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Shein disclosed plans in its Hong Kong stock exchange filing to offer nearly 280 million shares at between 47.60 and 49.50 Hong Kong dollars apiece, a range that would raise as much as 1.77 billion dollars at the top end while valuing the company at almost 27 billion dollars. The prospectus sets the offering to begin on September 1 following the August 24 submission. Goldman Sachs, Morgan Stanley and JPMorgan are acting as the lead banks on the transaction, according to the document.
The targeted valuation marks a steep decline from the 100 billion dollars achieved in a 2022 private fundraising round, Reuters reported earlier this month citing people familiar with the process. Bloomberg Intelligence analysts determined that a 22 billion to 25 billion dollar range would equate to 13 to 15 times projected 2027 earnings after recent freight and tariff pressures. Shein had initially sought 30 billion to 40 billion dollars when investor meetings began, Bloomberg added.
For the full year 2025, Shein posted revenue of 41.8 billion dollars on 8 percent growth while net profit dropped 38.7 percent to 2.06 billion dollars, Forbes reported after reviewing the audited financials. The company swung to a 99 million dollar loss in the first quarter of 2026 from a 395 million dollar profit a year earlier, the filing figures show. Part of the quarterly shortfall stemmed from a 328 million dollar non-cash accounting charge tied to special investor shares.
Founded in China in 2008 and now based in Singapore, Shein has become the largest fast-fashion retailer globally with an 18 percent market share, Coresight Research data cited by industry trackers shows. The platform ended March 2026 with 281 million active customers, up 16 percent year on year, and had fulfilled more than 1 billion orders. Market Data Forecast projects the worldwide fast-fashion industry to rise from 53.31 billion dollars in 2025 to 173.35 billion dollars by 2034.
Performance has been hampered by the loss of a US import duty exemption that forced price increases along with disruptions from conflict involving Iran that affected demand, logistics costs and delivery reliability. The retailer has explored further options to reset pricing in the United States to offset the changes. These external pressures compounded an already moderating growth trajectory that has tempered investor enthusiasm.
Shein has confronted repeated allegations of forced labour and environmental damage linked to its supply chain that relies heavily on factories in China. The company told the BBC it maintains zero tolerance for forced labour. Anti-Slavery International noted that the broader fast-fashion model raises concerns that extend beyond any individual firm, while Shein said it had identified and swiftly resolved two child labour cases at suppliers the previous year through contract terminations and worker remediation.
Earlier attempts to pursue listings in New York and London collapsed under regulatory examination of its supply chain transparency, data practices and labour standards. UK lawmakers had pressed the company for detailed answers on potential Xinjiang cotton links that it initially declined to address fully in parliamentary hearings, Reuters reported in prior coverage. The Hong Kong route offers a venue perceived as more familiar with the group’s operational model.
