Shein Targets $27 Billion Valuation in Hong Kong IPO

Shein will debut on the Hong Kong stock exchange on September 1, targeting a valuation close to $27 billion.

The online retailer plans to offer 280 million shares at a price between HK$47.60 and HK$49.50, aiming to raise up to HK$13.86 billion ($1.7 billion). The final price will be announced on August 31. This valuation marks a sharp decline from its peak of approximately $100 billion in 2022, and $64 billion in 2023 and April 2024.

The company, founded in China and now headquartered in Singapore, secured Beijing’s approval last month for the Hong Kong listing after previous attempts to list in New York and London faced regulatory hurdles. Shein reported a full-year net profit of $2.06 billion in 2025 but experienced a $99 million quarterly loss in the first three months of 2026.

This reversal followed the United States’ removal of its customs exemption for low-value parcels, with an accounting charge also contributing to the loss. The company intends to use the IPO proceeds to strengthen its technology, brand, and international operations, including hiring more local sales and marketing staff in markets such as Europe. Europe and the United Kingdom generated $14.8 billion in revenue in 2025, accounting for 35.4% of global revenue and making it Shein’s largest disclosed regional market.

Shein had an average of approximately 156 million monthly users in the EU between August 2025 and January 2026. The US authorities are conducting a national security review of Shein Global Holdings’s $80 million purchase of American clothing retailer Everlane. Shein voluntarily initiated this review after the transaction was completed in May. Analysts state Shein's move of its headquarters to Singapore between 2021 and 2022 was intended to avoid increasing global scrutiny of Chinese firms. The company faces intensifying competition, rising costs, and ethical concerns over working conditions at its suppliers.