Fast-fashion giant Shein received approval from Chinese regulator CSRC on July 10 for a Hong Kong IPO targeting 2 to 3 billion dollars in proceeds, with book-building expected around August 24 and listing set for September 1. The company is targeting a valuation between 26 and 27 billion dollars, a 73% decline from its near 100 billion dollar private valuation peak in 2022. Revenue reached 41.9 billion dollars in 2025, up from 32.1 billion in 2023, but the company posted a net loss of 99 million dollars in Q1 2026, impacted by changes to US de minimis customs duty exemptions that were central to Shein’s business model. The IPO could reinforce Hong Kong’s role as the default listing venue for Chinese-founded companies facing political headwinds in Western markets.
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