Shein, an online clothing retailer, plans to raise between $2 billion and $3 billion through an initial public offering (IPO) in Hong Kong, according to Bloomberg, citing sources familiar with the discussions.
According to agency sources, Shein could conduct its IPO as early as August. The terms of the offering are still under discussion, and details such as size and timing may change, they explained.
Reuters reports that Shein's application is set to be discussed by the Hong Kong Stock Exchange committee on Thursday, July 16. After the exchange's approval, the company will be able to conduct a roadshow for investors and begin forming its IPO order book.
On July 10, Shein received approval from the China Securities Regulatory Commission (CSRC) to conduct an IPO in Hong Kong. The retail company has been trying to go public for several years.
Initially, it planned to list in the U.S., but faced criticism from American authorities. Senators called on the U.S. Securities and Exchange Commission (SEC) to halt the IPO until Shein proves it does not use forced labor from Uyghurs, an ethnic group persecuted by the Chinese government.
Shein's supply chains are linked to Xinjiang, where this ethnic minority resides.
Due to pressure in the U.S., Shein decided to move its listing to London, but that attempt also failed as Chinese regulators were unable to provide the necessary approvals.
Shein's valuation is a separate issue. At one time, the retail company was considered one of the world's most valuable startups, with investors valuing it at $100 billion in 2022. However, in 2023, the valuation dropped to $66 billion, and in the winter of 2025, Reuters reported that Shein planned to lower its valuation to $50 billion during the IPO. Subsequently, investors demanded that the retailer reduce its valuation to $30 billion.
