Shares of the online fashion retailer Shein fell 7% during their first day of trading on the Hong Kong stock market on Tuesday. The company, which is headquartered in Singapore, raised approximately 13.60 billion Hong Kong dollars ($1.74 billion) through its initial public offering (IPO) after selling around 280 million shares.
The final offer price was set at HK$48.56 per share, which was below the maximum indicated price of HK$49.50. The public offering values Shein at approximately $26.5 billion. This valuation is a decrease from the company’s $100 billion private market valuation reported in a 2022 funding round.
Shein’s listing in Hong Kong follows previous attempts by the company to go public in other financial markets. The company, founded in China before moving its headquarters to Singapore in 2022, confidentially filed for an IPO in the United States in 2023. It later considered a listing in London, though the plan did not proceed.
According to its official prospectus, Shein plans to use the funds raised from the IPO to support several key areas of its business. The document states that 40% of the proceeds are allocated to enhancing its technology, while another 40% will be used to increase brand awareness and expand its global presence. The remaining funds are designated for corporate responsibility initiatives and general corporate purposes.
The prospectus also included the company’s recent financial performance. Shein reported net revenue of $41.8 billion in 2025, an increase from $38.7 billion in the prior year. For the first quarter of 2026, the company recorded revenue of $9.05 billion. It also reported a net loss of $99 million for the same quarter, compared to a profit in the first quarter of the previous year. Shein attributed the loss primarily to fair-value losses on its convertible redeemable preferred shares, as detailed in the filing.
