SHEIN and Mecademic Robots Both Sink in Grey Market Trading
SingTao · 2 SOURCES1 day ago2 MIN
Summary
Two new stocks made their grey market debut on Monday, with both seeing their initial gains evaporate as selling pressure mounted throughout the session. SHEIN, the fast-fashion giant formerly valued at $100 billion, saw its shares dive dramatically in grey market trading, while Mecademic Robots experienced a similar pattern of high opens followed by steady declines.
Key Points
- SHEIN (stock code 625) opened 5% higher on Futu at 51 yuan per share in early grey market trading, with investors able to lock in a maximum profit of 244 yuan per 100-share lot .
- The stock then reversed course sharply, plummeting as much as 27.7% to an intraday low of 35 yuan before recovering slightly to 42.92 yuan, still down more than 11% .
- According to Philip Futures data, SHEIN fell over 17% to 40.04 yuan at its worst, closing the grey market session at 41.8 yuan, representing a 13.92% loss from its IPO price of 48.56 yuan .
- SHEIN's current market capitalisation stands at approximately $26 billion, a steep decline from the $100 billion valuation it commanded four years ago .
- Mecademic Robots (stock code 9615) similarly opened higher before fading, with its Futu grey market price dropping to 96.8 yuan from an intraday high of 107.7 yuan, settling at 99.05 yuan .
Why It Matters
The disappointing grey market performance of these two IPOs highlights the challenging environment for Chinese companies seeking Hong Kong listings amid rising geopolitical tensions and tariff concerns. For Hong Kong investors, the weak debut of what was once one of the world's most valuable startups signals a broader reassessment of high-profile Chinese tech names, potentially affecting appetite for future mega-listings in the city .
The disappointing grey market performance of these two IPOs highlights the challenging environment for Chinese companies seeking Hong Kong listings amid rising geopolitical tensions and tariff concerns. For Hong Kong investors, the weak debut of what was once one of the world's most valuable startups signals a broader reassessment of high-profile Chinese tech names, potentially affecting appetite for future mega-listings in the city .