Shein to launch Hong Kong IPO with valuation up to $30 billion

Fast-fashion giant Shein is set to debut on the Hong Kong Stock Exchange on September 1, following years of regulatory hurdles and failed attempts to list in the US and London. The company is offering 280 million shares at a price range of HK$47.60 to HK$49.50, aiming to raise between US$1.8 billion and US$3 billion.

This IPO marks a significant shift in valuation for the retailer. While Shein was privately valued at nearly US$100 billion in 2022, current projections place its market capitalization between US$26 billion and US$30 billion. The company reported a US$99 million net loss in the first quarter of 2026, a downturn attributed to changes in US import tariffs and accounting adjustments.

Alongside the financial news, details have emerged regarding the company’s founder, Chris Xu (also known as Sky Xu or Xu Yangtian). Long considered the “world’s most anonymous executive,” Xu maintained extreme discretion, avoiding public appearances and even using a landscape image as his internal corporate avatar. He first appeared publicly in February 2025. Xu, whose fortune has fluctuated significantly, has been described by associates as a humble leader who preferred operational focus over personal notoriety to avoid scrutiny of the platform’s business model.