Shein Prepares for IPO at $27 Billion USD Valuation

Summary

Shein has officially launched its global offering seeking to raise up to $1.77 billion USD on the Hong Kong Stock ExchangeThe ultra-fast-fashion company is targeting a valuation of roughly $27 billion USD ahead of its planned September 1 trading debutThe public offering comes as the company navigates slowing growth shifting global trade policies and increased fulfillment expenses

Shein has officially launched its global offering, setting the stage for an initial public offering on the Hong Kong Stock Exchange targeting a valuation of roughly $27 billion USD. The ultra-fast-fashion retailer is offering 280 million shares priced between $47.60 HKD and $49.50 HKD to raise up to $13.86 billion HKD (approximately $1.77 billion USD).

The company's planned debut follows its listing hearing clearance in July, with financial backing co-sponsored by Goldman Sachs, Morgan Stanley, and JPMorgan. Cornerstone investors behind the offering include Boyu Capital, Tiger Global, General Atlantic, Tencent, Greenwoods Asset Management, and Taikang Life Insurance. The resulting $27 billion USD valuation sits below its pandemic-era peak, placing Shein at roughly 0.7 times forecast sales.

The public listing arrives during a challenging fiscal period for the retailer, marked by trade policy shifts such as the removal of de minimis exemptions in the U.S. and European Union. Shein reported a 38.7% drop in net profit to $2.06 billion USD for 2025, followed by a first-quarter 2026 net loss of $99 million USD. To preserve voting power for founder Chris Xu (Xu Yangtian), who holds a 33% stake, the company plans to adopt a dual-class share structure upon going public.

The final offer price for Shein's global offering will be set on August 31, 2026, with official trading scheduled to commence on September 1, 2026.

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