Shein is preparing for an acquisition-driven phase after securing a Hong Kong stock listing, using $15 billion in cash and $1.74 billion raised in its IPO (initial public offering). Its prospectus confirms an $80 million agreement to buy U.S. brand Everlane, a test of its plan to build a platform spanning its own labels and acquired brands. Shares closed at HK$38.14, more than 20% below the offer price, while sales growth slowed to 1.1% in the first quarter of 2026 from 8% in 2025. Analysts say Shein must show that its supply-chain and logistics infrastructure can support a repeatable model without weakening Everlane’s sustainability-focused identity. Revenue from its marketplace services is growing faster than sales from its own products, but remains smaller.