Shein has priced its Hong Kong IPO at about HK$48.56 a share, valuing the fast-fashion retailer at roughly $27 billion and raising about $1.8 billion, with trading due to start on September 1 under ticker 0625.HK. The listing follows failed New York and London attempts after Chinese authorities, including the securities regulator, withheld approval for the foreign-registered group with major China operations. Founder Sky Xu stepped up outreach in China, including a February pledge of $1.5 billion of investment in Guangdong, helping persuade officials Shein remains Chinese at its core. The valuation is little more than a quarter of its 2022 private-market peak near $100 billion. After moving its headquarters to Singapore in late 2021 and casting itself as a global player, Shein’s prospectus now describes China as the anchor of its logistics system and says nearly 80% of its workforce is in mainland China. Western pressure over forced-labor rules, the end of the U.S. de minimis duty exemption, and European scrutiny complicated overseas paths while encouraging Beijing to treat Shein as a national champion. The company posted a $99 million net loss in the first quarter of 2026, versus a $395 million profit a year earlier, as tariffs and Temu competition weighed on results. The company plans to use IPO proceeds to invest in its Guangdong manufacturing hubs.