San Francisco Frontiers - Shein to make market debut in Hong Kong in September

The online retailer plans to offer 280 million shares at a price between HK$47.60 and HK$49.50, raising up to HK$13.86 billion (US$1.7 billion), it said in a filing to the bourse.

The final price will be announced on August 31, but the higher figure would value the company at around US$26.8 billion.

Founded in China and now headquartered in Singapore, Shein finally won Beijing's approval last month to make its initial public offering in Hong Kong.

Plans to list in New York and London had been held back in recent years by regulatory hurdles, according to media reports.

With most of its factories located in China, Shein sets itself apart from its competitors thanks to the speed of its product design and its highly efficient production and supply chain.

Its vast selection of products at stunningly low prices has brought Shein into the same league as Amazon in the United States.

With the funds raised from the market, Shein said it aims to finance its technological capabilities as well as boost its international presence.

- Growing scrutiny -

Shein reported a full-year net profit of $2.06 billion in 2025 but swung to a $99 million quarterly loss as the United States scrapped an import duty exemption on small packages.

The firm moved its headquarters to Singapore between 2021 and 2022, a move analysts say was intended to avoid increasing global scrutiny of Chinese firms.

But it still benefits from China's unique combination of a huge, low-cost textile manufacturing sector and a highly sophisticated e-commerce logistics network.

The company ranks suppliers by their flexibility and ability to deliver urgent orders, and regularly eliminates the poorest performers, according to a 2021 Zhongtai Securities report.

By the end of last year, its European customer base rose to 156 million average monthly users, making Shein one of the continent's biggest e-commerce platforms alongside China's AliExpress (193 million users) and Amazon (around 180 million).

Shein has been scrutinised over its environmental footprint and allegations of human rights violations, though its executive chairman told AFP last year that the company has "zero tolerance" on forced labour.

Shein also drew criticism last year in France over the discovery of childlike sex dolls on its platform.

In June, French authorities imposed two fines on Shein totalling more than 22 million euros ($25.1 million), citing problems with product traceability, environmental labelling and delivery times.

Overall, Shein has paid over 210 million euros in various French fines over the years, and Italy has also imposed fines alleging misleading environmental claims.

B.Turner--SFF