Shein seeks up to $2.3 billion in long-awaited Hong Kong IPO
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Shein is offering 280 million shares at HK$47.60 to HK$49.50 each, according to a filing to the stock exchange on Aug 24.
PHOTO: REUTERS
- Shein plans to raise up to HK$13.9 billion in its Hong Kong IPO, listing on Sept 1 after years of delays and regulatory challenges.
- The company reported a loss of HK$99 million in Q1 2026, with declining revenue due to tariffs, competition, and higher costs.
- Proceeds from the IPO will fund technology upgrades, marketing, supply chain improvements, and decarbonisation efforts to boost global competitiveness.
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HONG KONG – Shein Global Holdings is seeking to raise as much as HK$13.9 billion (S$2.25 billion) in its Hong Kong initial public offering (IPO), as it enters the final stretch of an arduous journey to go public.
The fast-fashion retailer is offering 280 million shares at HK$47.60 to HK$49.50 each, according to a filing with the stock exchange on Aug 24. That would give it a market capitalisation of about US$25.7 billion (S$32.6 billion) to US$26.8 billion, with the company due to debut on the Hong Kong stock exchange on Sept 1.
Shein has seen its valuation slide from almost US$100 billion in 2022, hurt by factors such as US tariffs, charges on packaging and intensifying competition.
Founded in mainland China but now headquartered in Singapore, Shein has been attempting to list for several years. Initial plans to debut in the US and then London foundered as the company came under scrutiny and was entangled in wider tensions between China and the US and others.
The IPO prospectus shows Shein swung to a loss of HK$99 million in the first quarter of 2026 from a HK$395 million profit a year earlier, while revenue has also been declining. Cornerstone investors in the IPO include Boyu Capital, Tiger Global, General Atlantic, Tencent Holdings and UBS AM Singapore.
Boyu’s commitment is the biggest, at US$150 million, while Tiger Global’s is US$53 million and General Atlantic and Tencent are both US$50 million, according to the terms of the deal.
Shein built a fast-fashion empire by offering low-priced, trend-driven apparel shipped directly from suppliers. But US tariffs, followed by war in the Middle East, have led to higher material costs and increased prices for consumers.
The company has downplayed its Chinese roots over the years, moving its headquarters to Singapore in 2021, but it was forced to change tack after regulators in China withheld their approval for the London IPO.
Shein plans to use the IPO proceeds to enhance technology such as inventory management systems, invest in marketing to improve its image globally and strengthen its supply chain governance and decarbonisation efforts.
Shareholders include IDG Capital, Mubadala Investment, Coatue Management and HSG – formerly known as Sequoia China. Those who invested in its later rounds are set to receive a combination of cash payouts and free additional shares to help lower the cost base for them, the prospectus shows.
Goldman Sachs Group, Morgan Stanley and JPMorgan Chase & Co are joint sponsors of Shein’s IPO. BLOOMBERG
