the logo of Asian e-commerce giant Shein on a label
The logo of Asian e-commerce giant Shein on a label. Julie SEBADELHA/Getty Images

Shein goes public in Hong Kong on Tuesday, ending an 11-year search for a listing venue at a price that tells its own story: roughly $26 billion, more than 70% below the near-$100 billion valuation the fast-fashion retailer commanded from private investors in 2022.

The company priced its IPO at HK$48.56 a share on Monday, the midpoint of its marketed range, raising HK$13.6 billion ($1.74 billion). Shares trade under ticker 0625.HK. That makes Shein Hong Kong's largest new listing of the year, ahead of Momenta's $751 million float in July — the exchange's biggest name of 2026 arriving as the cheapest version of itself.

Getting to that price meant paying for it. Shein agreed to give investors in its Pre-D, D and D+ funding rounds a guaranteed cash return on their original investment — 8% annually, rising to 12% from March 5 — totalling roughly $1.1 billion, split into three instalments due by the end of March, June and September. Their preferred shares convert into ordinary stock at a lower price if the listing values Shein below what they paid in. The floor was built into the deal because the company knew the headline number would sting.

It reflects a business under real pressure, not just investor fatigue. Shein swung to a $99 million net loss in the first quarter of 2026, from a $395 million profit a year earlier, after Washington ended duty-free treatment for low-value imports and the company booked a fair-value charge tied to those preferred shares.

Demand held up regardless. The Hong Kong retail tranche was covered 5.63 times, the international portion 2.59 times, with Boyu Capital, Tiger Global, General Atlantic, Tencent and UBS Asset Management committing roughly $383 million as cornerstones.

Shein tried the US, then London, before Chinese and UK regulators deadlocked over its supply-chain disclosures and pushed it toward Hong Kong. The last of the $1.1 billion owed to its early backers falls due at the end of September — weeks after Tuesday's debut finally closes out the search.