Shein targets up to HK$13.86bn in Hong Kong IPO, valuing firm near $27bn

In a Monday filing, Shein announced it will seek to raise up to HK$13.86bn (£1.3bn; $1.77bn) by offering about 280 million shares at HK$47.60-HK$49.50 when its stock begins trading on the Hong Kong market on 1 September. At the top of that range the company would be valued at almost $27bn (£19.8bn), a steep decline from the $100bn valuation achieved in a 2022 private fundraising round, a drop linked to weaker sales growth and rising expenses.

The IPO follows failed attempts to list in the United States and London, which were halted by regulatory scrutiny amid heightened scrutiny of the Singapore-headquartered, China-founded firm. Wall Street banks Goldman Sachs, Morgan Stanley and JP Morgan are acting as lead underwriters. Shein disclosed a quarterly loss of $99m for the first three months of the year after U.S. President Donald Trump ended an import-duty exemption on small packages, contrasting with a $395m profit a year earlier. The offering proceeds as uncertainty lingers over the paused tit-for-tat US-China tariff dispute.