❯ Shein prices Hong Kong IPO near $6.20, raising $1.73 billion at a $26.5 billion valuation

priced at the midpointSingapore-headquartered Shein is set to price its Hong Kong IPO at HK$48.56 a share (about $6.20), near the midpoint of its marketed range, raising roughly $1.73 billion at a valuation of about $26.5 billion, Reuters reported.

distance from the peakThat is roughly one quarter of the near-$100 billion private peak Shein carried in 2022, and well under the $66 billion valuation from its 2023 round, per earlier reports. The company had planned a London listing, and turned to Hong Kong after that effort stalled in 2024 — more than two years end to end. Shein says about 80% of proceeds will go to technology and global brand expansion, with the rest to working capital.

who is watching the priceChinese tech companies queued up for Hong Kong will treat this as the reference case: even priced at the midpoint and steeply discounted from the peak, a $1.73 billion book still filled. Early private shareholders meanwhile absorb a loss that is now publicly confirmed. The tighter constraint is the price range for the deals that follow, since first-day trading will decide how aggressively the next issuers dare to mark themselves.

▪ SIGNALFrom $100 billion to $26.5 billion, Shein’s pricing settles four years of private-market inflation in a single print.