❯ Shein to List on Hong Kong Exchange September 1, IPO Aims to Raise Up to $1.8 Billion

LISTINGFiling documents show Shein will list on the Hong Kong exchange on September 1, offering 280 million shares at an indicative price of HK$47.6 to HK$49.5 per share, with proceeds of up to HK$13.9 billion (about US$1.8 billion). Goldman Sachs, Morgan Stanley, and JPMorgan are joint sponsors. The offering has cleared CSRC filing, and ahead of listing the company also made about US$1.1 billion in allocation available to investors.

VALUATIONThis roadshow took three years and three continents — a U.S. filing first, then a London pivot, finally a Hong Kong landing. The price was a halved valuation: roughly US$40 billion to US$50 billion at the current range, versus a peak that once touched US$100 billion. In between came shifting tariff policies, the loss of duty-free treatment for small parcels, and regulatory scrutiny across multiple markets — each one cutting directly into its cross-border direct-shipping model.

STAKESFor Hong Kong’s exchange, this is the year’s most significant new listing and a mettle test for US-listed Chinese names returning to Hong Kong. For fast-fashion peers, once Shein reports quarterly, the sector’s true profit margins will finally have a comparable basis. And for the private markets, the markdown from $100 billion to $50 billion is a yardstick for how much of the past three years’ high valuations has been digested.

▪ SIGNALThe listing journey took three years and three markets — the costliest part wasn’t the underwriting fees, but the half of the valuation that evaporated along the way.