Shein is seeking a US$30 billion to US$40 billion valuation in a Hong Kong initial public offering (IPO) that could launch as early as mid-to-late August, according to three people familiar with the matter.

The Singapore-headquartered fast-fashion retailer, founded in China, began investor meetings last week.

The valuation and timetable may still change after investor feedback, the sources said.

The target is below Shein’s US$98.2 billion valuation in 2022 and the US$64 billion valuations it reached in private fundraising rounds in 2023 and April 2024.

China’s securities regulator approved the listing on July 10, clearing the way after failed attempts to list in New York and London.

A draft prospectus filed last month showed that Shein posted a US$99 million quarterly loss.

Shein has also faced scrutiny over allegations that banned Xinjiang cotton or forced labor may have entered parts of its supply chain.

After clearance from the China Securities Regulatory Commission, the deal must still clear Hong Kong regulators before bookbuilding and pricing.

If completed, the offering would test demand in Hong Kong’s IPO market, which raised HK$109.9 billion (US$14 billion) from 40 new listings in the first quarter of 2026.

🔗 Source: Reuters

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