Key facts
- Shein's shares fell on their Hong Kong market debut.
- The company's IPO journey involved multiple potential listings in New York, London, and Hong Kong.
- Concerns over forced labor and supply chain transparency repeatedly delayed Shein's listing attempts.
- Shein's valuation targets fluctuated significantly throughout its IPO pursuit.
- The company ultimately raised HK$13.60 billion ($1.74 billion) in its Hong Kong IPO.
Shein's shares fell on their Hong Kong market debut, concluding a lengthy and complex pursuit of an initial public offering that spanned multiple global financial centers. The fast-fashion giant, known for its low-priced apparel, faced numerous setbacks, including concerns over forced labor, supply chain transparency, and shifting market conditions, which repeatedly delayed its listing plans.
Initially exploring a New York IPO in early 2022, Shein's ambitions were hampered by volatile markets and U.S.-China tensions. By March 2023, the company was seeking significant funding for a U.S. listing, but faced pressure from U.S. lawmakers urging the Securities and Exchange Commission to halt the process due to forced-labor allegations. Despite confidential filings for a U.S. IPO in November 2023 with a target valuation of $90 billion, Shein began exploring a listing in London in December 2023.
The company's pursuit of a London IPO intensified in 2024 and 2025, but it encountered further regulatory scrutiny and opposition from human rights groups. By February 2025, Shein was reportedly considering cutting its valuation for a London listing to around $50 billion, with reports suggesting the IPO might slip into the second half of the year after the U.S. scrapped the 'de minimis' customs duty exemption. Although Britain's FCA approved the London IPO in April 2025, Chinese regulatory sign-off remained pending.
Ultimately, Shein pivoted to Hong Kong in May 2025, filing confidentially for an IPO. Following approval from China's CSRC in July 2026, Shein launched its Hong Kong float in August 2026, raising HK$13.60 billion ($1.74 billion) at a valuation of approximately $26 billion. However, the company's shares declined on their first day of trading.