Shein has launched an initial public offering in Hong Kong targeting up to HK$13.86 billion (US$1.77 billion) in proceeds, valuing the fast-fashion retailer at approximately US$27 billion.
The offering comprises about 280 million Class B shares priced between HK$47.60 and HK$49.50 each. Price finalization is scheduled for August 31, with trading expected to commence on September 1. The company filed a confidential listing application in July 2025 and secured approval from China’s securities regulator in July 2026.
The IPO valuation represents a significant decline from the US$98.2 billion valuation achieved in a 2022 private funding round. Revenue growth has decelerated in recent years, rising 41.1% in 2023, 20.7% in 2024, and an estimated 8% in 2025 to reach approximately US$41.85 billion. First-quarter 2026 revenue grew just 1.1%, while net income fell 38.7% to US$2.06 billion for the full year. The company reported a net loss of US$99 million in Q1 2026, compared with a US$395 million profit in the same period a year earlier.
The elimination of the U.S. de minimis exemption contributed to a 14.3% drop in U.S. revenue during the first quarter. Shein sells products in approximately 160 countries.
Proceeds from the offering will be allocated primarily toward technology upgrades, global expansion, AI and data analytics investments, inventory management systems, brand strengthening, and supply chain enhancements. Anchor investors, including Boyu Capital, Tiger Global, General Atlantic, Tencent, Greenwoods, Taikang Life, and UBS Asset Management, have committed to subscribing for roughly US$383 million in shares at the midpoint of the offer price range. This commitment accounts for about 22.1% of the offering and 1.5% of Shein’s expanded share capital.
