Singapore-based fashion giant Shein seeks up to $40B valuation for Hong Kong IPO
Shein is seeking a valuation of US$30 billion to $40 billion in a Hong Kong initial public offering (IPO) that the online fast-fashion retailer plans to launch as early as mid-August, three people familiar with the matter said.
Shein, the fashion giant based in Singapore, is seeking a valuation of up to $40 billion for its upcoming Hong Kong IPO, according to preliminary investor meetings. Sources familiar with the plans suggest the deal could be launched between mid and late this month. This proposed valuation would mark a significant drop from Shein's 2022 valuation of $98.2 billion and its recent private fundraising rounds worth $64 billion in 2023 and April 2024, indicating the company's recent business challenges.
The final IPO valuation and launch timeline are still under review and are subject to change after investor feedback. The exact IPO size, offer price, and listing schedule have not been disclosed by Shein publicly. The company, founded in China but headquartered in Singapore, did not immediately comment on the matter following a request for clarification from Reuters.
In a draft IPO prospectus released last month, Shein disclosed a $99 million quarterly loss due to reduced sales following the US removal of an import duty exemption on small packages and a substantial one-time accounting charge. Shein's Hong Kong listing was approved by the China Securities Regulatory Commission on July 10, enabling the IPO after unsuccessful attempts in New York and London.
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