Fast-fashion giant Shein is targeting an Aug 28 stock market debut in Hong Kong, with the Singapore-based retailer seeking a valuation of as much as US$40 billion as it moves closer to completing a long-running listing push that previously took it to New York and London, Reuters reported.
The company could launch its IPO as early as Aug 19, according to a person familiar with the matter.
The proposed Hong Kong listing would mark a significant milestone for Shein after earlier attempts to pursue flotations in the US and UK failed to materialise.
Shein is expected to seek a valuation of between US$30 billion and US$40 billion, sharply below the nearly US$100 billion it commanded in 2022. The reduced valuation comes amid slower growth, rising costs and shifting market conditions.
Founded in China in 2012 and now headquartered in Singapore, Shein has yet to comment on the reported listing schedule.
The potential IPO also comes as the retailer faces pressure on earnings. Shein swung to a US$99 million quarterly loss after the US removed an import duty exemption for low-value packages, a change that raised costs for its business model.
Its results were further hit by a US$328 million fair-value charge on convertible redeemable preferred shares following an accounting change.
Despite the earnings pressure and lower valuation, a successful Aug 28 debut would finally give Shein access to public equity markets after years of pursuing a listing across three major financial centres.
