Fast-fashion retailer Shein is seeking to raise up to HK$13.86 billion ($1.77 billion) through an initial public offering (IPO) in Hong Kong, according to a filing on Monday.
The company is offering about 280 million Class B shares at between HK$47.60 and HK$49.50 each, valuing the company at nearly $27 billion at the top end of the price range.
Shein is expected to announce the final offer price on August 31, with its shares scheduled to begin trading on the Hong Kong Stock Exchange on September 1.
The proposed valuation marks a significant decline from the company’s peak private-market valuations. Shein was valued at about $98.2 billion in 2022 and $64 billion in 2023 and April 2024, according to Reuters.
The decline comes amid slowing growth, pressure on profitability and rising operating costs.
Shein’s revenue growth slowed to 8 per cent in 2025, compared with 20.7 per cent a year earlier. The company also recorded a $99 million loss in early 2026 following the loss of a US import-duty exemption and a one-off accounting charge.
US tariffs have further weighed on the company’s sales and revenue, with Shein saying it has absorbed some of the additional costs while raising prices for customers.
The retailer secured approval for its Hong Kong listing from the China Securities Regulatory Commission in July, following unsuccessful attempts to list in London and New York.
However, investor enthusiasm for the company has weakened amid concerns over its growth prospects and intensifying competition in the fast-fashion market.
Shaun Rein, Managing Director of China Market Research Group, said investors and consumers were no longer as enthusiastic about Shein as they once were.
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William Ma, Chief Investment Officer at GROW Investment Group, had previously said the company “missed the golden time to list.”
Investor appetite has also been affected by Hong Kong’s crowded IPO pipeline, which has increasingly been dominated by artificial intelligence and semiconductor companies.
Shein continues to face scrutiny over labour conditions among its suppliers, while competition from rivals such as Temu has intensified.
The company has also struggled to maintain its appeal among shoppers under 35, raising further questions about its ability to sustain the rapid growth that once drove its valuation to record levels.
