Shein plans to list shares in Hong Kong at HK$48.56 apiece, according to two people briefed on the matter, allocating stock in the middle of its targeted range. The allocation implies gross proceeds of $1.73 billion and a pre-money valuation of approximately $26.5 billion.
The offering price is scheduled to be set on Aug. 31, with trading to commence on Sept. 1. The order book, which opened on Monday, was fully subscribed by Tuesday, a Reuters report said. A Shein spokesperson did not immediately respond to a request for comment.
The valuation represents a significant decline from earlier funding rounds. In 2022, Shein was valued at nearly $100 billion, while a 2023 financing round valued the company at $66 billion. The Hong Kong listing follows unsuccessful attempts to go public in New York and London over the past four years.
Anchor investors including Boyu Capital, Tiger Global and General Atlantic have committed to purchasing shares worth about $383 million, according to the prospectus. Tencent and UBS Asset Management are also participating. Shein intends to deploy roughly 80% of proceeds toward technology, brand expansion and global market penetration.
The fast-fashion retailer, known for ultra-low pricing, faces regulatory scrutiny and intensifying competition in its core U.S. and European markets. Revenue growth has slowed, and margins are compressing. For the first half of the year, the company projects a 1.1% year-over-year revenue increase.
