HONG KONG – Shein Global Holdings Ltd is seeking to raise as much as HK$13.9 billion (S$2.25 billion) in its Hong Kong initial public offering, as it enters the final stretch of an arduous journey to go public.
The fast-fashion retailer is offering 280 million shares at HK$47.60 to HK$49.50 each, according to a filing to the stock exchange on Aug 24. Shein will debut on the Hong Kong stock exchange on Sept. 1.
Founded in mainland China but now headquartered in Singapore, Shein has been attempting to list for several years. Initial plans to debut in the US and then London foundered as the company came under scrutiny and was entangled in wider tensions between China and the US and others.
After waiting about a year for Beijing to give its blessing since filing for an IPO in Hong Kong, Shein is going public as it is being buffeted by tariffs, competition from PDD Holdings Inc’s Temu and regulatory pressure. Its valuation has sunk as a result.
The IPO prospectus shows Shein swung to a loss of HK$99 million in the first quarter of 2026 from a HK$395 million profit a year earlier, while revenue has also been declining.
Shein built a fast-fashion empire by offering low-priced, trend-driven apparel shipped directly from suppliers. But US tariffs followed by war in the Middle East have led to higher material costs and increased prices for consumers.
The company has downplayed its Chinese roots over the years, moving its headquarters to Singapore in 2021, but it was forced to change tack after regulators in China withheld their approval for the London IPO.
Shein plans to use the IPO proceeds to enhance technology such as inventory management systems, invest in marketing to improve its image globally, and strengthen its supply chain governance and decarbonisation efforts.
Shareholders include IDG Capital, Mubadala Investment Co, Coatue Management, and HSG – formerly known as Sequoia China. Those who invested in its later rounds are set to receive a combination of cash payouts and free additional shares to help lower the cost base for them, the prospectus shows.
Goldman Sachs Group Inc, Morgan Stanley and JPMorgan Chase & Co are joint sponsors of Shein’s IPO. BLOOMBERG
