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[BUSINESS] · Hong Kong SAR China, China, Singapore, United States, United Kingdom · 100 sources

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Shein completes Hong Kong IPO at $26.5 billion valuation

Fast-fashion retailer Shein has completed its initial public offering on the Hong Kong Stock Exchange, raising approximately $1.74 billion. The company was valued at roughly $26.5 billion at the time of the debut, a significant decline from its peak valuation of nearly $100 billion in 2022.

Shares were priced at HK$48.56, which was at the midpoint of the announced range. Despite the successful capital raise, the stock experienced volatility during its first day of trading, at one point dropping as much as 10% in the opening minutes before stabilizing.

The company faces several headwinds, including intense competition from rivals like Temu and TikTok Shop, as well as shifting regulatory landscapes. Specifically, new customs and tax regulations in the United States and the European Union are impacting Shein’s direct-shipping business model. Additionally, Shein reported a net loss of $99 million in the first quarter of 2026.

Shein, which is headquartered in Singapore but has Chinese roots, intends to use the IPO proceeds to enhance its technological capabilities, drive international expansion, and increase brand awareness.

Entities

Boyu Capital · General Atlantic · Hong Kong Stock Exchange · Shein · Sky Xu · Temu · Tencent · Tiger Global

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