Shein targets $1.7 billion Hong Kong IPO at $26.5 billion valuation
Why it matters: The listing followed a pivot from New York and London after Chinese regulators withheld approval.
Shein is set to debut in Hong Kong on Sept. 1, aiming to raise about $1.7 billion at a valuation of roughly $26.5 billion after abandoning earlier plans to list in New York and London. The fast-fashion retailer, founded in Nanjing and now headquartered in Singapore, spent years presenting itself as a global company. But its push to go public gained traction only after it leaned into its Chinese identity, expanded outreach to authorities and highlighted investment in Guangdong and a research and development center in Nanjing. The deal underscores how central southern China’s supplier network remains to Shein’s business, even as the company faces slower growth in the United States and Europe.