Fast-fashion company Shein made its long-awaited stock market debut in Hong Kong after unsuccessful attempts to list in the United States and United Kingdom.

The company raised about $1.7 billion through the offering, giving Shein a valuation of roughly $26 billion, far below its nearly $100 billion valuation in 2022.

Shein’s shares fell by as much as 10% during early trading before recovering most of the losses and closing nearly flat.

The company faces growing competition, higher costs and increased regulatory scrutiny over its labor practices, environmental impact and low-cost imports, the BBC has reported.

Investors are watching the listing closely as a test of whether Shein can maintain its rapid growth and remain successful in an increasingly challenging fast-fashion market.