Fast-fashion retailer Shein has priced its shares below the top end of its marketed range for its stock market debut in Hong Kong, raising approximately 13.6 billion Hong Kong dollars ($1.7 billion). The listing on Tuesday values the company at $26.3 billion, a figure significantly lower than its peak valuation of nearly $100 billion.
Shein's journey to go public has been protracted, with previous attempts to list in the United States and the United Kingdom faltering. These earlier efforts were hampered by concerns regarding the company's labor practices and environmental impact. The company, founded in China and now headquartered in Singapore, operates a global e-commerce platform with sales in over 150 countries.
In the year leading up to March 2026, Shein reported 281 million active customers who placed over a billion orders. The company's success is largely attributed to its ability to rapidly source the latest fashion trends at ultra-low prices, leveraging a vast network of factories in China.
However, Shein's business model has faced intense scrutiny. Critics have raised environmental and human rights concerns, while regulatory actions in the U.S. and European Union targeting cheap imports have put pressure on its finances. Analysts note that the company is entering the public market at a complex time, with investors showing increased skepticism towards the performance of fast-fashion companies.