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Zoe SL Chan

Fast-fashion retailer Shein Global Holdings is planning to take investor orders for its Hong Kong initial public offering (IPO) as soon as next week, aiming for a valuation of US$35 billion, according to people familiar with the matter.
The Singapore-headquartered company, which was founded in China, aims to raise as much as US$2.8 billion and began gauging investor demand last week, said sources who asked not to be identified while discussing confidential information.
The timing and size of the deal could still change, but the company aimed to complete the process by the end of the month, a source said.
A source said that the valuation “won’t be less than US$30 billion, as the company works hard to achieve its target of US$35 billion”.
Either outcome would represent a steep drop from its peak expected valuation of US$100 billion in 2022 and a decline from earlier private targets of US$40 billion to US$50 billion.
Shein previously sought to go public in New York or London, according to earlier reports by the South China Morning Post and other media outlets. However, those ambitions were derailed by intense regulatory scrutiny in the US and Europe over the company’s supply chain practices and tax structures.
The company generated revenues of more than US$40 billion in 2025, with a net profit of nearly US$2 billion. But the company said in its listing prospectus that a new European Union rule charging extra fees on low-value imports could dampen its growth this year.
The company recorded a US$99 million loss in the three months to March, reversing from a US$395 million profit a year earlier, according to the prospectus.
Last month, the EU began collecting €3 (US$3.40) for each parcel valued below €150 sent from outside the bloc, affecting fast-growing online shopping platforms like Shein and Temu. A similar rule was imposed by the US last year on imported goods valued at US$800 or less.
A representative for Shein did not immediately respond to a request for comment.
The joint sponsors leading Shein’s Hong Kong IPO are Goldman Sachs, Morgan Stanley and JPMorgan. Haitong International and UBS have also been named as overall coordinators.


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Singapore-based company, which was founded in China, aims to raise as much as US$2.8 billion and began gauging investor demand last week


Singapore-based company, which was founded in China, aims to raise as much as US$2.8 billion and began gauging investor demand last week.


Shein set to take orders for Hong Kong IPO next week, eyeing US$35b valuation: sources

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Singapore-based company, which was founded in China, aims to raise as much as US$2.8 billion and began gauging investor demand last week

Singapore-based company, which was founded in China, aims to raise as much as US$2.8 billion and began gauging investor demand last week