Chinese online fast-fashion retailer Shein launched its initial public offering in Hong Kong on Monday, aiming to raise as much as $1.77 billion through the sale of 280 million shares priced between HK$47.60 and HK$49.50 each.
The proposed valuation of up to $26.81 billion represents a 73% decline from its 2022 peak of $98.2 billion, according to the prospectus. The final offering price will be set on Aug. 31, with trading scheduled to begin on Sept. 1. Anchor investors including Boyu Capital, Tiger Global, General Atlantic, Tencent and UBS Asset Management have already committed to purchasing shares worth approximately $383 million.
The company plans to allocate roughly 80% of proceeds toward technology, brand expansion and global market penetration. Shein also disclosed plans to distribute up to $3.5 billion in cash to certain existing shareholders. Founders, led by Sky Yangtian Xu, will retain control over 90% of voting rights despite the new shares representing only about 10% of total voting power.
The IPO comes as Shein faces slowing revenue growth, shrinking margins and weaker core profitability. For the first half of 2026, the company forecasts revenue growth in line with the 1.1% increase recorded in Q1, citing new European import tariffs, pricing pressure and reduced demand in the Middle East amid the Iran conflict. The retailer reported a $99 million quarterly loss, driven by the removal of U.S. de minimis customs exemptions and a $328 million one-time accounting adjustment.
The offering marks the largest IPO of 2024 in Hong Kong, where year-to-date listings have raised $41 billion according to LSEG data—more than double the $17 billion raised in the same period last year.
