Shein prices its Hong Kong IPO at a ~$27bn valuation, roughly a quarter of its 2022 peak, after failed listing attempts in New York and London

Shein, the Singapore-headquartered fast-fashion retailer, launched its long-awaited Hong Kong IPO (initial public offering) on 24 August 2026, offering 280 million shares at between HK$47.60 and HK$49.50 per share and aiming to raise up to approximately HK$13.86bn (around US$1.8bn). The offering values the company at close to US$27bn, roughly 70% below its 2022 private-market peak of US$100bn and around 40% of the US$66bn at which it was last priced in a private funding round in May 2023. Trading is set to begin on 1 September 2026. Shein's path to public markets has been long and troubled. It first sought a listing in the United States in 2023 but abandoned those plans after pushback from the Securities and Exchange Commission (SEC) over alleged labour malpractices and competition-related lawsuits. It then filed for a £50bn London float before that too stalled, following pressure from MPs over supply-chain concerns including allegations of links to forced labour. The Hong Kong listing is the company's third choice of exchange. Financially, the company swung to a US$99m quarterly loss in the first quarter of 2026, driven partly by the US decision to scrap the 'de minimis' rule (which had previously allowed packages worth less than US$800 from China to enter the US duty-free). US revenues fell 14.3% in Q1. The EU closed the same loophole earlier in August 2026, and the is set to follow in October 2028, though British retailers are lobbying for an earlier implementation. Cornerstone investors including existing shareholders and have subscribed for approximately of shares, with and also taking stock. The IPO is led by and . Shein plans to allocate around 80% of proceeds to technology improvements and brand expansion. Co-founders Sky Yangtian Xu, Maggie Gu, Molly Miao and Tony Ren will retain 90% of voting rights post-listing.