Shein is set to debut in Hong Kong, marking a shift toward embracing its Chinese roots after failed US and UK listing efforts. Regulatory approval, strong manufacturing and supply-chain ties, and domestic economic contributions helped secure the listing. The IPO highlights growing geopolitical pressures and Sheins sharply reduced valuation.

The fashion retailer says its business remains resilient as tariff pressures test its global model ahead of its listing.

Shein is expected to price its Hong Kong IPO near HK$48.56 per share, raising about $1.7 billion at a $26.5 billion valuation. The listing marks a major milestone after years of…