Shein, the Chinese-founded fast-fashion retailer that disrupted global retail with ultra-cheap trendy apparel, has officially launched its initial public offering in Hong Kong — marking the end of a years-long saga of failed listings in London and New York.
The company is offering 280 million Class B shares priced between HK$47.60 and HK$49.50 per share, valuing it at approximately $26–27 billion at the top of the range. The final price will be announced on August 31, with shares expected to begin trading on September 1.
The valuation represents a dramatic fall from grace. In 2022, private investors valued Shein at $98.2 billion. By 2023 and early 2024, that figure had already dropped to $64 billion. The IPO valuation marks a roughly 70% discount from the company's peak.
Several factors have contributed to the decline. Revenue growth decelerated sharply to 8% in 2025, down from 20.7% a year earlier. The loss of a U.S. import-duty exemption and a one-time accounting charge pushed the company to a $99 million loss in early 2026. Tariffs have forced Shein to raise prices, further eroding its competitive edge.
"The company has missed the golden time to list," said William Ma, chief investment officer at GROW Investment Group.
Investor appetite has cooled considerably, particularly as Hong Kong's IPO pipeline is now dominated by AI and chip firms. Shein also faces ongoing ethical concerns over supplier working conditions, has lost momentum with shoppers under 35, and struggles to keep up with rivals like Temu.
Shein won approval for the Hong Kong listing from the China Securities Regulatory Commission in early July, after abandoned attempts to list in London and New York. The IPO is the largest new share sale in Hong Kong in 2026, surpassing autonomous driving firm Momenta Global's $751 million offering.
Despite the challenges, the listing represents a milestone for Shein, which has grown from a small cross-border e-commerce operation into one of the world's most valuable private companies — even if its public market debut comes at a fraction of its former valuation.
