Fast-fashion retailer Shein is targeting a valuation of about $27 billion in its long-awaited Hong Kong initial public offering, a sharp reduction from the nearly $100 billion valuation the company achieved in private markets in 2022.

Shein is seeking to raise as much as HK$14 billion ($1.8 billion) through the listing. The company plans to offer about 280 million shares at between HK$47.60 and HK$49.50 each, with the shares scheduled to begin trading on September 1.

The IPO represents a major milestone for Shein after years of attempts to access public markets. Earlier plans for listings in New York and London encountered regulatory and political obstacles, particularly concerns surrounding the company’s Chinese supply chain. Chinese regulators approved the Hong Kong listing last month after a lengthy process.

The significantly lower valuation reflects a tougher environment for the company. Shein has faced slowing growth, increasing regulatory scrutiny and changes to import rules in important Western markets. The removal of low-value shipment tax exemptions has increased pressure on the company’s low-cost, direct-to-consumer business model.

The Hong Kong listing will also test investor appetite for one of the world’s most successful online fashion retailers. Shein built its global business around rapidly producing inexpensive clothing, using data analytics and a large network of suppliers to respond quickly to changing consumer demand.

International investors will account for the majority of the offering, with roughly 90% of the shares allocated to international investors. Cornerstone investors include General Atlantic, Tencent and Tiger Global, according to the Financial Times.

Shein plans to use the IPO proceeds to support its technology and marketing operations, international expansion and corporate-responsibility initiatives. The company is also continuing to face scrutiny over its supply chain and business practices in several markets.

For Hong Kong, the listing could provide another boost to its efforts to attract major international companies and revive its IPO market. For Shein, however, the lower valuation demonstrates how dramatically investor expectations have changed since its private-market peak.

The IPO therefore represents more than a fundraising exercise. It will provide a public-market test of whether Shein’s highly efficient digital fashion model can continue to command a premium valuation while facing higher costs, tighter regulation and changing consumer and trade conditions.

Reference: Financial Times, “Shein seeks $27bn valuation from Hong Kong IPO” (August 2026). Financial Times article