Shein is advancing a Hong Kong IPO with a targeted listing around Sept. 1 and book-building planned near Aug. 24, 2026, after China Securities Regulatory Commission approval on July 10. The Singapore-based retailer is aiming to raise about $2 billion to $3 billion at a valuation of roughly $26 billion to $40 billion—far below the near-$100 billion peak of a 2022 funding round—with market focus on the lower end near $26 billion to $27 billion. Draft prospectus figures show 2025 revenue of $41.85 billion, up 8% year over year, while net income fell 38.7% to $2.06 billion. In the first quarter of 2026 the company swung to a $99 million net loss from a $395 million profit a year earlier, and U.S. revenue dropped 14.3% to $2.04 billion, or 22.5% of the total, under pressure from small-package tariff changes, regulatory scrutiny and weaker discretionary spending. UBS is lined up as a cornerstone investor as Shein expands in Europe, the Middle East and Latin America to diversify away from the United States.