After years of rejection in New York and London, Shein finally secured its public listing in Hong Kong — but the market offered no celebration. The fast-fashion giant, once valued at $100 billion, debuted at a $26.5 billion valuation and watched its shares fall 9% on opening day, a quiet verdict on how much the world has changed since its peak. The story of Shein's IPO is less about a company arriving and more about an era receding — one in which frictionless global trade, unchallenged discount dominance, and boundless growth assumptions no longer hold as they once did.