein to raise prices, “cutting into its main advantage,” said Jacob Cooke, CEO of WPIC Marketing + Technologies.

Back to its roots

Shein, pronounced “she-in,” earlier explored listing its shares in New York and London, and moved its headquarters from China to Singapore in 2021.

But increasingly strict scrutiny by Beijing and by regulators in the US and Europe led it to embrace its Chinese roots and switch to a Hong Kong listing.

Launched in 2012 in China, much of Shein’s operations were in the southern province of Guangdong before it moved its corporate headquarters out of the country.

“Guangdong is Shein’s roots, and the starting point of our journey,” founder Sky Xu said in a speech in February.

Pivoting its focus back to China also highlighted the advantages Shein derives from a supply chain system that “only exists” in Guangdong, said William Ma of GROW Investment Group, referring to its small-batch, fast-response manufacturing model.

Shein has hit other roadblocks in expanding in Europe. In February, the EU launched a probe into the company with a focus on “illegal” products, including alleged child sexual abuse material.

In May, Shein acquired San Francisco-based eco-friendly clothing retailer Everlane, a move some analysts said was not the best fit.

Hong Kong’s IPO boost

The company’s market value was roughly $27 billion (€23.2bn) as it listed in Hong Kong, a fraction of its peak valuation a few years ago.

“Shein has probably missed its golden listing window due to the shift of momentum toward AI and tariffs, which can affect valuations and profitability,” said Gary Ng, a senior economist for Asia Pacific at French bank Natixis.

Still, Shein’s listing is welcome news for Hong Kong, as the Chinese territory makes increasing efforts to hold onto its role as a global financial hub following a downturn in 2023.

Hong Kong’s stock exchange has had a strong year for IPOs, raising more than $40 billion (€34.4bn) so far.

There is also a backlog of companies seeking to list there, said Lorraine Tan at investment research firm Morningstar.

All-Pro wide receiver Puka Nacua has had a massive contract extension put on hold by the Rams. His reputation has been questioned, and he has gone through in-patient rehab at a facility that addresses mental health, wellness and behavioral issues.

And with training camp beginning Saturday, attention again has been diverted to the incident that remains unresolved — an allegation that Nacua left bite marks on a woman’s shoulder during an evening of revelry.

The latest twist is a color photo of well-defined teeth marks that the plaintiff in a civil lawsuit against Nacua says he left on her shoulder. The lawsuit was filed in March, but the plaintiff’s attorney, Joseph M. Kar, sent copies of the photo to The Times and other outlets this week before discovery and other evidence sharing in the case has begun.

A black-and-white photo of the teeth marks was included in the civil complaint filed by Kar in March asking a Los Angeles Superior Court judge for monetary damages for gender violence, assault and battery and negligence.

Nacua’s attorney Levi McCathern acknowledges a bite occurred in a sprinter van while Nacua and the woman were part of a group celebrating on New Year’s Eve. But he describes it as the result of “horseplay” in the van and questions the timing of the plaintiff producing the color photo, speculating that her attorney wanted to give the lawsuit a headline on the eve of training camp.

He also said the authenticity of the bite marks on the photo — which form a circular shape with an absence of bruising — could be challenged in court by an expert in tooth reconstruction.

An image present in a court filing as evidence shows an impression on a woman’s back. The plaintiff’s lawyer sent the photo to The Times. Puka Nacua’s attorney Levi McCathern acknowledged the bite but described it as “horseplay.”

(Law Office of Joseph M. Kar, PC)

“The marks look more like her back pressed against his face than an actual bite,” said McCathren, pointing out that video from the van published by TMZ shows a woman identified as the plaintiff twerking above Nacua, who appears to be sleeping.

In March, McCathern questioned the lawsuit being filed on the heels of the Seattle Seahawks’ Jaxon Smith-Njigba signing a record four-year, $168.6-million extension that Nacua could mirror, suggesting that Nacua’s impending wealth motivated her to seek monetary damages.

