Shein, the online fast‑fashion retailer, is offering up to 280 million shares in its Hong Kong IPO at a price range of HK$47.60 to HK$49.50, which would value the company at about $27 billion at the top of the range.

Investors led by existing shareholders Boyu, Tiger Global and General Atlantic have committed about $383 million, with additional participation from Tencent, Greenwoods, Taikang Life and UBS Asset Management.

Shein plans to list on September 1 and will announce the final price on August 31.

The IPO marks the company's first public offering after it abandoned attempts to list in New York and London over the previous four years.

The valuation represents a decline from a private‑market peak of $98.2 billion in 2022 and a $64 billion valuation in 2023, reflecting slower revenue growth and tighter profit margins. Winston Ma, an adjunct professor at New York University School of Law and former head of CIC's North America unit, said that public investors are no longer paying for hyper‑growth and that the valuation reflects a new equilibrium as the company must defend margins against trade tariffs, higher compliance costs and regulatory scrutiny in the United States and China.

Shein expects first‑half 2026 revenue growth to be roughly in line with the 1.1 % growth reported in the first quarter, with operating margins slightly lower than the prior quarter. The company cited higher European import duties, pricing pressure and reduced demand in the Middle East linked to the Iran war as factors affecting margins.

Shein recorded a quarterly loss of $99 million after the United States removed a duty exemption for small packages and took a $328 million fair‑value charge on convertible preferred shares following an accounting change.

The de minimis rule change subjects Shein‑origin products shipped to the United States to duties ranging from 10 % to 87.5 %, contributing to a 14.3 % drop in U.S. revenues in the first quarter.

Shein has set aside about $80 million for legal and regulatory matters, including a U.S. Federal Trade Commission investigation, EU Digital Services Act scrutiny and data‑privacy cases in France and Ireland.

The planned acquisition of U.S. brand Everlane for $80 million is under review by the Committee on Foreign Investment in the United States.

Shein's IPO is the largest new share sale in Hong Kong this year and the third‑largest in Asia, following offerings by CXMT and China Resources New Energy. Hong Kong listings have raised about $41 billion so far in 2024, a record for the period.