Ultra-fast-fashion brand Shein has been valued at $26.2bn (£19.3bn) after its first day of public trading, following a long quest to list on the stock market.

The company was once estimated to be worth nearly $100bn, but has faced heated competition, trade tensions and questions over the ethics of its supply chain.

Shein’s share price fell in the early hours of trading but recovered ground before closing down just 0.12%.

The company’s attempts to list in the UK and US were scuppered after supply chain concerns and criticism of its environmental impact.

On Monday, Shein priced its shares at HK$48.56 each, raising ‌13.6 billion Hong Kong dollars ($1.7bn; £1.3bn) from the listing.

That gave the company a stock market valuation of $26.3bn.

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