Shein launches up to $2B Hong Kong IPO after failed US and London attempts

Shein is finally going public, just not where it originally planned. The Singapore-headquartered fast-fashion giant is launching a Hong Kong IPO targeting up to $2 billion to $3 billion in proceeds, with book-building set to kick off around August 24 and a listing date of September 1. The company is eyeing a valuation between $26 billion and $27 billion, with a ceiling around $30 billion. For a company that was privately valued at nearly $100 billion in 2022, that’s a roughly 73% haircut. From $100B darling to discount IPO China’s securities regulator, the CSRC, approved Shein’s Hong Kong listing on July 10, clearing the final major regulatory hurdle after the company struck out trying to list in both the US and London. Existing shareholders are expected to snap up a significant chunk of the offering, potentially around half the shares. UBS’s asset management division has been identified as a cornerstone investor. The listing timeline actually slipped from an earlier target of August 28. Investors pushed back on the initial valuation expectations and flagged softening demand in Shein’s core markets. Big revenue, bigger problems Revenue hit $41.9 billion in 2025, up from $32.1 billi...