Shein launches Hong Kong IPO at 27 billion valuation after sharp drop from 2022 peak

Shein launched its Hong Kong initial public offering on Monday, offering 280 million shares priced between 47.60 and 49.50 Hong Kong dollars each, targeting up to 13.86 billion Hong Kong dollars (about $1.77 billion) in proceeds, according to its prospectus . The company’s valuation is set at up to 26.81 billion Hong Kong dollars ($27 billion), a sharp decline from its 2022 private-market valuation of $98.2 billion .
The subscription period began Monday, with the final share price to be determined on Aug. 31 and trading to debut on Sept. 1 . Anchor investors, including Boyu Capital, Tiger Global, General Atlantic, Tencent, and UBS, have already committed to purchasing shares worth approximately $383 million . Shein also plans to allocate up to $3.5 billion to select pre-IPO investors as part of the listing process .
The Singapore-based company, founded in China in 2012, reported a loss of $99 million in the first three months of 2026, citing weaker growth, shrinking margins, and rising trade costs . Shein serves an estimated 273 million active customers across 160 countries, with around 130 million users in Europe alone . Proceeds from the IPO will fund technological infrastructure upgrades and global marketing expansion, the company stated .
China’s market regulator, the CSRC, approved Shein’s Hong Kong listing in July, following earlier considerations of New York or London as potential venues . The company has faced criticism over its business model, including allegations of intellectual property violations, environmental concerns, and labor practices, with most of its production based in China . New tariff regulations in the U.S. and Europe, along with disruptions from the Middle East crisis, have further pressured its operations .
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