In Brief:
- On the same day Shein’s newly listed Hong Kong shares began trading, xStocks brought $SHEINx — a tokenized tracker for the stock — live on Solana and EVM-compatible chains.
- The retailer pulled in roughly $1.74 billion at a $26.5 billion valuation, about a quarter of the $100 billion it commanded in private markets in 2022.
- It marks the second same-day tokenization xStocks has pulled off this year, following SK Hynix’s Nasdaq listing in July, and ranks among its first trackers tied to a Hong Kong-listed underlying.
Within hours of the retailer’s Hong Kong Stock Exchange debut, xStocks put a tokenized version of Shein on the market, and $SHEINx is now changing hands on Solana and EVM-compatible chains.
Trading in Shein Global Holdings opened Sept. 1 under stock code 0625.HK. A day later xStocks confirmed the token was live, and the Solana Foundation amplified the launch.
BREAKING: SHEIN is live on Solana via @xStocksFi.
The world’s largest online fashion retailer debuts on the Hong Kong Stock Exchange and gets tokenized the same day.@SolanaView on X ↗
Access is limited to eligible users outside the U.S.
What sits behind the token
$SHEINx takes the form of a tracker certificate issued by Backed Assets (JE) Limited, a Jersey-domiciled special purpose vehicle owned by Switzerland’s Backed Finance AG, according to the xStocks product legal overview.
What holders receive is economic exposure and nothing more. There are no voting rights, no shareholder status and no direct ownership of Shein equity. xStocks applies that same structure across its catalog, where every token is backed 1:1 by the underlying share and trades around the clock on centralized venues, in self-custody wallets and across DeFi.
One wrinkle sits beneath this particular listing. Only around 5% of Shein’s stock was freely traded at the debut, and that thin float makes hedging and price tracking trickier for the certificate.
A bumpy opening day
Shein sold roughly 280 million Class B shares at HK$48.56, bringing in about HK$13.60 billion. The final price landed beneath the HK$49.50 ceiling of a HK$47.60 to HK$49.50 range.
The shares slid as far as HK$43.80 during the first session before finishing at HK$48.50, essentially level with the offer price. Reuters reported that the recovery followed stabilisation measures, with Goldman Sachs acting as stabilising manager. Intraday figures published by several outlets showed declines of 8% to 10%.
On Wednesday, the day after the debut, the stock dropped more than 5%.
Cornerstone investors included Boyu Capital, Tiger Global, General Atlantic, Tencent Holdings and UBS Asset Management Singapore. Goldman Sachs, Morgan Stanley and JPMorgan served as joint sponsors. Shein intends to channel 80% of proceeds into technology and global expansion.
xStocks keeps widening its lineup
xStocks went live June 30, 2025 with more than 60 tokenized U.S. equities and ETFs. Kraken agreed in December 2025 to acquire Backed Finance, by which point the product had cleared $10 billion in combined exchange and onchain volume in a little over four months.
Inside eight months, volume reached $25 billion, more than $3.5 billion of it onchain and spread across over 80,000 unique onchain holders, Kraken said. The catalog has since passed 100 tokenized stocks and ETFs.
SK Hynix set the template. By the time Nasdaq trading opened July 10, three tokenized versions of the stock were already live on Solana, from xStocks, Backpack and Ondo Finance. Kraken’s SKHYx is collateralized by physical ADRs and isn’t available to residents of the U.S., U.K., Canada or Australia.
On Aug. 31, Payward and the London Stock Exchange reached an agreement to tokenize the 100 largest LSE-listed companies as xStocks.
A three-year road to the bell
Shein went after the U.S. first, filing in 2023 only to run into regulatory and political scrutiny. A London attempt came next and stalled, with Beijing withholding approval over risk disclosures tied to the company’s China supply chain. Chinese regulators signed off on the Hong Kong listing in July 2026.
The financials did the reception no favors. Revenue growth decelerated from 41.1% in 2023 to 20.7% in 2024, then to 8% in 2025 on $41.8 billion in sales. First-quarter 2026 revenue rose just 1.1%, and the company posted a $99 million net loss against a $395 million profit a year earlier.
Customs duties and tariffs pushed U.S. revenue down 14% year over year in that quarter. Shein warned the same pressure could reach Europe, which accounted for 35% of 2025 revenue.
“The company has missed the golden time to list,” said William Ma, chief investment officer at GROW Investment.