Shein Targets $27 Billion Valuation in Hong Kong IPO After Sharp Fall From 2022 Peak

Shein plans to sell around 280 million Class B shares at between HK$47.60 and HK$49.50 each. The final offer price is expected to be announced on Aug. 31, with trading scheduled to begin in Hong Kong on Sept. 1.

At the top of the proposed range, Shein would be valued at close to $27 billion. That represents a dramatic reset from the $98.2 billion valuation achieved during a private fundraising round in 2022 and the roughly $64 billion valuation it carried in 2023 and early 2024.

The lower valuation comes as Shein’s once-explosive expansion loses momentum. Revenue growth slowed to 8% in 2025 from 20.7% a year earlier, while the company recorded a $99 million loss in early 2026 following an accounting charge and changes to U.S. import rules.

Tariffs have become another major challenge. The loss of a U.S. import-duty exemption increased costs for Shein, forcing the company to raise prices and putting additional pressure on a business model built around extremely inexpensive and rapidly changing fashion products.

The Hong Kong listing follows unsuccessful attempts to go public in New York and London. Shein received approval from the China Securities Regulatory Commission for a Hong Kong IPO in July, clearing an important hurdle in its prolonged effort to access public markets.

However, investor enthusiasm surrounding the company has cooled significantly. Shein must now compete for capital in a Hong Kong IPO market increasingly dominated by AI, semiconductor and other technology companies, sectors currently attracting stronger investor interest.

The retailer also continues to face questions over working conditions within its supplier network and changing consumer preferences. At the same time, competition from platforms such as Temu has intensified, while Shein has struggled to maintain the same momentum among younger shoppers.

Shein’s IPO therefore represents an important test of how public investors value a former high-growth consumer technology story after its expansion has slowed. A successful listing could still raise substantial capital, but the proposed $27 billion valuation — less than one-third of its 2022 peak — illustrates how dramatically market expectations for the company have changed.