Shein is said to raise $1.7bn after pricing Hong Kong IPO

Shein Global Holdings has raised HK$13.6 billion ($1.7 billion) after pricing its initial public offering in Hong Kong, according to people familiar with the matter.

The company sold about 280 million shares at HK$48.56 apiece, the people said, declining to be identified because the matter is private. That values the fast-fashion retailer at just above $26 billion, compared with a roughly $100 billion price tag it commanded four years ago.

A representative for Shein didn’t immediately respond to a request for comment. Shares are due to start trading on Sept. 1.

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Shein, founded in mainland China but now headquartered in Singapore previously abandoned attempts in the US and the UK due to regulatory scrutiny. Its growth has slowed markedly due to tariffs, while intensifying competition from PDD Holdings Temu in key markets including the US and Europe has also impacted business.

The retailer’s prospectus shows that it swung to a loss of $99 million in the first quarter of 2026 from a $395 million profit a year earlier, while revenue growth has also been declining.

Shein has leaned heavily on its existing backers to get the IPO across the line. They account for five out of seven of its cornerstone investors and were also expected to take up as much as half of the shares allocable to fund managers, Bloomberg News reported.

Shein built its fast-fashion empire by offering ultra-cheap, trend-driven clothing, a model that encouraged shoppers to buy regular “hauls” and post them on social media. The formula has come under pressure as US tariffs and the war in the Middle East have led to higher material costs and increased prices for consumers.

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