Shein shares land on DeFi exchanges days after Hong Kong IPO

Within hours of Shein's long-awaited debut on the Hong Kong Stock Exchange on Sept. 1, a tokenized version of the fast-fashion retailer's shares appeared on decentralized exchanges. The token, $SHEINx, is now trading on PancakeSwap ↗ 1.25% via BNB Chain and on xStocks across Solana and EVM-compatible chains, giving crypto-native traders exposure to Shein's equity price movements without a traditional brokerage account.egamers+1

The product does not confer ownership, dividends, or voting rights. It is a synthetic tracker issued by Backed Assets (JE) Limited, a Jersey-domiciled special purpose vehicle, and is backed 1:1 by the underlying share. Shein did not issue the token and receives no proceeds from its trading. Access is limited to eligible users outside the United States.cryptobriefing+1

Shein's Rocky Market Debut

Shein sold roughly 280 million Class B shares at HK$48.56 each, raising about HK$13.6 billion, or approximately $1.74 billion, at a valuation of $26.5 billion — roughly a quarter of the nearly $100 billion it commanded in private markets in 2022. Shares fell as much as 10% on opening day before recovering to close near the offer price, a rebound Reuters Thomson Reuters Corporation ↗ 2.92% attributed to stabilization measures with Goldman Sachs The Goldman Sachs Group, Inc. ↘ 1.38% acting as stabilizing manager. On Wednesday, the stock dropped more than 5%, closing at HK$46.reuters+1

The company's financials weighed on sentiment. Revenue growth slowed from 20.7% in 2024 to 8% in 2025, and Shein posted a $99 million net loss in the first quarter of 2026 amid rising U.S. tariff pressure on low-value imports.egamers+1

Tokenized Equities Gain Momentum

The listing marks the second same-day tokenization xStocks has executed this year, following SK Hynix's ↘ 3.12% Nasdaq ↗ 0.99% listing in July. The platform, now part of Kraken following its December 2025 acquisition of Backed Finance, has surpassed $25 billion in combined exchange and on-chain volume and lists more than 700 tokenized equities and ETFs.kucoin+1

One complication specific to $SHEINx: only about 5% of Shein's stock was freely traded at the debut, and that thin float makes hedging and price tracking more difficult for the synthetic instrument.egamers+1

On Aug. 31, Kraken's parent company Payward and the London Stock Exchange reached an agreement to tokenize the 100 largest LSE-listed companies as xStocks.egamers