{
  "story_id": "b5f576197b301d1c95a8503e8528e238",
  "desk": "drm3",
  "revision": 1,
  "published_at": "2026-09-01T12:10:16.000Z",
  "content_hash": "0e30cbe96344649d095e906a31dfb78f8f01f0e39e3277c47600de353b3f48c1",
  "hash_basis": "sha256 over `headline\\ndek\\nprose`, plus `\\n` + the canonical citations JSON when any source is placed, plus `\\n#blog` for blogs",
  "basis": {
    "headline": "Shein shares fall up to 10% on Hong Kong debut, valuing fast-fashion firm at $26bn",
    "dek": "Shein shares fell up to 10% in Hong Kong debut, pricing at HK$48.56 for a $26bn valuation.",
    "prose": "Shein swung to a loss of $99m in the first three months of 2025, compared with a net income of $395m in the same period a year earlier, after the US removed its de minimis import duty exemption. [^1]\n\nShein, the Singapore-headquartered fast-fashion retailer, made its trading debut on the Hong Kong stock exchange on 2025-05-27, pricing its shares at HK$48.56, which valued the company at just over $26bn. [^2]\n\nShein shares opened flat at HK$48.56 but fell by 9.97% to HK$43.98 by 09:36 local time during its Hong Kong stock market debut. [^3]\n\nOn 2025-05-27, Shein's shares fell as much as 10% minutes after its flotation, which raised HK$13.6bn, pushing the company's valuation below $25bn, before recovering to close 4% below the offer price at HK$46.62 by the end of trading. [^4]\n\nShein's previous plans to list on the New York stock exchange were blocked by regulators over forced labour concerns, and it also considered a £50bn flotation in London that faced questions from campaigners, MPs and investors. [^5]\n\nShein's current valuation of $26.3 billion represents a 73% drop from its peak valuation of $98.2 billion in 2022. [^6]\n\nShein's net margins fell from 8.7% to 4.9% in 2025 due to increased logistics and marketing costs amid growing competition from Temu and Inditex. [^7]",
    "cited": "[{\"statement\":\"Shein swung to a loss of $99m in the first three months of 2025, compared with a net income of $395m in the same period a year earlier, after the US removed its de minimis import duty exemption.\",\"source\":\"The Guardian\",\"instrument\":\"News\",\"claim_key\":null,\"published_at\":\"2026-09-01T07:11:16.000Z\",\"publisher_count\":1,\"sources\":[\"The Guardian\"]},{\"statement\":\"Shein, the Singapore-headquartered fast-fashion retailer, made its trading debut on the Hong Kong stock exchange on 2025-05-27, pricing its shares at HK$48.56, which valued the company at just over $26bn.\",\"source\":\"The Guardian\",\"instrument\":\"News\",\"claim_key\":null,\"published_at\":\"2026-09-01T07:11:16.000Z\",\"publisher_count\":1,\"sources\":[\"The Guardian\"]},{\"statement\":\"Shein shares opened flat at HK$48.56 but fell by 9.97% to HK$43.98 by 09:36 local time during its Hong Kong stock market debut.\",\"source\":\"López-Dóriga Digital\",\"instrument\":\"News\",\"claim_key\":null,\"published_at\":\"2026-09-01T12:10:16.000Z\",\"publisher_count\":1,\"sources\":[\"López-Dóriga Digital\"]},{\"statement\":\"On 2025-05-27, Shein's shares fell as much as 10% minutes after its flotation, which raised HK$13.6bn, pushing the company's valuation below $25bn, before recovering to close 4% below the offer price at HK$46.62 by the end of trading.\",\"source\":\"The Guardian\",\"instrument\":\"News\",\"claim_key\":null,\"published_at\":\"2026-09-01T07:11:16.000Z\",\"publisher_count\":1,\"sources\":[\"The Guardian\"]},{\"statement\":\"Shein's previous plans to list on the New York stock exchange were blocked by regulators over forced labour concerns, and it also considered a £50bn flotation in London that faced questions from campaigners, MPs and investors.\",\"source\":\"The Guardian\",\"instrument\":\"News\",\"claim_key\":null,\"published_at\":\"2026-09-01T07:11:16.000Z\",\"publisher_count\":1,\"sources\":[\"The Guardian\"]},{\"statement\":\"Shein's current valuation of $26.3 billion represents a 73% drop from its peak valuation of $98.2 billion in 2022.\",\"source\":\"López-Dóriga Digital\",\"instrument\":\"News\",\"claim_key\":null,\"published_at\":\"2026-09-01T12:10:16.000Z\",\"publisher_count\":1,\"sources\":[\"López-Dóriga Digital\"]},{\"statement\":\"Shein's net margins fell from 8.7% to 4.9% in 2025 due to increased logistics and marketing costs amid growing competition from Temu and Inditex.\",\"source\":\"López-Dóriga Digital\",\"instrument\":\"News\",\"claim_key\":null,\"published_at\":\"2026-09-01T12:10:16.000Z\",\"publisher_count\":1,\"sources\":[\"López-Dóriga Digital\"]}]",
    "kind": "news"
  },
  "receipt_verify": "Ed25519 over the dot-joined string `slice_hash.cursor_from.cursor_to.view.view_version.row_count`; public_key and sig are base64url of the raw 32-byte key / 64-byte signature",
