Shein completes Hong Kong IPO at $26.5B valuation, down over 70% from its peak

Shein finally went public. The price tag, though, tells a story of a company that’s lost a lot of its shine since the pandemic-era shopping frenzy. The fast-fashion juggernaut completed its Hong Kong IPO on August 27, pricing shares at HK$48.56. The offering raised roughly $1.7B and valued the company at approximately $26.5B. That’s a far cry from the $98.2B valuation it commanded at its peak in 2022, representing a decline of more than 70%. From $100B darling to discount debut Shein’s road to going public has been anything but smooth. The company previously explored listings in both the US and the UK before abandoning those plans entirely. China’s securities regulator, the CSRC, finally approved the Hong Kong listing on July 10, and the stock is set to begin trading under the code 00625 on September 1. The IPO book was fully covered. Cornerstone investors, the anchor buyers who commit before pricing, put up about $383M in shares. That group includes Boyu Capital and Tencent. The pricing landed at a multiple of roughly 12 to 13 times 2025 earnings. The numbers behind the skepticism Revenue for 2025 came in at $41.8B, growing just 8% year-over-year. In Q1 2026, Shein posted a net lo...