Tracking IPOs: Shein knocks on Hong Kong’s doors

Tech in Asia regularly updates this tracker. This is the latest version of an article that was last published on July 21, 2026.

The IPO market across Asia is picking up, marked by an increase in activity during the first half of 2026.

In the financial hub of Hong Kong, 85 IPOs were recorded in the first half of the year, raising HK$210.4 billion (US$26.9 billion). This reflects a 92% year-on-year increase in capital raised, driven primarily by listings in advanced technology and biotechnology.

Concurrently, the Singapore Exchange (SGX) logged five mainboard listings in the first half of 2026, compared to only one IPO during the first six months of last year.

Shein opens doors to Hong Kong listing

Fast-fashion giant Shein officially published its draft prospectus on the Hong Kong Stock Exchange on July 26, following listing approval from the China Securities Regulatory Commission earlier in the month.

The filing marks a step toward an IPO that could value the firm between US$40 million and US$50 million.
This Hong Kong pivot follows previously stalled listing attempts in New York and London.

The filings reveal that while Shein generated US$41.9 billion in revenue for 2025, its full-year net income tumbled 38.7% to US$2.1 billion.

Shein noted that the removal of the de minimis exemption in the US – which allows goods under US$800 to enter the country duty-free – has led to an “adverse impact” on sales in its largest market.

In Q1 2026, the company swung to a US$99 million net loss, and revenue growth slowed to 1.1% year on year. Revenue in the US contracted by 14.3%.

Shein also said that in the European Union, trends are expected to “be generally in line with or exceed the impact observed in the US,” as newly imposed import fees for low-value parcels raise costs.

Players next in line

In the Philippines, Mynt, parent company of the country’s largest e-wallet operator GCash, formally filed its registration statement for a proposed domestic IPO, where it’s seeking to raise between US$1 billion and US$1.5 billion at a US$9 billion valuation.

See also: High hopes and grim realities for GCash IPO

In Vietnam, F88, a financial services and secured lending chain, is planning to list on the Ho Chi Minh City Stock Exchange by December 2026, joining a wave of IPOs in the country.

Post-listing check-up

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