Shein tokenized stock trades on 1inch as shares slide 9% in Hong Kong debut

Fast-fashion giant Shein has officially listed on the Hong Kong Stock Exchange, raising approximately $1.7 billion at a valuation of roughly $26.3 billion. Alongside this traditional IPO, the company launched a tokenized version of its stock, SHEINx, which is immediately tradable on the decentralized exchange 1inch. This dual-track strategy allows investors to gain exposure to Shein shares via blockchain rails, bypassing traditional brokerage requirements. While the move aims to increase liquidity and retail accessibility, the company's market debut faced significant headwinds, with shares experiencing volatility and a valuation far below 2022 estimates. The launch follows previous on-chain experiments by Shein, including data streaming via Pyth Network and prior tokenization efforts on Solana through xStocksFi. By integrating decentralized finance into its public offering, Shein is positioning itself as a test case for corporate tokenization. Whether this approach successfully attracts crypto-native capital remains uncertain, as concrete trading volume data for SHEINx has yet to be reported. Ultimately, the success of this initiative will depend on whether the tokenized offering can overcome broader investor skepticism regarding the company's business model and competitive pressures.