Shein readies Hong Kong IPO as executive chairman Donald Tang steps down

Online fast‑fashion retailer Shein is preparing to list on the Hong Kong Stock Exchange as early as August, seeking to raise between $2 billion and $3 billion. The company has secured regulatory approval from China’s securities regulator, and its valuation for the offering is expected to be around $30‑50 billion, far below the roughly $100 billion peak valuation cited in 2022.

Shein’s executive chairman, Donald Tang, 63, who has acted as the Western face of the secretive founder Sky Xu, will move to a senior‑adviser role. Sources say Xu is likely to lead the investor roadshow. Tang’s tenure included lobbying in New York and London, defending the firm against forced‑labour allegations and a customs‑duty controversy, and responding to a French scandal over child‑like sex dolls sold on the platform.

The Hong Kong listing follows previous failed attempts in New York and London after regulators withheld approval. Shein’s headquarters were shifted to Singapore in 2021, and the firm continues to expand globally, with analysts noting that the IPO will heighten competition for local e‑commerce markets such as Brazil.