SHEIN targets Hong Kong listing amidst slowing growth, profit slide

It is seeking to raise about HK$13.1b (US$1.7b).

SHEIN Global Holdings is seeking to raise about HK$13.1b (US$1.7b) in net proceeds from its Hong Kong listing, as the retailer enters the public market with slowing revenue growth and sharply lower profit.

The company is offering 279.99 million Class B shares at HK$47.60 to HK$49.50 each, with the final price due by noon on Aug. 28.

At the midpoint of HK$48.55, the offering is expected to generate HK$13.12b after fees and expenses.

The company plans to allocate about 40% of the net proceeds to strengthening its global presence and brand awareness.

Another 40% will go toward technology and supply-chain capabilities, whilst 10% is earmarked for corporate-responsibility initiatives and the remaining 10% for general corporate purposes.

SHEIN’s revenue for the three months ended March rose 1.1% year on year to US$9.05b, but posted a US$99m net loss, compared with a US$395m profit in the same period last year.

The first-quarter loss was largely linked to a US$328m fair-value loss on convertible redeemable preferred shares.

The listing comes with significant regulatory exposure as the European Commission opened a formal investigation in February 2026 into SHEIN's systems for limiting illegal products, risks linked to its service design and the transparency of its recommendation systems.

SHEIN is expected to begin trading on the Hong Kong Stock Exchange on 1 Sepember under stock code 0625, subject to the offering becoming unconditional.