Fast-fashion giant Shein says it plans to raise up to HK13.86bn (£1.3bn; $1.77bn) when its shares start trading on the Hong Kong stock market on 1 September.
In a filing on Monday, external, Shein said it will offer nearly 280 million shares for between HK$47.60 and HK$49.50.
At the top of the range, it would value the firm at almost $27bn (£19.8bn). But that is much lower than the $100bn valuation it reached in a round of private fundraising in 2022, reflecting weaker sales growth and higher costs.
The long-awaited move comes after failed attempts to list in the US and London due to regulatory challenges amid scrutiny of Shein, which has its headquarters in Singapore but was founded in China.
The initial public offering (IPO) is being backed by Wall Street investment giants Goldman Sachs, Morgan Stanley and JP Morgan.
In July, Shein said it had swung to a quarterly loss as its sales slowed after US President Donald Trump removed an import duty exemption on small packages.
The company said it lost $99m in the first three months of the year, compared with a net income of $395m a year earlier.
It also came as uncertainty remains over the tit-for-tat US-China tariffs wars, which is currently paused.
“In response to the increased duties and taxes, we are pursuing a wide range of options, including increasing our prices in the US market to offset a portion of the increased costs,” Shein said at the time.
The company also said the Iran war had hit demand, increased costs and caused delays of deliveries in some markets.
The first-quarter figures also partly reflected a paper loss of $328m due to an accounting change for special investor shares. The shares can be turned into ordinary stock later, and their value can change before a listing.
Since it was founded in 2008, Shein has risen to become one of the world’s biggest fast-fashion retailers, with customers in more than 150 countries.
The e-commerce giant is known for selling ultra-cheap clothes, backed by a vast network of factories in China that are able to quickly manufacture new products based on the latest trends.
Its revenue has far outstripped rivals like H&M and Zara.
As of the end of March 2026 Shein had 281 million active customers – a rise of more than 16% on a year earlier – who placed a total of more than one billion orders.
But Shein’s fast-fashion business has faced concerns over its environmental impact, and allegations of forced labour in supply chains. Shein has previously told the BBC it has a “zero tolerance for forced labour”.
Its attempt to go public on the London Stock Exchange collapsed after the company came under scrutiny over its refusal to answer questions about its supply chain practices.
