Shein Aims for $27 Billion Hong Kong IPO Amid Valuation Decline
Fast-fashion retailer Shein is gearing up for an initial public offering in Hong Kong, with plans to raise as much as HK$13.86 billion (approximately $1.77 billion). The company is offering roughly 280 million class B shares, with a price range set between HK$47.60 and HK$49.50 per share. This pricing suggests a valuation for Shein nearing $27 billion at the higher end of the range.
The definitive share price is expected to be announced by Shein on August 31st, with trading anticipated to commence on September 1st. This IPO valuation represents a considerable decrease from its previous private fundraising rounds, where it was valued at $98.2 billion in 2022. While Shein was valued at $64 billion in early 2023 and April 2024, its recent valuation has fallen sharply.
The decline in Shein's valuation is attributed to a slowdown in its once-rapid growth trajectory and increased pressure on its profitability. Revenue growth decelerated to 8% in 2025, a notable drop from 20.7% the previous year. Furthermore, the loss of a U.S. import-duty exemption and a one-time accounting charge resulted in a $99 million loss in early 2026. Tariffs have also impacted Shein's revenue and sales over the past year, forcing the company to pass on increased costs to consumers.
Shein received approval for its Hong Kong listing from the China Securities Regulatory Commission in early July, following unsuccessful attempts to go public in London and New York. However, market sentiment towards the ultra-fast fashion retailer has shifted. Analysts suggest that Shein may have missed its optimal window for an IPO, especially with the Hong Kong stock market's current focus on AI and chip companies, which has diminished investor appetite for retail giants.
The company also faces ethical concerns regarding working conditions within its supply chain. Additionally, Shein has experienced a loss of momentum with younger shoppers and has struggled to compete effectively with rivals like Temu.
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