Shein IPO listing, Sept. 1 -- Shein Global Holdings Ltd. shares fell as much as 10% during their Hong Kong trading debut, marking a subdued start to an initial public offering that took years to reach the market. The listing valued the fast-fashion giant at a fraction of its once-expensive valuation.

Shein shares fell to a low of HK$43.72, compared with the IPO price of HK$48.56 per share. According to a Bloomberg report, the pricing gave Shein a market capitalisation of slightly more than $26 billion.

The valuation makes Shein one of the world's largest publicly traded apparel and fashion companies, although it remains behind Swedish retailer Hennes & Mauritz AB, which has a market valuation of around $30 billion.

The Singapore-headqu...