El viaje de Shein hasta la Bolsa: de valer más que Inditex a quedarse por debajo de H&M

Shein, the Chinese fast fashion giant, has finally set a price of 48.56 Hong Kong dollars (5.35 euros) per share for roughly 280 million shares sold in its initial public offering (IPO) through the Hong Kong Stock Exchange. The trading process concludes on Tuesday, marking the company's debut on the Hong Kong Stock Exchange. This pricing falls in the middle of the range proposed in the registration document, which spanned between 47.6 and 49.5 Hong Kong dollars per share.

The valuation implied by this price is nearly 26.5 trillion Hong Kong dollars (22.88 trillion euros), aligning with recent projections, but still far from the 100 trillion dollars (86.33 trillion euros) Shein reached in 2022. The company has managed to raise a total of 13.597 billion Hong Kong dollars (1.497 billion euros), although net of taxes, Shein will pocket around 13.214 billion Hong Kong dollars (1.455 billion euros).

The registration document states that the shares offered to the Hong Kong market, around 28 million or 10% of the total, were oversubscribed 5.63 times, while the international offering, with nearly 252 million shares, was oversubscribed 2.59 times. Shein's shares will start trading on the Hong Kong Stock Exchange on Tuesday, September 1, 2026, following the company's filing with Chinese regulators earlier in July.

This completion of the process, which had dragged on for several years, follows Shein's unsuccessful attempts to list on both New York and London stock exchanges due to opposition from politicians and scrutiny of its supply chain in China. While Shein's popularity skyrocketed during the pandemic, when confined consumers gravitated towards its low prices and extensive advertising, the company's valuation has been hampered by U.S. tariffs and the elimination of tax exemptions that allowed it to avoid import duties when shipping orders to the United States or the European Union.

In the first three months of 2026, Shein reported losses of 99 million dollars (85 million euros) despite generating 9.052 billion dollars (7.752 billion euros) in revenue, marking a 1.1% increase compared to the same period in 2025.