“That further underscores the complete lack of credibility behind these accusations,” McCathern said.

Kar described the incident as a vicious attack, saying that Nacua “bit her on her scapula leaving an impression of all his teeth, as well as he would not release [her] for what seemed to be 10-20 seconds, while Plaintiff was folded over and started crying and suffering severe physical and emotional pain.”

“Frankly, the color vs. the black/white [photo] was a non-sequitur for me,” Kar said. “A man attacked and bit a woman severely, he acted provocatively before, and had cursed at dinner.”

Nacua faced possible misdemeanor battery charges, but the Los Angeles city attorney’s office indicated in an email that “the matter is currently on track to be resolved through pre-filing diversion,” a program that allows eligible defendants to avoid criminal prosecution and jail time. The court agrees to dismiss the charges entirely if the defendant completes the required terms — such as community service, counseling or restitution.

The Rams were sufficiently alarmed to put the brakes on a contract extension that could have paid Nacua, 25, up to $160 million over four years. Instead, he will remain under the terms of the final year of his rookie contract, making about $5.8 million in 2026. Nacua led all NFL receivers with 129 receptions in 2025.

The incident came shortly after another behavioral issue involving Nacua that alarmed the Rams. He criticized NFL officials during a livestream and made a gesture regarded as antisemitic. Nacua apologized, but after the Rams’ loss to the Seahawks a few days later, Nacua criticized officials in a social media post from the locker room. The NFL fined him $25,000.

In March, Nacua checked into a rehab facility in Malibu. A few days later, Rams coach Sean McVay said, “I trust this kid’s heart” but that Nacua had some growing up to do and needed to represent the Rams just as well off the field as on.

“The play on the field is amazing [but] there is a responsibility in terms of representing all things not exclusive to just that,” McVay said. “He knows that those are expectations, and we are hopeful this will be an opportunity for him to learn and grow, and we are hopeful that he’s a Ram for a really long time.”

Nacua participated in a Rams team activity workout in May after leaving rehab and reflected on the experience.

“Something that I feel like I’ve learned is, it’s OK to ask for support,” he said. “And then to recognize the platform that I have in being a professional football player, and trying to use that for the betterment of myself and for those around me.”

If you want to get a sense of the fuel crisis gripping Russia, all you need to do is spend a day driving around Moscow. At almost every petrol station we passed there was a queue of cars and lorries. Some lines were long, some short; some static, others moving steadily.

If there was no queue, that meant the garage had run out of fuel entirely and was closed.

Remember: this is Moscow, the wealthy, populated capital that draws in so much of Russia’s vast resources. Even here the authorities cannot ensure there is enough petrol and diesel to keep Muscovites on the road.

Yet, in the queues, the mood was more frustrated than angry. Yekaterina told us she was “not happy” and there was “panic because everybody thinks there will be no oil”. But it would OK, she said, “we just need to reorganise the oil distribution”.

The situation according to Elmar was “very bad” and he complained prices were going up as fuel stocks ran low. “You are wasting hours to fill up,” he said. “At the moment I am planning a trip to Dagestan but I don’t know if I should drive there or not because there are so many problems with petrol.”

I asked him who was to blame. “In our country, you can’t say what is to blame and who is to blame,” he said, with a knowing smile.

In Russia, criticism of the president, or even the Kremlin, is not something most feel they can do in public.

Valery said it was strange having to queue in a country that extracts so much oil. He blamed the lack of Russian preparedness as much as Ukrainian missiles. “I have no desire to get used to queues,” he said. “I hope the situation will change soon and won’t be continued.”

So the war is coming closer to home for many across Russia.

President Vladimir Putin has worked hard to insulate most people from the consequences of what he calls his special military operation, now well into its fifth year. On the streets of Moscow, one can see little sign of the war, just a few posters about heroic soldiers.