Shein is expected to price around 280 million shares at about HK$48.56 apiece, potentially raising HK$13.6 billion ($1.7 billion).
The proposed valuation is nearly 74% below Shein's earlier $100 billion price tag, as slowing growth, tariffs and competition from Temu weigh on the business.
The Hong Kong listing follows abandoned US and UK IPO attempts, with existing Shein backers playing a major role among the company's cornerstone investors.
Shein’s $100 Billion Valuation Meltdown: Fast-Fashion Giant Eyes $26 Billion IPO
Shein is targeting a $1.7 billion Hong Kong IPO at a valuation of just over $26 billion, marking a dramatic reset from the nearly $100 billion valuation the fast-fashion giant commanded four years ago
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Summary
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Fast-fashion retailer Shein Global Holdings Ltd. is on course to raise about HK$13.6 billion ($1.7 billion) through its Hong Kong initial public offering, as the company seeks a valuation of just over $26 billion, according to Moneycontrol and Bloomberg.
Shein is marketing roughly 280 million shares at an indicative price of HK$48.56 apiece, slightly above the midpoint of its proposed HK$47.60-HK$49.50 range.
The valuation would mark a steep decline from the nearly $100 billion price tag Shein commanded about four years ago. The final IPO price could still change, according to people familiar with the matter who spoke on condition of anonymity.
Final pricing is expected on Thursday, August 27, with Shein's shares scheduled to begin trading on the Hong Kong Stock Exchange on September 1.
Growth slows, losses mount
Shein's Hong Kong listing comes as the retailer faces slowing growth and mounting pressure on profitability.
According to its prospectus, the company recorded a $99 million loss in the first quarter of 2026, compared with a profit of $395 million in the same period a year earlier.
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Revenue growth has also weakened as tariffs weigh on its expansion, while competition from PDD Holdings' Temu has intensified across key markets such as the US and Europe.
The slowdown presents a significant challenge for Shein, whose rapid global expansion had helped drive its valuation to around $100 billion in previous private funding rounds.
Hong Kong listing after US, UK setbacks
The IPO also follows Shein's unsuccessful attempts to list in the US and UK, where the company faced regulatory scrutiny.
Founded in China and now headquartered in Singapore, Shein has increasingly relied on existing investors to support its Hong Kong listing. Five of the company's seven cornerstone investors are existing backers, according to Bloomberg News.
These investors are also expected to purchase as much as half of the shares earmarked for institutional fund managers, highlighting their importance in getting the IPO across the line.
At the proposed valuation, Shein's Hong Kong debut would represent a significant reset from its earlier private-market valuation and test investor appetite for the fast-fashion giant amid weaker growth, tariff uncertainty and intensifying competition.
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