Shein IPO Values Company at Up to $27 Billion in Hong Kong

Online fast-fashion retailer Shein launched its long-awaited initial public offering in Hong Kong on Monday, August 24, 2026, seeking to raise up to HK$13.86 billion (US$1.77 billion) at a valuation that represents a dramatic decline from its peak. The company is selling 280 million shares at a price range of HK$47.60 to HK$49.50 per share, which values it at close to US$27 billion at the top end of the range. This marks a significant drop from its private market valuation of US$98.2 billion in 2022, and subsequent valuations of US$64 billion in 2023 and April 2024.

The sharp reduction in valuation comes as Shein faces mounting questions about slowing growth, rising operational costs, and a more challenging global market. The company had initially sought an IPO valuation between US$30 billion and US$40 billion when investor meetings began. According to the prospectus, Shein will announce the final IPO price on August 31 and begin trading on the Hong Kong Stock Exchange on September 1.

The offering has attracted cornerstone investors, with existing shareholders Boyu, Tiger Global, and General Atlantic subscribing for approximately US$383 million in shares. Other major investors...