Shein, the fast fashion giant known for ultra-cheap items like $4 t-shirts, has spent years trying to go public and capitalize on its pandemic-era boom. But after a couple of false starts the company finally held an initial public offering in Hong Kong last week and things are not looking so great. Bloomberg reports that Shein’s stock closed Monday down 19% from its IPO price of 48. In just five trading days, its market capitalization has fallen by about $5 billion to roughly $21 billion. “Shein’s decline reflects the growing market concerns of tariffs, fulfillment costs and execution risks surrounding its marketplace transition,” said Bloomberg Intelligence analyst Catherine Lim.