Shein's stock market debut disappoints after valuation drops sharply

Shein's stock market debut has disappointed investors after the company's value dropped sharply before its listing. The Chinese fashion retailer had been worth around $100 billion, but that figure fell significantly.

Shein built its success by adding thousands of new clothing items to its app every day. This was far more than rivals like H&M or Zara could offer. Its prices attracted millions of young women around the world, and it now ships to over 150 countries.

One key advantage was a US rule that allowed small parcels to arrive without import taxes. The US has now removed this rule. Because the US is Shein's second largest market, this change has hurt the business and worried investors.