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Fast-fashion giant Shein launched its long-awaited Hong Kong IPO on Monday, seeking to raise up to HK$13.86 billion ($1.77 billion) at a valuation of nearly $27 billion after years of unsuccessful attempts to list in the United States and Britain.
The Singapore-headquartered online retailer plans to price the offering on August 28 before making its Hong Kong Stock Exchange debut on September 1, according to its prospectus.
Shein’s journey toward becoming a publicly traded company stretches back several years. It revived plans for a New York IPO in January 2022 after previously abandoning an earlier U.S. listing attempt amid market volatility and U.S.-China tensions. Those plans were paused again in February 2022 following Russia’s invasion of Ukraine.
By March 2023, Shein was seeking roughly $2 billion in funding while targeting a U.S. IPO later that year. However, scrutiny from American lawmakers intensified over allegations involving forced labor and the company’s supply chain.
Despite confidentially filing for a U.S. IPO in November 2023 and reportedly targeting a $90 billion valuation, regulatory and political resistance complicated the process. Shein subsequently explored London, holding discussions with the London Stock Exchange and British officials.
Preparations for a UK listing accelerated during 2024, but Shein faced similar scrutiny over its supply chain, legal risks and business ties to China. Britain’s Financial Conduct Authority eventually approved the proposed London IPO in April 2025, although Chinese regulatory clearance remained outstanding.
Shein shifted its attention toward Hong Kong in May 2025 as prospects for a London flotation weakened. The retailer confidentially filed for a Hong Kong IPO in July 2025.
China’s securities regulator approved the Hong Kong listing in July 2026, clearing a crucial hurdle.
The IPO marks a significant milestone for Shein, although its expected valuation of around $27 billion is dramatically below the $90 billion figure reportedly considered during its 2023 U.S. listing push. Shein is scheduled to begin trading in Hong Kong on September 1.
