00:00Shares in fast-fashion giant Xi'in fell as much as 10% in their Hong Kong debut.
00:05The stock later pared its losses, ending the day about 4% below its IPO price.
00:11The weak start comes after a long push by the China-founded company to go public,
00:16and with its valuation now a fraction of what it was at its peak.
00:22Xi'in price is shares at HK$48.56 each, raising about US$1.7 billion.
00:29That gave the company a market value of just over US$26 billion,
00:34a sharp drop from its peak valuation of nearly US$100 billion in 2022.
00:40The company, which is headquartered in Singapore, has grown rapidly
00:43by selling low-cost clothing directly to consumers around the world.
00:47But it has faced scrutiny over labor practices,
00:51the environmental impact of fast fashion and its supply chain.
00:54The Hong Kong listing caps a years-long effort by Xi'in to go public
00:59after earlier plans for a US or UK listing failed to materialize.
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