Shein launched its Hong Kong IPO on Monday with an indicative price range of HK$47.60 to HK$49.50 per share, valuing the company at up to $27 billion as it seeks to raise as much as $1.8 billion through the sale of around 280 million Class B shares. The IPO book has been fully covered by investor demand, with orders coming from existing shareholders, China-focused and multi-strategy funds. The final price is due to be unveiled on Monday and trading is scheduled to begin on Hong Kong’s stock exchange on September 1. The prospectus shows Shein will pay up to $3.5 billion to selected existing investors in cash and extra shares to offset a steep valuation decline from a $98.2 billion private peak in 2022 and levels of about $64 billion in 2023 and April 2024, including an 8% annual return commitment of about $1.1 billion payable in three instalments in March, June and September 2026. Eligible holders of late-stage Series pre-D, Series D and Series D plus preferred shares—linked to Boyu Capital, Tiger Global, General Atlantic, Thrive Capital, Mubadala, Brookfield and others—carry conversion protections when the IPO prices below earlier rounds. Cornerstone investors include Boyu Capital, Tiger Global, General Atlantic, Tencent Holdings and UBS Asset Management Singapore. The company reported revenues of $41.8 billion in 2025, up 8%, as growth slowed amid tariffs, competition and regulatory scrutiny.