Fast-fashion retailer Shein has postponed its Hong Kong initial public offering to September 1, with the subscription period set to begin on August 24. The listing may slip a few days beyond that date, according to people familiar with the matter.
The company is seeking a valuation between $26 billion and $27 billion, a sharp decline from the $98.2 billion it reached in 2022. Shein plans to reserve $400 million in shares for cornerstone investors, a group that now includes UBS Group's asset management division.
The IPO follows a period of slowing momentum. Shein's revenue growth decelerated to 8% in 2025, with total revenue of $41.8 billion, while U.S. revenue fell 14% in the most recent first quarter. The company also posted a $99 million net loss in Q1 2026. Chinese regulators approved the Hong Kong offering on July 10.