Shein targets US$2 billion Hong Kong IPO this week at US$26-27 billion valuation, Bloomberg reports

Chinese fast-fashion brand Shein is seeking to raise approximately US$2 billion (HK$15.6 billion) in its expected Hong Kong initial public offering this week, with existing shareholders potentially subscribing to about half of the shares, Bloomberg reported, citing people familiar with the matter.

Shein currently aims to list in Hong Kong at a valuation of US$26 billion to US$27 billion, with trading expected to begin around the end of the month, the people said. Details are still being discussed, and the size, valuation and timeline remain subject to change.

Shein, which was founded in China but is now headquartered in Singapore, had previously attempted to list in New York and London, but both attempts were unsuccessful. Its valuation reached US$100 billion at its peak in 2022, but by its Series D+ funding round in 2023, it had shrunk to about US$64 billion, weighed down by tariffs and competitive pressure from Pinduoduo's Temu, which eventually slowed down its growth.

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