Shein delays Hong Kong IPO listing to September 2026

Shein has pushed back its Hong Kong initial public offering (IPO) listing to September 1, 2026, according to unnamed sources familiar with the matter. The delay comes as investor demand for the Chinese fashion retailer is weakening, with growth slowing and costs mounting. UBS Group's asset management division will participate in the offering as a cornerstone investor for the first time.

Shein aims to value the company between $26 billion and $27 billion, a significant drop from its initial target of $30 billion to $40 billion. Revenue growth has slowed from 41.1% in 2023 and 20.7% in 2024 to just 8% in 2025, with total revenue reaching $41.8 billion. The company posted a $99 million net loss in the first quarter of 2026, reversing a $395 million profit from the same period a year earlier.

Tariffs imposed on U.S. sales since May 2025 have impacted Shein's business, with U.S. revenue declining more than 3% from 2024 to 2025 and falling 14% in the most recent first quarter compared to the prior year. Chinese regulators approved the Hong Kong listing on July 10, but Shein has previously failed to list in New York and London.