Shein listed on the Hong Kong Stock Exchange at HK$48.56 per share, fell during the session to HK$43.72, around 10% below the offer price, then closed at HK$48.50. Headlines reported the low; the market paid the close: just six Hong Kong cents below the offer price. The same pattern recurs in the financial statements: the quarterly loss of $99 million is dominated by a non-cash accounting item of $328 million that disappears upon listing. This is a reading of Shein’s figures by type — which represent a price someone paid, and which an accounting judgement — and of the sole quantity not yet measured.
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