Shein, a fast-fashion retailer founded in China and based in Singapore, launched its Hong Kong initial public offering on August 24.

The company is seeking to raise up to HK$13.86 billion (US$1.77 billion) by selling 280 million shares.

At the top of the price range, the deal would value the company at about US$27 billion.

The offering follows Shein’s shift to Hong Kong after its London IPO stalled. Shein is due to set the final price on August 31 and begin trading on September 1.

The target valuation is down from US$98.2 billion in 2022 and US$64 billion in 2023 and April 2024, as investors questioned whether the company could return to earlier growth rates amid rising costs and changing market conditions.

Shein said first-half 2026 revenue growth is expected to be close to the 1.1% growth it posted in the first quarter, while operating margin is expected to be slightly lower than the first-quarter level.

The company said it reported a quarterly loss of US$99 million following the end of a US import duty exemption on small packages.

It also recorded a US$328 million fair-value charge tied to convertible redeemable preferred shares after an accounting change.

The deal is the largest Hong Kong IPO of 2026.

🔗 Source: Reuters

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