Price: mark price · perpetual futures / vs. 24h earlier / / Saved / stale
SHEIN Hong Kong listing 2026-09-01: the pre-listing reference and how to read it after listing
- SHEIN listed on HKEX on Sep 1, 2026 under stock code 625.
- A pre-IPO perpetual future is a contract with no expiry that references a company before its listing.
- Before listing, the SHEIN value was a reference value for a Class B ordinary share.
Section highlights (8)
- The contract references a Class B ordinary share, but it is not the share itself.
- It is a market reference, not an IPO offer price or an official company valuation.
- The display is one market's reference. It does not determine a future value.
- The contract references Class B ordinary shares, listed on HKEX on Sep 1, 2026.
- After listing, the announced specification converts the Hong Kong-dollar reference into U.S. dollars.
- The Pre-IPO label applied before listing and is no longer shown.
- Contract terms, public API data and HKEX material are identified separately.
- The display is a perpetual-futures reference, not an offer price or stock price.
Contents
Addendum (Sep 5, 2026): SHEIN listed on HKEX on Sep 1, 2026. The stock code is 625. The “before listing” wording below describes the period before that date.
The listing date was later also checked on the HKEX stock page (viewed Sep 13, 2026).
trade[XYZ] announced the SHEIN market on Aug 27, 2026. Its symbol is xyz:SHEIN.
At that announcement, the HKEX listing was still scheduled.
This article explains what the displayed value means, what it does not mean and how StockTicker24 labels it.
What a pre-IPO perpetual future is
A contract that references a company before listing
Pre-IPO describes the period before a listing. A perpetual future is a derivative contract with no expiry date.
The contract is not a SHEIN share. Its reference is a Class B ordinary share of SHEIN Global Holdings Limited.
| Item | SHEIN contract |
|---|---|
| Symbol | xyz:SHEIN |
| Expiry | None |
| Reference | Class B ordinary share of SHEIN Global Holdings Limited |
| Display unit | U.S.-dollar reference value |
| Delivery of shares | None |
The contract references a Class B ordinary share, but it is not the share itself.
How it differs from a listed-company contract
A listed company has a cash-market price formed on an exchange. Before its listing, that comparison point did not exist for SHEIN.
What the pre-listing reference value means
A reference formed by orders
Buy and sell orders meet in the perpetual-futures market. The value formed there is the basis of the displayed reference.
trade[XYZ] describes it as a price indicated by the market. It is not a price set by the company.
| What it represents | What it does not represent |
|---|---|
| A reference formed in the perpetual-futures market | A confirmed IPO offer price |
| A per-share reference for Class B ordinary shares | A post-listing trading price |
| A value produced by orders at that time | An official company valuation |
It is a market reference, not an IPO offer price or an official company valuation.
The limits of that reference
There is no public cash-market price before listing. Order-book depth and participants can also differ from a cash market.
The reference does not set the offer price. It does not guarantee agreement with a post-listing price.
The display is one market's reference. It does not determine a future value.
Facts specific to SHEIN
The referenced shares and the listing
The referenced company is SHEIN Global Holdings Limited. The share class is Class B ordinary shares.
The listing date is confirmed from the HKEX stock page. The HKEX news release of Aug 28, 2026 announced the scheduled Sep 1 listing. The trade[XYZ] announcement describes the period before that date.
| Item | Official-source scope |
|---|---|
| Company | SHEIN Global Holdings Limited |
| Share class | Class B ordinary shares |
| Venue | HKEX, listed Sep 1, 2026 |
| Stock code | 625 |
The contract references Class B ordinary shares, listed on HKEX on Sep 1, 2026.
The oracle specification after listing
The Aug 27, 2026 announcement also set out the post-listing oracle specification. The oracle is the external reference price that the contract follows. It said the oracle would reference the exchange price quoted in Hong Kong dollars.
It said that value would be converted into U.S. dollars at the prevailing exchange rate. This is a contract-reference method, not an advance statement of the later value. This section records the specification as announced on Aug 27, 2026.
After listing, the announced specification converts the Hong Kong-dollar reference into U.S. dollars.
How StockTicker24 shows SHEIN
The board label
Before listing, the SHEIN card carried a Pre-IPO label. Since Sep 1, 2026 it carries the listed-company reference label.
The current value and 24-hour comparison (against the same contract's previous-day reference price) are perpetual-futures references. They are not substituted with a cash-market value.
The Pre-IPO label applied before listing and is no longer shown.
The “Saved daily” button
The chart on the SHEIN symbol page has a “Saved daily” button. It shows the saved daily candles (up to one year), not the full history since listing.
Only ranges with a defined basis, including the 24-hour comparison, are shown.
