Shein has set a price range of HK$47.60 to HK$49.50 per share for its Hong Kong initial public offering, targeting proceeds of up to HK$13.86 billion and a market capitalisation of roughly €23 billion, after delaying the listing to September 1. The final price will be announced on August 31.
The fast-fashion retailer is offering 280 million shares and seeking to raise about $2 billion overall. Boyu Capital and UBS Asset Management are in talks to become cornerstone investors, alongside at least $400 million already reserved for such backers. Existing shareholders Tencent and General Atlantic are also weighing commitments. Boyu holds Series D and D+ preferred shares valued at roughly $815 million, according to the draft prospectus.
Singapore-based Shein reported $41.8 billion in 2025 revenue, a net profit of $2.1 billion, and 273 million customers globally. The listing follows the end of the U.S. de minimis trade exemption for Chinese goods in May 2025.