Shein begins Hong Kong trading at a valuation far below its 2022 peak

Shein began trading on the Hong Kong Stock Exchange on 1 September 2026 after raising about US$1.7 billion in its initial public offering. The IPO price was HK$48.56 per share, valuing the company at roughly US$26.5 billion.

Shares fell by as much as about 10% during early trading, highlighting investor caution around the fast-fashion retailer. The listing valuation was far below the company’s nearly US$100 billion private-market peak in 2022.

The Hong Kong listing follows a long effort to access public markets and comes amid changing trade conditions, regulatory scrutiny and questions around the economics and sustainability of ultra-fast fashion. The company remains one of the world’s largest online fashion retailers, but the IPO provides a new public-market benchmark for its value.

For the fashion industry, the listing is significant because it brings a major digital-native fast-fashion business into a public market where investors can track its performance more directly.