  "receipt": null,
  "receipt_note": "this revision predates receipt-keeping (before v0.37.0); the filed row lives in the record",
  "generation_chain": {
    "wire": {
      "stream": "fountain_news",
      "story_id": "479e3dc010bb5bba651cf5b27ba96fb8",
      "thread_id": "e123a2de037c7a63dc653f379941c3fe",
      "thread_label": "Chris Xu",
      "novelty": "UPDATE",
      "content_hash": "c1c838f3259a616d308c41fc8311482756ee3a6434af91a64665f0b5c506d757",
      "last_published_at": "2026-09-01T12:10:16.000Z",
      "read_receipt": {
        "slice_hash": "9d5ee80e948e01dc974043b1bd982ddb2271bc1d9ef2828097ff8be83e49980d",
        "cursor_from": "eyJ0cyI6IjIwMjYtMDktMDFUMTE6MzA6MDAuMDAwMDAwWiIsImlkIjoiNmUwNDI1MjFiN2Q4MmZkMTY3MWM1N2M3MDcxMzU4ZTAiLCJ2IjoiMSJ9",
        "cursor_to": "eyJ0cyI6IjIwMjYtMDktMDFUMTI6Mjg6MTEuMDAwMDAwWiIsImlkIjoiYjMwZmEyMzU0ZjQ5NTgwMWIwN2E3MTJhZmM5NDU1ZWUiLCJ2IjoiMSJ9",
        "view": "v_fountain_news",
        "view_version": "1",
        "row_count": 100,
        "window_days": 3,
        "bytes_scanned": 12017721,
        "credits": 8,
        "price_per_100_rows": 8,
        "sig": "pXxFucJ5T9thZ42rbnFMZCpBJ1w8LHkvlT2eJohMH5B_tc8ahG1MgApswFTW3h7ocGqkf558s0z8N1yMMJ62BA",
        "public_key": "bMUigy8O0jOnBxQ4Sc-5lwhIZ8LQVAhxMbR7qESVuUE",
        "signer_path": "lakehouse/data-extract/v1",
        "alg": "Ed25519",
        "signed": true
      }
    },
    "written_at": "2026-09-02T21:11:36.723Z"
  },
  "cited_facts": [
    {
      "statement": "Shein swung to a loss of $99m in the first three months of 2025, compared with a net income of $395m in the same period a year earlier, after the US removed its de minimis import duty exemption.",
      "source": "The Guardian",
      "instrument": "News",
      "claim_key": null,
      "published_at": "2026-09-01T07:11:16.000Z",
      "publisher_count": 1,
      "sources": [
        "The Guardian"
      ]
    },
    {
      "statement": "Shein, the Singapore-headquartered fast-fashion retailer, made its trading debut on the Hong Kong stock exchange on 2025-05-27, pricing its shares at HK$48.56, which valued the company at just over $26bn.",
      "source": "The Guardian",
      "instrument": "News",
      "claim_key": null,
      "published_at": "2026-09-01T07:11:16.000Z",
      "publisher_count": 1,
      "sources": [
        "The Guardian"
      ]
    },
    {
      "statement": "Shein shares opened flat at HK$48.56 but fell by 9.97% to HK$43.98 by 09:36 local time during its Hong Kong stock market debut.",
      "source": "López-Dóriga Digital",
      "instrument": "News",
      "claim_key": null,
      "published_at": "2026-09-01T12:10:16.000Z",
      "publisher_count": 1,
      "sources": [
        "López-Dóriga Digital"
      ]
    },
    {
      "statement": "On 2025-05-27, Shein's shares fell as much as 10% minutes after its flotation, which raised HK$13.6bn, pushing the company's valuation below $25bn, before recovering to close 4% below the offer price at HK$46.62 by the end of trading.",
      "source": "The Guardian",
      "instrument": "News",
      "claim_key": null,
      "published_at": "2026-09-01T07:11:16.000Z",
      "publisher_count": 1,
      "sources": [
        "The Guardian"
      ]
    },
    {
      "statement": "Shein's previous plans to list on the New York stock exchange were blocked by regulators over forced labour concerns, and it also considered a £50bn flotation in London that faced questions from campaigners, MPs and investors.",
      "source": "The Guardian",
      "instrument": "News",
      "claim_key": null,
      "published_at": "2026-09-01T07:11:16.000Z",
      "publisher_count": 1,
      "sources": [
        "The Guardian"
      ]
    },
    {
      "statement": "Shein's current valuation of $26.3 billion represents a 73% drop from its peak valuation of $98.2 billion in 2022.",
      "source": "López-Dóriga Digital",
      "instrument": "News",
      "claim_key": null,
      "published_at": "2026-09-01T12:10:16.000Z",
      "publisher_count": 1,
      "sources": [
        "López-Dóriga Digital"
      ]
    },
    {
      "statement": "Shein's net margins fell from 8.7% to 4.9% in 2025 due to increased logistics and marketing costs amid growing competition from Temu and Inditex.",
      "source": "López-Dóriga Digital",
      "instrument": "News",
      "claim_key": null,
      "published_at": "2026-09-01T12:10:16.000Z",
      "publisher_count": 1,
      "sources": [
        "López-Dóriga Digital"
      ]
    }
  ],
  "note": "A signature proves who filed this and that it has not changed since. It never makes a claim true."
}