Shein has confirmed it will list on the Hong Kong Stock Exchange from 1 September, with the offering pricing the fast-fashion giant at close to $26.8bn (£19.8bn) — a fraction of the $100bn valuation it commanded in a 2022 private funding round. Analysts say Hong Kong offers a friendlier venue than London or New York, where regulatory and political scrutiny over Shein's Chinese supply chain and origins scuppered earlier listing attempts, and note that Chinese firms are increasingly wary of US markets given trade tensions. The debut will be closely watched as a test of investor confidence in the fast-fashion sector amid rising competition and cost pressures.

Under the filing, Shein will offer nearly 280 million shares priced between HK$47.60 and HK$49.50, aiming to raise up to $1.77bn (£1.3bn) with backing from Goldman Sachs, Morgan Stanley and JP Morgan. The company reported a first-quarter loss of $99m, against $395m profit a year earlier, after the US scrapped its duty-free "de minimis" exemption on small parcels and the Iran conflict disrupted deliveries; analysts say the end of that exemption could narrow the price gap between Shein and rivals such as Primark and H&M. Shein nonetheless reported 281 million active customers as of March 2026, up more than 16% year-on-year, having placed over one billion orders, though the firm continues to face criticism over its environmental record and allegations of forced labour in its supply chain.