Shein reportedly targets Hong Kong IPO as early as late August

Shein is reportedly moving ahead with plans for a Hong Kong IPO, with listing and regulatory steps already cleared.

The draft prospectus did not disclose the deal size or price range, though earlier reports pointed to a $2 billion-$3 billion raise.

Those reports also pegged Shein’s valuation at $40 billion-$50 billion, while the company said 2025 revenue reached $41.9 billion.

Europe has overtaken the U.S. as Shein’s biggest market, underscoring the company’s shifting global demand.