Shein’s stock listing is almost here: Why the fast fashion giant has a much smaller valuation for its upcoming IPO

Fast fashion retailer Shein Global Holdings Limited plans to launch its stock on the Hong Kong market next month. The company, which sells affordable clothing, was founded in China in 2008 but is now based in Singapore. During the pandemic lockdowns, Shein gained popularity among younger consumers, with its sales and user growth increasing significantly.

In 2022, its valuation reached approximately $100 billion. However, weaker sales, increased costs, and geopolitical tensions have led to a significant decline in its valuation. Shein now aims for a valuation of around $27 billion, a decrease of nearly 75% over four years. The company has previously considered IPOs in London and New York, but abandoned those plans due to various reasons, including opposition from U.S. lawmakers.

In 2024, then-Senator Marco Rubio led efforts to persuade U.S. regulators to halt Shein's IPO process, citing concerns about the lack of transparency in the company's reporting. Shein's valuation dropped after it reported a loss of $99 million in the first quarter of 2026 on $9.05 billion in revenue, down from a net income of $395 million on $8.95 billion in revenue in the same period the previous year.

The company's filing warns that it may continue to experience adverse business effects due to tariffs, the Iran war, and other factors. While Shein has 281 million active users, investors are eagerly awaiting the opportunity to invest in the company, with its shares expected to go public on September 1.