Fast-fashion retailer Shein shares fall more than 10% in pre-debut trading

HONG KONG, Aug 31 : Shares of online fast-fashion retailer Shein slumped more than 10 per cent in gray-market trading on Monday, one day ahead of its Hong Kong Stock Exchange debut.The company raised $1.7 billion at HK$48.56 a share, valuing it at about $26.5 billion, according to sources who declined to be identified. Official pricing is due to be announced later on Monday. 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 per cent.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 mobil