Taiwan's market staged a sharp turnaround and bank earnings hit records, but Shein's discounted listing shows how far fast fashion's valuation has fallen.

• Taiwan's main index opened lower, swung wildly, then closed up 407 points back above 45,000 — though trading volume stayed thin and investors are cautious.
• Shein launched its Hong Kong IPO to raise up to $1.77 billion, a valuation roughly 70% below its peak of four years ago.
• Taiwanese banks are booming: SinoPac's first-half profit nearly doubled to a record, and Changhwa Bank posted its best-ever half-year, with EPS records at both.
• Changhwa Bank is now hiring financial advisers to study a merger, reviving talk of consolidation among state-backed banks after the finance ministry took control of Waterland Financial.
• The exchange fined biotech firm Guang Li KY a small penalty for publishing a material disclosure too late, a reminder regulators are tightening reporting rules.

Outlook: Rates are expected to stay put in September on both sides of the Pacific, and analysts see Taiwan's index grinding toward 47,000 as long as it holds above 44,800.