SHEIN (希音), the China-founded global fashion and lifestyle retailer, is reportedly seeking a valuation of US$26 billion to US$27 billion in a planned Hong Kong initial public offering, a sharp reduction from the US$98.2 billion private-market valuation disclosed for its 2022 fundraising round.
People familiar with the matter told Bloomberg that SHEIN’s advisers were marketing the proposed listing at below US$30 billion, with the company aiming to complete the deal as early as late August. The valuation and timetable remain subject to investor demand, final regulatory procedures and pricing.
At the reported range, SHEIN would be valued roughly 72% to 74% below its 2022 private-market valuation. The company’s draft Hong Kong prospectus, published on July 26 after it passed the exchange’s listing hearing, does not disclose the final offer price, fundraising amount or market capitalization.
SHEIN completed its China Securities Regulatory Commission filing procedures on July 10, according to the prospectus. The development cleared an important regulatory step for the proposed Hong Kong listing, following years of reported efforts to pursue public-market debuts in New York and London.
Founded in 2012, SHEIN has built a global online fashion business around its Large-scale Automated Test and Reorder, or LATR, operating model. The company uses small initial production runs and data-led replenishment to respond to demand while controlling inventory. Its business combines first-party sales under SHEIN brands with a marketplace for third-party merchants and brands.
The company reported 273 million active customers in about 160 markets in 2025, up from 186 million in 2023. Its definition of active customers includes accounts placing at least one order through its apps or websites during the relevant period.
Growth, however, has moderated. Net revenue rose from US$32.10 billion in 2023 to US$38.75 billion in 2024 and US$41.85 billion in 2025. Annual growth slowed from 20.7% in 2024 to 8.0% in 2025. For the three months ended March 31, 2026, net revenue increased modestly to US$9.05 billion from US$8.95 billion a year earlier.
Net income was US$2.06 billion in 2025, down from US$3.37 billion in 2024. The decline occurred despite higher operating income and was primarily associated with a reduction in the gain from fair-value changes in convertible redeemable preferred shares. In the first quarter of 2026, SHEIN recorded a US$99 million net loss, compared with a US$395 million profit a year earlier, mainly because of a US$328 million fair-value loss on those shares.
SHEIN’s prospectus reported inventory-turnover days of 36 in 2025, compared with 35 days in 2023 and 34 in 2024. That efficiency remains central to its investment case, but investors will also assess the impact of tariffs, customs policies, marketing spending and the slower pace of top-line growth.
The prospective listing will test how public-market investors value a mature global consumer platform whose supply chain remains closely tied to China. More than a referendum on user scale, its eventual pricing will reflect investors’ view of SHEIN’s ability to protect profitability and sustain global demand under a more demanding regulatory and trade environment.