Shein shares fall 7% in Hong Kong trading debut
Shares of fast-fashion online retailer Shein fell 7% at the start of trading following the company’s debut in Hong Kong. The Singapore-headquartered company held an initial public offering after its previous attempts to list in New York and London did not materialize, CNBC Top News reports.
Offering parameters
Shein sold about 280 million shares in its IPO and raised approximately HK$13.6 billion, or $1.74 billion. The final price was HK$48.56 per share, below the maximum offered price of HK$49.5.
The offering valued the company at approximately $26.5 billion. By comparison, its private-market valuation stood at $100 billion in 2022.
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Plans and financial results
According to the prospectus, Shein plans to allocate 40% of the funds raised during the IPO to developing its technological capabilities. Another 40% is intended to increase brand recognition and strengthen its global presence. The company plans to use the remaining funds for corporate responsibility initiatives and general corporate purposes.
Shein’s net revenue in 2025 amounted to $41.8 billion, compared with $38.7 billion a year earlier. In the first quarter of 2026, the company generated $9.05 billion in revenue and recorded a net loss of $99 million, whereas it had posted a profit a year earlier. In the prospectus, Shein attributed the loss primarily to remeasurement losses on redeemable convertible preferred shares.
Founded in China, Shein moved its headquarters to Singapore in 2022. In 2023, the company confidentially filed for an IPO in the United States and later turned to London. There, Beijing did not approve disclosures of risks related to Shein’s Chinese supply chain, effectively blocking the listing.
