Börsengang: Shein wohl vor IPO in Hongkong – niedrigere Bewertung als zuletzt

Shein, the Chinese online fashion retailer, may be set to launch on the Hong Kong stock exchange as early as mid-next week, according to reports. The company, based in Singapore, declined to comment on the IPO request from The Trade Newspaper but did not outright deny the reports. Reuters, citing insiders, had previously reported that Shein was advertising for the stock placement to investors this week.

The Hong Kong Stock Exchange did not comment on individual companies, referring investors to official announcements. Shein has reportedly targeted a listing valuation of $30 to $40 billion (26 to just under $35 billion euros). Insiders consider this size realistic. The long-awaited IPO comes at a time when declining revenue growth and weak results are putting pressure on Shein's business model.

Rising costs, stricter regulatory controls in US and European foreign markets, and price-sensitive competition in global e-commerce are putting the company under pressure. The company, which sells clothing and fashion to around 273 million active customers in 160 countries, reported a loss of $99 million in the first quarter of 2026.

This comes after a year in which Shein had reported a profit of $395 million. Revenue growth in the same period only increased by 1.1 percent to $9.05 billion. The target valuation would be a significant correction from earlier funding rounds, when the platform was valued at $64 billion. Shein does not fundamentally plan to abandon its price policy.

"We set out to make fashion more accessible and affordable," the company states in its current prospectus. Chinese traders are criticized for this. Shein warns that it is unclear whether the company will remain profitable in the future, as business is risky, with many factors outside its control. These include an increasingly restrictive US trade policy under President Donald Trump, the Iran war testing shipping lanes, and waning demand in the Middle East.

New import rules in major markets like Europe and the US are also cited. Shein lists these factors in its prospectus. The IPO comes as revenue growth slows and results are weak, putting pressure on the business model. Rising margins are squeezing expansion efforts. Higher trade costs, stricter regulatory oversight in foreign markets, and price-sensitive competition in global e-commerce are putting pressure on the company.

The company, which sells clothing and fashion to around 273 million active customers in 160 countries, reported a loss of $99 million in the first quarter of 2026, compared to a profit of $395 million in the same period last year. Revenue growth in the same period only increased by 1.1 percent to $9.05 billion. Shein's IPO is seen as a "real maturity test" for the company, according to Damian Maib, an e-commerce expert based in Shanghai.

The online retailer could change perceptions in Germany, where Chinese-owned e-commerce giants like Shein, Temu, and AliExpress are gaining popularity. Low prices in online fashion make these companies attractive to customers. However, politicians and consumer advocates warn about issues such as product quality, lack of controls, unfair competition, and environmental problems.

Shein ships goods directly from China from manufacturers, often via air freight. With over 7,500 contract manufacturers, the company is known more in China than in Europe and the US. The company's listing in Hong Kong could change perceptions there, as Chinese people are comparatively active in investing in stock markets, lacking alternatives.