Launched on Monday, Shein is selling 280 million shares in a price range of HK$47.60 to HK$49.50 per share, filings showed. The company will announce the final price on August 31 and start trading on September 1.
Shein will be valued at close to $US27 billion at the top of the price range, a major decline from earlier private fundraising rounds that valued Shein at $US98.2 billion ($A137 billion) in 2022. The company was valued at $US64 billion ($A89 billion) in 2023 and April 2024.
Cornerstone investors led by Boyu, Tiger Global and General Atlantic have subscribed for about $US383 million ($A534 million) worth of Shein shares, the prospectus showed. Tencent, Greenwoods, Taikang Life and UBS Asset Management will also take stock.
The long-awaited float comes as slowing revenue growth and weaker core earnings weigh on Shein's business, while shrinking margins have also raised concerns its expansion is running into headwinds from higher trade costs, tighter regulatory scrutiny and intensifying competition across global e-commerce.
Shein, known for selling $US5 ($A7) dresses and $US10 ($A14) jeans to shoppers in about 160 countries, swung to a $US99 million ($A138 million) quarterly loss after the US removed an import duty exemption on small packages, and a $US328 million ($A458 million) fair-value charge on convertible redeemable preferred shares following an accounting change.
Hong Kong IPOs have raised about $US41 billion ($A57 billion) so far this year, a record for the period and more than double the $US17 billion ($A24 billion) raised a year earlier, LSEG data showed.
Shein's IPO is the largest new share sale in Hong Kong in 2026, surpassing autonomous driving firm Momenta Global's $US751 million ($A1 billion) offering in July.
It is the third-largest IPO in Asia, behind CXMT and China Resources New Energy, which raised $US9.8 billion ($A13.7 billion) and $US3.6 billion ($A5 billion) respectively, in Chinese onshore IPOs.
