In Brief:
- xStocks listed $SHEINx, a tokenized tracker for Shein’s newly listed Hong Kong shares, on Solana and EVM-compatible chains on the same day the stock started trading.
- Shein raised about $1.74 billion at a $26.5 billion valuation, roughly a quarter of the $100 billion it commanded in private markets in 2022.
- It’s the second same-day tokenization xStocks has run this year, after SK Hynix’s Nasdaq listing in July, and one of its first trackers for a Hong Kong-listed underlying.
xStocks listed a tokenized version of Shein within hours of the retailer’s Hong Kong Stock Exchange debut, and $SHEINx is now trading on Solana and EVM-compatible chains.
Shein Global Holdings began trading Sept. 1 under stock code 0625.HK. xStocks confirmed the token was live the following day, 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 ↗
The token is available to eligible non-U.S. users only.
How the token is built
$SHEINx is 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.
Holders get economic exposure and nothing else. No voting rights, no shareholder status, no direct ownership of Shein equity. That’s the same structure xStocks uses across its catalog, where each 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 underneath this particular listing. Only about 5% of Shein’s stock was freely traded at debut, a thin float that complicates hedging and price tracking for the certificate.
A rough first session
Shein sold roughly 280 million Class B shares at HK$48.56, raising about HK$13.60 billion. The final price came in below the HK$49.50 top of a HK$47.60 to HK$49.50 range.
Shares sank as low as HK$43.80 during the first session before closing at HK$48.50, essentially flat against the offer price. Reuters reported the recovery followed stabilisation measures, with Goldman Sachs acting as stabilising manager. Several outlets published intraday figures showing drops of 8% to 10%.
The stock fell more than 5% Wednesday, the day after the debut.
Boyu Capital, Tiger Global, General Atlantic, Tencent Holdings and UBS Asset Management Singapore came in as cornerstone investors. Goldman Sachs, Morgan Stanley and JPMorgan were joint sponsors. Shein plans to put 80% of proceeds toward technology and global expansion.
xStocks keeps adding underlyings
xStocks launched June 30, 2025 with more than 60 tokenized U.S. equities and ETFs. Kraken agreed to acquire Backed Finance in December 2025, after the product cleared $10 billion in combined exchange and onchain volume in a little over four months.
Volume hit $25 billion in under eight months, including more than $3.5 billion onchain and over 80,000 unique onchain holders, Kraken said. The catalog has since passed 100 tokenized stocks and ETFs.
The SK Hynix listing set the template. Three tokenized versions of the stock were live on Solana by the time Nasdaq trading opened July 10, 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.
Payward and the London Stock Exchange reached an agreement Aug. 31 to tokenize the 100 largest LSE-listed companies as xStocks.
Three years to get here
Shein tried the U.S. first, filing in 2023 into regulatory and political scrutiny. A London attempt followed and stalled, with Beijing withholding approval over risk disclosures tied to the company’s China supply chain. Chinese regulators cleared the Hong Kong listing in July 2026.
The financials didn’t help the reception. Revenue growth slowed from 41.1% in 2023 to 20.7% in 2024, then 8% in 2025 on $41.8 billion in sales. First-quarter 2026 revenue grew 1.1%, and the company posted a $99 million net loss against a $395 million profit a year earlier.
U.S. revenue dropped 14% year over year in that quarter as customs duties and tariffs bit. Shein warned the 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.
