Approval from Hong Kong's listing committee clears the fast-fashion retailer for roadshows and book-building, even as EU parcel fees and investor concerns over growth weigh on valuation expectations.
Shein has secured approval from the Hong Kong stock exchange listing committee for its planned IPO, according to three people with knowledge of the matter, allowing the fast-fashion retailer to move ahead with investor roadshows and book-building under local rules. The company is seeking a valuation of $40 billion to $50 billion, below the $100 billion valuation media reported for a 2022 funding round, though some investors see a level closer to $30 billion as more realistic. Investor scrutiny has intensified as new European Union fees on low-value e-commerce imports threaten growth and margins in a region that accounts for about a third of Shein's revenue. Sources said Shein generated more than $40 billion in revenue and nearly $2 billion in net profit in 2025, versus $37 billion in revenue and $1.29 billion in profit in 2024.