Shein is preparing to pay up to $3.5 billion to select pre-IPO investors as it gears up for a Hong Kong stock exchange listing, compensating for a valuation collapse from approximately $100 billion in 2022 to a target range of $26-27 billion for its upcoming IPO. Eligible investors, including Boyu Capital, Tiger Global, and General Atlantic, will receive cash payouts or additional shares with an 8% guaranteed annual return, totaling approximately $1.1 billion, scheduled in three installments in March, June, and September 2026. The listing is targeted around August 24, 2026, with UBS serving as a cornerstone investor, after the company abandoned an initial US listing plan. Revenue reached $41.8 billion in 2025, up 8%, but the valuation has been hammered by slowing growth, US-China geopolitical tensions, and new tariffs squeezing the group’s thin margins.
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