Shein is now reportedly seeking a valuation of up to $27 billion in its long-delayed Hong Kong initial public offering, a fraction of the near-$100 billion it commanded in a 2022 private fundraising round.
The China-founded, Singapore-headquartered fast-fashion retailer plans to sell around 280 million class B shares priced between HK$47.60 and HK$49.50, aiming to raise up to $1.77 billion.
Final pricing will be set on 31 August, with shares expected to begin trading on 1 September on the Hong Kong Stock Exchange.
The valuation reset reflects a sharp slowdown at the company: revenue growth decelerated to 8% in 2025 from 20.7% a year earlier, and it swung to a $99 million loss in the first quarter of 2026 after losing a US import-duty exemption and taking a one-time accounting charge.
Net profit had already fallen to $2 billion in 2025 from $3.4 billion in 2024.
Hong Kong marks Shein's third venue after plans for a US listing were abandoned and a subsequent London attempt collapsed amid scrutiny of its Chinese supply chain and labour practices.
China's securities regulator cleared the Hong Kong application in July, and around 90% of the offering is being targeted at international investors, with an upsize option that could lift proceeds to about $2 billion.
News Intelligence what this means for the company
Shein is pricing its Hong Kong IPO at $27 billion—73% below its $98.2 billion private valuation from 2022—after failed US and London listing attempts. The reset reflects a sharp operational deterioration: revenue growth collapsed to 8% in 2025 from 20.7% the prior year, net profit fell 38.7% to $2.1 billion, and the company swung to a $99 million loss in Q1 2026 after losing the US de minimis duty exemption and taking a one-time accounting charge. This marks a valuation reset versus prior ambitions, and the company is now targeting international investors for roughly $1.77 billion in proceeds.
Shein's IPO timing and valuation reflect a business in structural decline rather than cyclical weakness. The loss of the US tariff exemption is permanent, tariff exposure remains acute, and profitability has eroded sharply—net income fell 38.7% year-over-year even before Q1 2026's $99 million loss. At $27 billion, the company is valued at roughly 13x its 2025 net income, a premium that assumes recovery from headwinds that appear structural rather than temporary.
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