Shein's first results since listing in Hong Kong show profit down 66 percent. The stock sits 30 percent below the issue price.

Do the arithmetic in the order a holder experiences it. Buy at the offer price and you are now at 70 for every 100 paid. Getting back to 100 takes a 43 percent rise. Profit, meanwhile, has fallen to roughly a third of what it was.

Today's report gives every holder a reason to want out.

Look, the earlier IPO was priced on a story. This is the first filing that prices it on accounts. The market's answer so far is a stock 30 percent under where the deal cleared.

My read is that the offer price is now a number only the underwriters remember. Anyone who bought at it is down 30 percent on a company whose profit fell 66 percent in its first report.