Shein shares slide on fast-fashion retailer’s stock market debut Shares in the fast-fashion brand Shein slumped as much as 10% on its long-awaited debut on the Hong Kong stock exchange, marking a significant setback for the China-founded company. The Singapore-headquartered firm, once valued at nearly $100 billion, priced its shares at HK$48.56, valuing the business at just over $26 billion. However, the stock fell sharply in the minutes following the flotation, which raised HK$13.6 billion, pushing the company’s valuation below $25 billion. By the end of trading, the share price had recovered slightly to HK$46.62, a 4% discount from the offer price. The lackluster market response highlights the challenges Shein faces as it transitions to a publicly traded company. This comes after years of failed attempts to list in the United States and United Kingdom, where regulatory scrutiny over its supply chain and labor practices stalled plans. Shein had previously considered a £50 billion flotation in London but faced similar concerns from campaigners, lawmakers, and investors. The company’s decision to pivot to Hong Kong reflects its strategy to navigate global regulatory hurdles while maintaining its business model. A key factor behind the share price drop is the tightening of international regulations targeting Shein’s business model. The company relies on shipping goods in small, low-value packages from China to exploit tax breaks on imported goods. However, regulatory changes in major markets have disrupted this strategy. In the United States, the removal of the “de minimis” import duty exemption on small packages has significantly impacted Shein’s sales. Similarly, the European Union introduced a €3 customs duty on small parcels imported from outside the bloc in June, with plans to phase out the loophole entirely.#hong_kong #singapore #shein #chris_xu #hong_kong_stock_exchange
FBI Warns iPhone and Android Users Against Installing Apps Linked to Data Risks The Federal Bureau of Investigation (FBI) has issued a warning to iPhone and Android users about potential risks associated with certain mobile applications, particularly those developed by foreign entities. The agency highlighted that these apps may collect and store personal data overseas, even if users have not explicitly installed them. The FBI emphasized that apps linked to China, such as Shein, Capcut, and others, could access extensive user data once permissions are granted. This includes not only personal information but also details from contact lists, such as names, phone numbers, and email addresses. The FBI’s advisory outlined specific warning signs that users should be aware of, including unusual battery drain, increased data usage, or suspicious account activity following the installation of an app. These indicators may suggest that an app is collecting more data than intended. The agency stressed that even individuals who do not use such apps could be affected if a friend or family member grants an app access to their contacts. Developers of these apps may store collected data, including private information and address books, which could be used for purposes beyond the user’s awareness. The FBI’s warning underscores the broader implications of data privacy in the digital age. While the agency did not explicitly name all potentially risky apps, it encouraged users to exercise caution when downloading applications, especially those from foreign developers. The advisory also highlighted the importance of reviewing app permissions and understanding what data is being accessed. Users are advised to regularly check their device settings and revoke unnecessary permissions to minimize the risk of data exposure.#data_privacy #china #fbi #shein #capcut
