Shein will list on the Hong Kong stock exchange on September 1, aiming to raise up to HK$13.86 billion (about $1.77 billion) and reach a valuation near $27 billion. The fast‑fashion retailer, founded in 2008 and headquartered in Singapore, previously sought listings in the United States and the United Kingdom but withdrew because of regulatory challenges. The offering will place nearly 280 million shares on the market at a price range of HK$47.60 to HK$49.50. At the top of the range, the valuation would be close to $27 billion, lower than the $100 billion private round in 2022, reflecting slower sales growth and higher operating costs. Shein reported a loss of $99 million in the first quarter, compared with a net profit of $395 million a year earlier, and recorded a $328 million paper loss from a recent accounting change. The company cited higher costs from US‑China tariff disputes, the impact of the war in Iran on demand and delivery schedules, and the end of the US de minimis tax exemption as factors affecting its finances. Backers include Goldman Sachs, Morgan Stanley and JP Morgan. Shein’s customer base grew to 281 million active users in March 2026, up more than 16 percent year‑over‑year, with more than one billion orders placed. The IPO is expected to test investor confidence in the fast‑fashion sector amid heightened competition and ongoing regulatory scrutiny. Environmental and forced‑labour concerns have been raised about its supply chain; the company says it maintains a zero‑tolerance policy. The listing could become one of the largest IPOs in Hong Kong’s recent history, but its success will depend on how investors respond to the company’s recent financial performance and the broader trade tensions between the United States and China.