Shein has set the terms for its long-awaited Hong Kong initial public offering, aiming to raise up to HK$13.86 billion (US$1.77 billion), according to a filing on Monday.
The Singapore-based fast-fashion retailer is offering roughly 280 million class B shares at a price range of HK$47.60 to HK$49.50 each. At the top of that range, the company would be valued at close to US$27 billion.
Shein is expected to announce the final offer price on Aug. 31, with trading set to begin on Sep. 1.
The IPO marks a significant step for a company that has faced repeated hurdles in its efforts to go public. Shein previously attempted listings in London and New York, but ultimately secured approval from the China Securities Regulatory Commission in early July for a Hong Kong listing.
Valuation has fallen sharply
Shein’s valuation has dropped dramatically from earlier private fundraising rounds. The company was valued at $98.2 billion in 2022 and stood at $64 billion in 2023 and April 2024, according to Reuters. The new IPO valuation of around $27 billion represents a steep decline.
The diminishing valuation reflects a slowdown in Shein’s rapid growth and mounting pressure on profitability. Revenue growth decelerated to 8% in 2025 from 20.7% a year earlier. A loss of a U.S. import-duty exemption and a one-time accounting charge pushed the company to a $99 million loss in early 2026.
Tariffs have also weighed on Shein’s revenue and sales over the past year. The company said it had to pass on higher costs to customers, raising prices as a result.
Cooling investor enthusiasm
The company’s listing arrives at a time when investor appetite for the ultra-fast fashion retailer has cooled. “The company has missed the golden time to list,” William Ma, chief investment officer at GROW Investment Group, previously told CNBC.
“Investors and consumers are no longer excited by the ultra-fast fashion retailer as they once were,” said Shaun Rein, managing director at China Market Research Group, in comments to CNBC last month.
The Hong Kong stock market’s IPO pipeline is now dominated by AI and chip companies, further crowding out interest in a retail name.
Challenges beyond the financials
Shein faces broader concerns that extend beyond its balance sheet. The company has been dogged by ethical questions over working conditions at its suppliers, has lost momentum with shoppers under 35, and has struggled to compete with rivals such as Temu.
Source: www.cnbc.com — https://www.cnbc.com/2026/08/24/shein-ipo-valuation-hong-kong.html
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