Shein raises $1.7B in Hong Kong IPO as Chinese tech listings surge

Shein Global Holdings is set to begin trading on the Hong Kong Stock Exchange on September 1, after pricing its IPO at HK$48.56 per share and raising approximately HK$13.6 billion, or roughly $1.7 billion. The listing, one of Hong Kong’s largest new share sales this year, values the Singapore-headquartered fast-fashion giant at between $26 billion and $26.5 billion. That number sounds enormous until you remember Shein was valued at nearly $100 billion during its private-market peak in 2022. A valuation decline of more than 70% in four years tells a story that no amount of IPO fanfare can fully dress up. The numbers behind the debut Shein sold around 280 million shares in the offering, which will trade under the ticker symbol 0625.HK. Cornerstone investors including Boyu Capital, Tiger Global, and General Atlantic committed approximately $383 million to the deal. Tencent and UBS Asset Management also participated. The capital is earmarked for technology enhancements, brand growth, and expanding Shein’s global operations. The problem is what the recent financials reveal. Shein posted a $99 million net loss in Q1 2026, a jarring reversal from the $395 million profit it reported in Q1 ...