Shein is looking to raise as much as HK$13.86bn through the IPO, offering 280m shares priced between HK$47.60 and HK$49.50 each.

The proposed valuation marks a dramatic fall from the $98.2bn price tag Shein commanded during a private fundraising round in 2022, as slowing growth, rising costs and increased regulatory scrutiny weigh on the business.

Shein is expected to set the final price for its shares on 31 August before beginning trading on the Hong Kong Stock Exchange on 1 September.

Around 90 per cent of the shares on offer will be made available to international investors.

The retailer also has the option to sell a further 42m shares, which could take the total amount raised through the listing to around $2bn.

Shein plans to use around 40 per cent of the proceeds to strengthen its technology capabilities, with another 40 per cent earmarked for marketing and growing its international brand. The remainder will be directed towards corporate responsibility initiatives and general business purposes.

The float brings Shein closer to completing a stock market listing after more than four years of attempts to go public.

The China-founded, Singapore-headquartered retailer previously abandoned plans for listings in New York and London after encountering political and regulatory hurdles, including scrutiny surrounding its China-linked supply chain.

Chinese regulators finally approved its Hong Kong listing last month.

It was reported last week that Shein had slashed its prospective valuation to around £18.5bn, having targeted between £22.2bn and £29.5bn earlier in August as investors pushed back against its proposed price tag.

Shein has faced mounting pressure from tougher international trade rules and weakening growth. Revenue increased just 1.1 per cent during the first quarter of 2026, while Shein swung to a $99m loss compared with a $395m profit during the same period a year earlier.

Its US business has been particularly affected by the removal of the de minimis exemption for low-value imported parcels, while new European charges on ecommerce imports have added further costs to its cross-border model.

Goldman Sachs, Morgan Stanley and JPMorgan are among the banks leading the Hong Kong listing.