Fast fashion giant Shein valued at up to $27 billion in Hong Kong IPO

Online fast-fashion retailer Shein ​will be valued at up to $27 ​billion as it aims to raise ‌up to HK$13.86 ​billion ($1.77 billion) in its Hong Kong initial public offering launched on Monday, according to the firm's filings.

Shein is selling 280 million shares in a ‌price range of HK$47.60 to HK$49.50 per share, the filings showed. The company will announce the final price on August 31 and start trading on September 1. Shein will be valued at close to $27 billion at the ‌top of the price range, a major decline from earlier private fundraising rounds that valued Shein at $98.2 ‌billion in 2022. The company was valued at $64 billion in 2023 and April 2024.

Cornerstone investors led by Boyu, Tiger Global and General Atlantic have subscribed for about $383 million worth of Shein shares, the prospectus showed. Tencent, Greenwoods, Taikang Life and UBS Asset Management ⁠will also ​take stock. The long-awaited float ⁠comes as slowing revenue growth and weaker core earnings weigh on Shein's business, while shrinking margins have also raised concerns its ⁠expansion is running into headwinds from higher trade costs, tighter regulatory scrutiny and intensifying competition across global e-commerce.

Shein, known for ​selling $5 dresses and $10 jeans to shoppers in about 160 countries, swung to a $99 million quarterly loss after ⁠the U.S. removed an import duty exemption on small packages, and a $328 million fair-value charge on convertible redeemable preferred shares following an ⁠accounting change. Hong ​Kong IPOs have raised about $41 billion so far this year, a record for the period and more than double the $17 billion raised a year earlier, LSEG data showed.

Shein's IPO is the largest new ⁠share sale in Hong Kong in 2026, surpassing autonomous driving firm Momenta Global's $751 million offering in July. ⁠It is the third-largest IPO ⁠in Asia, behind CXMT and China Resources New Energy, which raised $9.8 billion and $3.6 billion respectively, in Chinese onshore IPOs. ($1 = 7.8400 Hong Kong dollars)