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Shein seeks to raise $2 billion in Hong Kong listing after multiple failed attempts to go public.

Shein is currently in talks with cornerstone investors, including Boyu Capital and UBS Asset Management, to secure a Hong Kong listing. The online fast-fashion retailer aims to raise approximately $2 billion at a valuation of $26 billion to $27 billion. This move follows a series of failed attempts to list in New York and London, which were delayed by regulatory scrutiny and trade policy changes. Under the administration, the de minimis trade exemption for Chinese-made goods was ended in May 2025. This shift contributed to the company's decision to pivot toward the Hong Kong exchange, despite a lower valuation than its 2022 peak of $98.2 billion. Recent financial data shows a slowdown in operating performance. While revenue rose 8% to $41.8 billion in 2025, net profit fell nearly 39% to $2.1 billion. The company recorded a $99 million net loss in the first quarter of 2026, marking a significant decline from the previous year's profit. Investors are now looking for a distribution of shares, though cornerstone buyers face a six-month lockup period.

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