Shein Shifts IPO to Hong Kong with $27 Billion Valuation Target

Shein, the fast-fashion juggernaut that once commanded a $100 billion private valuation, is finally going public. Just not where anyone originally expected.

After years of trying to list in New York and then London, the company has abandoned both Western venues entirely and is pursuing an IPO exclusively on the Hong Kong Stock Exchange. Trading is set to begin on September 1, 2026, under the ticker 0625.HK, with a target valuation of roughly $27 billion. For those keeping score, that’s a 73% haircut from where the company stood in 2022.

Shein is offering approximately 280 million shares priced between HK$47.60 and HK$49.50, which would raise somewhere in the neighborhood of $1.77 billion to $1.8 billion. Goldman Sachs, Morgan Stanley, and JPMorgan are backing the deal.

Cornerstone commitments are coming from existing shareholders including Boyu Capital and Tiger Global.

The Chinese Securities Regulatory Commission granted its approval for the listing on July 10, 2026, following a confidential filing Shein made in mid-2025.

Shein’s IPO journey reads like a GPS that kept recalculating. The company initially targeted New York, but that effort ran into a wall of political opposition. US lawmakers from both parties raised concerns about Shein’s supply chain practices, particularly allegations tied to Xinjiang, where forced labor in cotton production has been a major flashpoint in US-China relations.

The London Stock Exchange seemed like a reasonable fallback, but that plan also stalled. British regulators and politicians raised similar supply chain questions, and the broader political environment around Chinese-linked companies in the UK proved less hospitable than Shein had hoped.

In Q1 2026, Shein posted a net loss of $99 million. That’s a dramatic reversal from the same quarter a year earlier, when the company reported a profit of $395 million.

Two major factors drove that decline: changes in US import tariffs and decelerating sales growth. Shein built much of its US business model around the de minimis exemption, a trade rule that allowed packages valued under $800 to enter the country duty-free. Changes to that threshold directly impacted Shein’s cost structure and pricing advantage in its largest Western market.

Shein has signaled plans to invest IPO proceeds into its Guangdong manufacturing hubs. That’s a deliberate move to address the supply chain criticisms that torpedoed its Western listing ambitions.