SHEIN Lists on Hong Kong Stock Exchange and Gets Tokenized on Solana as $SHEINx the Same Day

xStocks AAPLx$325.75+3.3% listed $SHEINx on Solana in the early hours of September 2, hours after SHEIN's shares began trading on the Hong Kong Stock Exchange under stock code 00625. The announcement from xStocks' official account read: "The world's largest fashion online retailer. Debuted on the Hong Kong Stock Exchange. Tokenized onchain by xStocks. $SHEINx is now trading." Solana's official account confirmed it independently minutes later.

SHEIN's Hong Kong IPO raised approximately $1.7 billion after pricing shares at HK$48.56 and selling roughly 280 million Class B shares. The offering valued the Singapore-headquartered fast-fashion group at approximately $26.5 billion, well below the $100 billion private-market peak it carried in 2022. CNBC reported ahead of the offering that SHEIN was targeting up to $1.77 billion in proceeds. Shares fell about 9% on debut day. The listing followed regulatory approval from China's Securities Regulatory Commission in July, after SHEIN's earlier attempts to list in London and New York did not advance.

How $SHEINx Works: A 1:1-Backed HKEX Equity Tracker on Solana

$SHEINx is a tokenized equity tracker, structured as a price-exposure instrument rather than a loyalty or utility token. Per Kraken's legal disclosure for xStocks, each xStock is backed 1:1 by the underlying share held with a regulated custodian. Tokens are issued by Backed Assets (JE) Limited, a Jersey-based entity, and offered to Kraken clients through Payward Digital Solutions. Holders carry price exposure to SHEIN's Hong Kong-listed shares and can redeem their tokens with Backed for cash or crypto, but hold no voting rights or ownership stake in the company. Chainlink's Proof of Reserve verifies collateralization on-chain.

$SHEINx trades 24 hours a day on Solana, accessible via Jupiter, Raydium, Kamino, and compatible wallets. The Kraken legal disclosure lists the US, Canada, UK, and Australia among restricted jurisdictions.

xStocks' First HKEX Listing Extends Tokenization Reach Beyond US Equities

xStocks launched in June 2025 focused on US-listed stocks and ETFs, building a roster of more than 60 tokens with $40 billion in cumulative volume across more than 200,000 holders. In July 2026, Payward partnered with Dubai-based infrastructure provider GTN to begin tokenizing internationally listed shares, starting with Hong Kong. $SHEINx appears to be the first HKEX-listed company to appear in the xStocks roster.

To put the platform scale in context, SPYx, xStocks' S&P 500 tracker, has 38,193 holders on Solana as of September 2, and TSLAx has 32,206 holders, up from 29,803 at the start of August. $SHEINx enters a platform with established depth across a 60-token roster.

The expansion comes alongside other moves broadening xStocks' geographic reach. On the same day as SHEIN's HKEX debut, xStocks announced a partnership with the London Stock Exchange to eventually list tokenized exposures to UK, US, EU, and Hong Kong equities on LSE's planned 24-hour venue, as we covered. Tokenized stock volume on Solana DEXes reached $5.8 billion in Q2 2026, a 114% increase from the prior quarter. An HKEX-listed name adds a genuinely new class of underlying; SHEIN's shares trade only during Hong Kong market hours in their traditional form but are now accessible around the clock on Solana.

For the mechanics of how xStocks equity tokens typically trade at launch and integrate with Solana DeFi liquidity, our coverage of GoPro's $GPRO listing via Sunrise and Backpack Securities covers that in detail.