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Zoe SL Chan

Fast-fashion retailer Shein Global Holdings has pushed back its Hong Kong market debut until September 1, after a small delay in taking investor orders for its initial public offering (IPO) at a reduced valuation, according to sources familiar with the matter.
Shein plans to introduce multiple cornerstone investors, though most positions will be taken up by existing shareholders, the sources told the South China Morning Post. Investment banks involved in the deal are also considering arranging their own funds to serve as cornerstone investors, they added.
The company now intends to start book-building from August 24. It originally aimed to complete the entire IPO process by the end of August.
Shein initially aimed for a valuation of at least US$30 billion, but faced pushback from investors. Its maximum listing valuation will now not exceed US$30 billion – a sharp drop from the firm’s peak valuation of nearly US$100 billion in 2022, according to the sources, who asked not to be identified discussing private information.
Discussions over the listing have yet to conclude, meaning details regarding the deal size, valuation and timing could still change.
Founded in China and now headquartered in Singapore, Shein’s key existing shareholders include founder Xu Yangtian – also known as Chris Xu – and other co-founders, as well as venture capital and sovereign funds including Tiger Global Management, IDG Capital, Boyu Capital and HSG – formerly known as Sequoia China.
Shein did not immediately respond to requests for comment.
The company’s slowing revenue growth and profitability amid a string of regulatory setbacks have weighed heavily on its valuation.
Shein generated more than US$40 billion in revenue last year, with a net profit of just over US$2 billion. But the firm recorded a net loss of US$99 million in the first quarter of 2026, a sharp swing from the US$395 million profit it had posted during the same period last year.
The firm said the reversal was partly caused by the US’ removal of its “de minimis exemption”, which previously shielded small packages from tariffs. In its listing prospectus, Shein also warned the European Union’s plans to end a similar tariff waiver could dampen its growth this year.


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The fast-fashion firm originally aimed to wrap up its IPO in August, but a delay in investor orders has forced a change of plan, sources say


The fast-fashion firm originally aimed to wrap up its IPO in August, but a delay in investor orders has forced a change of plan, sources say.


Shein pushes back Hong Kong debut to September amid delayed investor orders: sources

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}The fast-fashion firm originally aimed to wrap up its IPO in August, but a delay in investor orders has forced a change of plan, sources say

The fast-fashion firm originally aimed to wrap up its IPO in August, but a delay in investor orders has forced a change of plan, sources say