Shein, the fast-fashion juggernaut that once commanded a $100 billion private valuation, is finally going public. Just not where anyone originally expected.
After years of trying to list in New York and then London, the company has abandoned both Western venues entirely and is pursuing an IPO exclusively on the Hong Kong Stock Exchange. Trading is set to begin on September 1, 2026, under the ticker 0625.HK, with a target valuation of roughly $27 billion. For those keeping score, that’s a 73% haircut from where the company stood in 2022.
The numbers behind Shein’s Hong Kong debut
Shein is offering approximately 280 million shares priced between HK$47.60 and HK$49.50, which would raise somewhere in the neighborhood of $1.77 billion to $1.8 billion. Goldman Sachs, Morgan Stanley, and JPMorgan are backing the deal.
Cornerstone commitments are coming from existing shareholders including Boyu Capital and Tiger Global.
