Shein's long-awaited move onto the Hong Kong stock market did not produce the smooth debut the company wanted. The fast-fashion giant raised roughly $1.74 billion (HK$13.6 billion) through the listing, pricing shares at HK$48.56 and valuing the company at about $26.5 billion — a fraction of the roughly $100 billion private valuation it commanded at its peak in 2022.
Shares plunged as much as 10% in early trading on debut day, September 1, before paring losses to close nearly flat. The pressure has continued in the days since, as investors weigh the end of “de minimis” tariff exemptions in the US and EU — which has raised duties on low-value parcels from China, including Shein's — alongside higher logistics costs linked partly to the Iran conflict's effect on shipping and energy prices.
Shein reported 2025 net revenue of $41.8 billion, but swung to a $99 million net loss in the first quarter of 2026. The Hong Kong listing now gives public investors a direct say in what the company is actually worth.
Shein first attempted to list in New York, then London, where Chinese regulators withheld approval over risk-disclosure concerns tied to its supply chain — effectively blocking that listing before Shein turned to Hong Kong instead. The debut is a high-profile test of investor appetite for large Chinese-linked consumer brands amid an otherwise strong year for Hong Kong IPOs, which have raised more than $40 billion in 2026.