Shein valued at US$26.3bil in Hong Kong market debut
The Chinese-founded behemoth's stock sale in the Asian financial hub comes after IPO plans for New York and London were derailed under regulatory scrutiny.
Fast-fashion giant Shein has successfully raised US$1.7 billion in its Hong Kong initial public offering, valuing the online retailer at approximately $26.3 billion. The company, known for its low prices and quick production, went public after plans for New York and London IPOs were halted. Shein offered 280 million shares at HK$48.56 each, below the maximum price of HK$49.50.
The platform gained fame during the Covid-19 pandemic, appealing to young customers through social media. However, the company now grapples with slower growth and regulatory pressure in Europe and the US. The current valuation is much lower than the US$98.2 billion valuation during its private fundraising rounds in 2022. Shein faces criticism over environmental issues, human rights allegations, and intense competition from other Chinese low-cost retailers.
Its executive chairman, Donald Tang, vowed to have zero tolerance for forced labor. The company plans to use the raised funds for enhancing technology and expanding internationally.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- Shein shares plunge on grey market ahead of Hong Kong debut businesstimes.com.sg
- Shein valued at US$26.3bil in Hong Kong market debut freemalaysiatoday.com
- Shein prices Hong Kong IPO below top end of range, raises $1.74 billion investing.com
- Shein Shares Plunge Up to 17% on Gray Market Ahead of Hong Kong Debut businessoffashion.com
