Fast fashion giant Shein valued at up to $27 billion in Hong Kong IPO

HONG KONG, Aug 24 (Reuters) - Online ‌fast-fashion retailer Shein ​will ​be valued at up to $27 billion as it aims to raise up to HK$13.86 billion ($1.77 billion) in its Hong Kong initial public ‌offering launched on Monday, according to the firm's filings.

Shein is selling 280 ⁠million shares in a price range of HK$47.60 to HK$49.50 per share, the filings showed. The ‌company will announce the final ‌price on August 31 and start trading on September 1.

Shein will be valued at close to $27 billion at the top of the price range, a ​major decline from earlier private fundraising rounds that valued Shein at $98.2 billion in 2022. The company was valued at $64 billion in 2023 and April 2024.

Cornerstone investors ⁠led by Boyu, Tiger Global and General Atlantic have subscribed for about $383 million worth of Shein shares, the ​prospectus showed. Tencent, Greenwoods, Taikang Life and UBS Asset Management will also take stock.

The long-awaited float comes as slowing revenue growth ​and weaker core earnings weigh on Shein's business, ‌while shrinking margins have also raised concerns its expansion is running into headwinds from higher trade costs, tighter regulatory scrutiny and ⁠intensifying competition across global e-commerce.

Shein, known for selling $5 dresses and $10 jeans to shoppers in about 160 countries, swung to a $99 million quarterly loss after the U.S. removed an import duty ⁠exemption on small packages, and a $328 million fair-value charge on convertible redeemable preferred shares following ​an accounting change.

Hong Kong IPOs have raised about $41 billion so far this year, a record for the period and more than double the $17 billion raised a year earlier, LSEG data showed.

Shein's ‌IPO is the largest new share sale in Hong Kong in 2026, surpassing autonomous driving firm Momenta Global's $751 million offering in ‌July. It is the third-largest IPO in Asia, behind CXMT and China Resources New ⁠Energy, which raised $9.8 billion and $3.6 billion ‌respectively, in Chinese onshore ​IPOs.

($1 = 7.8400 Hong Kong dollars)

(Reporting by Kane Wu in Hong Kong and Sameer Manekar in Bengaluru; Writing by Scott Murdoch; Editing by ‌Chris Reese)

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