Shein is set to debut on the Hong Kong stock exchange on September 1 at a valuation of almost $27 billion, a fraction of the $100 billion it commanded in 2022. The fast-fashion retailer is selling around 280 million shares to raise up to $1.77 billion, after tariff pressure and slowing sales pushed it to a first-quarter loss.
Shein is targeting a valuation of close to $27 billion as it prepares to list in Hong Kong on September 1. The figure marks a steep drop from the $100 billion the fast-fashion retailer was worth in 2022.
IPO terms and timing
The company said in a filing on Monday that it will offer nearly 280 million shares priced between HK$47.60 and HK$49.50 each. At the top of that range, the sale would raise $1.77 billion and value the company at $26.8 billion.
The final price will be announced on August 31, with shares expected to start trading the next day. Goldman Sachs, Morgan Stanley and JP Morgan are backing the offering.
A sharply lower valuation
Shein's Hong Kong debut follows failed attempts to list in the US and London, where regulatory scrutiny of its supply chain derailed the plans. The company had been valued at $98.2 billion in 2022 during earlier private fundraising rounds, according to Reuters. Its revenue growth decelerated to 8% in 2025 from 20.7% the year before.
Higher costs and weaker sales have also weighed on the business. Shein said it lost $99 million in the first three months of the year, compared with net income of $395 million a year earlier, after the US removed the de minimis import-duty exemption on small packages. According to CNBC: "The company has missed the golden time to list", William Ma, chief investment officer at GROW Investment Group, previously said.
Testing investor appetite
The listing will test investor confidence in Shein and the wider fast-fashion sector at a time when the Hong Kong IPO pipeline is dominated by AI and chip firms. Shein has said it is raising prices in the US to offset a portion of the increased costs. The company also pointed to the Iran war as a drag on deliveries and demand in some markets.
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