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Zoe SL Chan

Fast-fashion retailer Shein Global Holdings is seeking to raise as much as HK$13.85 billion (US$1.76 billion) in a Hong Kong initial public offering that was initially planned four years ago.
Shein will sell 279 million shares at HK$47.60 to HK$49.50 each, according to a filing to the city’s stock exchange on Monday.
The company began taking investor orders on Monday, with trading expected to start on September 1.
Cornerstone investors – who will get guaranteed allocations in exchange for holding the stock for at least six months – have agreed to buy about US$383 million worth of Shein shares. They include Boyu Capital, Tiger Global, General Atlantic, Tencent Holdings, Greenwoods, Taikang Life and UBS.
The cornerstone tranche accounted for up to 22.5 per cent of the total funds to be raised, the online fashion platform said.
Shein attracted HK$3.58 billion in first-day margin orders for its retail tranche by 5pm, making its HK$1.39 billion public offer 1.6 times oversubscribed, according to data from several brokerages.
The IPO would value the company at over US$27 billion, based on the maximum offer price. That would be a significant markdown from its peak valuation of nearly US$100 billion in 2022, as well as its Series D+ funding valuation of around US$64 billion in 2023.


The Singapore-headquartered retailer – which was founded in Nanjing, capital of east China’s Jiangsu province – faces multiple headwinds including intense competition, tariffs and regulatory scrutiny. Those challenges have weighed heavily on its revenue growth and profitability, further putting pressure on its valuation.
Meanwhile, valuations of industry peers such as Zara’s parent company Inditex and H&M have bounced back significantly since last year. Shein rival PDD Holdings, owner of shopping platform Temu, is valued at a price-to-earnings ratio of nine.
Shein will be required to issue additional shares to some pre-IPO investors if its final valuation falls below pre-agreed thresholds, its prospectus said, although specific terms were not disclosed.
The company’s financial performance has shown signs of strain. In the first quarter of this year, Shein’s revenue growth nearly stalled, rising only 1.1 per cent year on year to US$9.05 billion.
The company also swung to a net loss of US$99 million with an operating profit of US$258 million – down about 25.9 per cent year on year – and its operating margin shrank to 2.9 per cent, according to the prospectus.
Shein has said the United States’ decision last year to end the “de minimis” tariff exemption for small packages valued at under US$800 had adversely affected its US sales growth and net revenue. The company added that its US market revenue in the first quarter fell 14.3 per cent year on year.
Morgan Stanley, JPMorgan Chase and Goldman Sachs are joint sponsors of Shein’s IPO, while Haitong International Securities, UBS, HSBC, Merrill Lynch (Asia-Pacific), Banco Santander and East West Bank are the joint bookrunners, according to its prospectus.


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Based on maximum offer price, IPO would value online fast-fashion retailer at over US$27 billion


Based on maximum offer price, IPO would value online fast-fashion retailer at over US$27 billion.


Shein seeks to raise up to US$1.76 billion in Hong Kong initial public offering

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Based on maximum offer price, IPO would value online fast-fashion retailer at over US$27 billion

Based on maximum offer price, IPO would value online fast-fashion retailer at over US$27 billion