From this site's records
Saved and valid observations
How this was made: the site's saved daily price records for xyz:SHEIN, Aug 26–Sep 22, 2026. Missing prices, dates before the first record, and missing days were not filled.
The contract appears in 25 saved rows. The first row, dated Aug 26, has no mid price. Price calculations therefore use the 24 valid mids from Aug 27 through Sep 22.
The series is the xyz:SHEIN perpetual-futures reference, not the IPO offer price or an HKEX cash-share series.
| Measure and sample | Saved result | Calculation |
|---|---|---|
| Mid price availability, saved N=25 | valid 24 / empty 1 | number of saved rows with a mid price |
| First and last valid mid price, N=24 | 8.1164 / 4.85895 | first and last valid mid price in saved order |
| First-to-last change, N=24 | −40.134% | (4.85895 ÷ 8.1164 − 1) × 100 |
| Minimum / maximum mid price, N=24 | 4.7510 / 8.1164 | smallest and largest of the 24 valid mid prices |
| Median absolute change vs previous-day reference, N=24 | 1.618% | median of the absolute value of (mid price ÷ previous-day reference price − 1) × 100 |
| Maximum absolute change vs previous-day reference, N=24 | 14.612% | largest of the same absolute values |
| Median absolute mid-to-mark gap, N=24 | 0.032% | median of the absolute value of (mid price ÷ mark price − 1) × 100 |
Saved-point comparisons
The −40.134% result joins the first and last valid saved mids. It is not a post-listing return for SHEIN shares. The minimum and maximum also apply only to the 24 save times.
They do not include every price between those times or an intraday high and low.
Changes against the previous-day reference
Each magnitude compares a saved mid price with the same contract's previous-day reference price in the same saved row, then removes the sign. The 1.618% median is the mean of the two central magnitudes after sorting 24 results. The 14.612% maximum comes from the same sample.
No HKEX closing price enters either calculation.
Contract-internal gap
The mid-to-mark gap stays inside the same perpetual-futures contract. Its 0.032% median is not a measured gap to the Hong Kong-listed share. These snapshots do not contain the Hong Kong-dollar cash price or the currency-conversion inputs that such a comparison would require.
Empty values and missing dates
The empty mid price on Aug 26 was not entered as zero and was not replaced with the next day's value. Dates before the first SHEIN row are outside its sample. Across all saved records, nothing was saved on Aug 16, Sep 7, Sep 8, or Sep 13, and those dates were not filled.
Listing-date boundary
The table keeps one basis across the listing date: fields stored under the same perpetual-futures contract name. It does not merge a pre-listing reference, an offer price, and a post-listing cash share into one instrument. Every displayed result remains a perpetual-futures reference value.
Common questions
Q. Is this SHEIN's stock price?
A. No. It is a reference value from the xyz:SHEIN perpetual-futures contract, not a stock price.
Q. Is it the IPO offer price?
A. No. The offer price is a separate value determined through the issuer's IPO process.
Q. Is the code 625?
A. Yes. The HKEX stock code is 625.
Q. What post-listing reference was announced?
A. The announcement says the oracle will reference the Hong Kong-dollar exchange price and convert it into U.S. dollars. This is the specification as announced on Aug 27, 2026.
Q. When did the listing occur?
A. On Sep 1, 2026. The source is the HKEX stock page (viewed Sep 13, 2026).
Sources
- trade[XYZ] official X announcement, Aug 27, 2026
- Hyperliquid public API (market data for the trade[XYZ] contracts)
- HKEX public prospectus
- HKEX news release, Aug 28, 2026 (scheduled listing)
- HKEX stock page for 625, viewed Sep 13, 2026
The SHEIN-specific contract terms come from the trade[XYZ] announcement. Only facts visible in HKEX public material are attributed to HKEX. The company profile on the HKEX stock page carries a note that it is provided by Refinitiv.
The stock code follows the news-release form 625. The prospectus writes it as 00625 (a digit-padding difference, the same security).
Contract terms, public API data and HKEX material are identified separately.
Summary
- A pre-IPO perpetual future references a company before listing.
- Before listing, the contract showed a reference value for Class B ordinary shares.
- SHEIN listed on HKEX on Sep 1, 2026 under stock code 625.
- The announced post-listing oracle specification converts a Hong Kong-dollar reference into U.S. dollars.
- StockTicker24 shows the listed-company reference label on the board and the Saved daily button on the symbol page.
The current reference can be seen on the SHEIN symbol page. For the general mechanism, see what a perpetual future is.
This article explains a mechanism. It does not recommend any transaction.
The display is a perpetual-futures reference, not an offer price or stock price.
Change log: Sep 29, 2026. Added “From this site's records”.
Source: trade[XYZ] official announcement / Hyperliquid public API / HKEX public information / Published: / Last updated: / Perpetual-futures prices are reference values.