Shein listed in Hong Kong on September 1, 2026 at a market capitalisation of about $26.5 billion, roughly a quarter of the $98.2 billion it was assigned in a 2022 private round. This article explains why the company listed anyway, what the de minimis rule changes in the United States, the EU, France and now Japan did to its model, and adds Japanese Reactions from X, where the conversation fixed almost entirely on the size of the fall.