Fast fashion giant Shein valued at up to US$27 billion in Hong Kong IPO

Fast-fashion brand Shein has a new market valuation of up to $27 billion Hong Kong as it prepares to go public, according to filings. The company's shares are being sold for $47.60 to $49.50 apiece, marking a dramatic 70% drop from its private market high of nearly $100 billion four years ago. Shein, known for selling items like $5 dresses and $10 jeans, aims to raise up to $13.86 billion in its Hong Kong IPO launched on Monday.

The valuation decline stems from concerns over Shein's slowing growth, rising costs, and shifting market conditions. The company will disclose the final share price on August 31 and begin trading on September 1. Cornerstone investors led by Boyu, Tiger Global, and General Atlantic have subscribed for $383 million worth of shares. Tencent, Greenwoods, Taikang Life, and UBS Asset Management have also taken stock. Shein plans to use most of the IPO proceeds to boost technology and expand its global reach.