Fast-fashion retailer Shein has confirmed plans to list on the Hong Kong stock exchange from 1 September, targeting a valuation of almost $27bn (£19.8bn) — a steep drop from the $100bn it commanded during a private fundraising round in 2022. The reduced valuation reflects slowing sales growth and rising costs, and the listing follows abandoned attempts to float in the US and London after regulators and lawmakers raised concerns over the company's supply chain practices and origins.

Under the filing, Shein plans to offer nearly 280 million shares priced between HK$47.60 and HK$49.50, aiming to raise up to HK$13.86bn (£1.3bn; $1.77bn), with the IPO backed by Goldman Sachs, Morgan Stanley and JP Morgan. The company recently reported a first-quarter loss of $99m, compared with $395m in net income a year earlier, after the US removed a duty exemption on small parcels and the Iran conflict disrupted demand and deliveries; despite this, Shein said it had 281 million active customers as of March 2026, up more than 16% year-on-year, though it continues to face scrutiny over environmental impact and forced labour allegations, which it denies.