Within a few minutes after the start of gray-market trading, major Hong Kong brokers — Futu Securities, Bright Smart and Phillip Securities — quoted the shares as having dropped over 10%. Gray market prices are quoted by brokerages ahead of a security being officially traded on an exchange. At Futu, Hong Kong’s biggest retail brokerage by volume, Shein’s stock was last traded around HK$42, according to its mobile app. Shein’s valuation has dropped to slightly above a quarter of its nearly $100 billion private market peak in 2022, hit by tariff and duty changes in the U. The sharp valuation cut reflects “caution among both retail and institutional investors.