Shein Debuts in Hong Kong, Gets Tokenized Same-Day

Shein, the world's largest online fashion retailer, made its debut on the Hong Kong Stock Exchange on September 1 under the stock code 0625.HK. Just a day later, xStocks listed $SHEINx, a tokenized tracker for Shein's shares, on Solana and EVM-compatible chains.

The listing was accompanied by a significant influx of funds, with Shein raising approximately $1.74 billion at a valuation of $26.5 billion, roughly a quarter of the $100 billion it commanded in private markets in 2022.

xStocks' tokenization of Shein's shares is the second same-day listing this year, following SK Hynix's Nasdaq listing in July. The tokenized version of Shein's shares, $SHEINx, takes the form of a tracker certificate issued by Backed Assets (JE) Limited and offers economic exposure without granting voting rights or direct ownership.

However, only around 5% of Shein's stock was freely traded at its debut, making it challenging for investors to hedge and track prices.