SHEIN's HK IPO targets to raise HK$13.86bn

Chinese fast-fashion giant SHEIN has sought a Hong Kong listing and will officially start trading on the Hong Kong Stock Exchange (HKEX) on 1 September, with plans to raise up to HK$13.86 billion in its initial public offering (IPO).

According to documents filed by SHEIN with the HKEX, the company has planned to issue 280 million shares at an offering price between HK$47.6 and HK$49.5 per share, with expected proceeds of up to HK$138.6 billion.

SHEIN will announce the final price on 31 August and start trading on 1 September. The company's valuation has dropped by around 70% from a peak of nearly HK$780 billion on the private market four years ago, according to Reuters.

The valuation has fallen sharply from earlier private fundraising rounds, which valued SHEIN at HK$766 billion in 2022. The company was valued at HK$499 billion in 2023 and April 2024.

MARKETING-INTERACTIVE has reached out to SHEIN for more information.

Founded in China and now headquartered in Singapore, SHEIN finally won Beijing's approval last month to make its initial public offering in Hong Kong, ending a six-year saga that shifted from New York to London. Its path to going public has been rocky. The company began preparing for a US listing in 2020, and in 2023 it filed a confidential IPO application with US regulators, seeking a valuation of as much as US$90 billion.

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Along the way, its listing plans were shelved twice – first due to market volatility and later because of the Russia-Ukraine war – but ultimately, regulators in both the US and China did not give the green light. SHEIN did not give up, and in 2024 it switched its focus to a London listing.

However, SHEIN repeatedly failed to secure approval from Chinese authorities, eventually opting for Hong Kong instead. The company's valuation has since continued to decline, dropping from a peak of US$100 billion in 2022 to US$30 billion last year.

Originally founded in Nanjing in 2008, SHEIN established its core operations in China before moving its headquarters to Singapore in 2022. Despite its Singapore base, SHEIN remains subject to Chinese regulatory oversight. The China Securities Regulatory Commission (CSRC) mandates that all firms with significant ties to China must undergo its review process before listing shares on any global exchange.

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