Shein is planning to raise up to $1.77 billion (HK$13.86 billion) in its Hong Kong IPO, with a valuation of around $27 billion, well below the $98.2 billion achieved during a private fundraising round in 2022. The fast-fashion giant saw its revenue growth slow to 8% in 2025 from 20.7% the previous year, and posted a $99 million loss in early 2026 due to the loss of a U.S. import-duty exemption and one-time accounting charges. Shein obtained approval from the China Securities Regulatory Commission to list in Hong Kong in July, after unsuccessful attempts in London and New York. Investors are showing little enthusiasm, as the company faces ethical concerns over working conditions at its suppliers and has lost momentum among consumers under 35.
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