Shein Debuts in Hong Kong at $26.5 Billion Valuation After Years of IPO Delays

Shein has finally reached the public market, but its Hong Kong debut highlighted how much value the ultrafast-fashion group lost while waiting.

Shein executives attend the company's Hong Kong Stock Exchange listing ceremony following its long-awaited public debut. (Photo: DMCGN, Wikimedia Commons)

Its shares fell nearly 10% at the open after an initial public offering that raised about $1.7 billion and valued the company at approximately $26.5 billion.

That valuation is more than 70% below Shein's $98.2 billion peak private-market valuation in 2022. The gap reflects slower growth, weaker profitability and a business model facing new trade barriers in some of its most important markets.

Shein had once considered a listing at a valuation close to $100 billion after overtaking established apparel groups with a business model capable of turning social-media trends into inexpensive products within days.

Attempts to list in New York and London were unsuccessful, delaying its public-market debut.

"It has absolutely missed the best timing for an IPO," said Jin Lu of The Asia Group.

"Everyone is watching to see whether there's still room for growth, and how much room there is. And competition, if anything, has intensified."

Shein's revenue rose 8% to $41.8 billion in 2025, but net income fell 39% to $2.06 billion.

The company also posted a $99 million net loss in the first quarter of 2026, compared with a $395 million profit a year earlier. Revenue growth has slowed sharply from the more than 40% annual growth Shein once achieved.

Investors are therefore being asked to value a business that remains enormous but whose earlier pace of expansion no longer defines its performance.