Shein targets Hong Kong IPO with €22.6 billion valuation

Background to the listing plans

According to the draft prospectus, the IPO is set to issue new and existing shares. The exact offering window and the final issue price have not yet been definitively set, according to the available information.

A Hong Kong listing would return Shein to an Asian financial center where the company has an operational presence. In recent years, the group had been preparing listings in both the United Kingdom and the United States, but repeatedly postponed them.

The €22.6 billion valuation reflects, in observers' assessment, the changed framework conditions for Chinese e-commerce companies on Western stock exchanges. Investors are watching, among other things, uncertainty in US trade law and tightened EU rules on low-value imports.

Trade conflicts and customs rules

In June 2025, in the month before the publication of the current report, the European Union introduced a fee on individual, particularly low-priced parcels. The move is intended to gradually restrict the long-standing duty exemption for micro-imports, which can have a direct impact on business models such as Shein's.

Shein most recently sought to present its supply chains more transparently and respond to criticism of production conditions. Independent inspections of manufacturing facilities were announced in various markets, but concrete results from the programs are still pending.

According to the company, the final timeline of the IPO will depend on market conditions and approvals from regulators in Hong Kong. A listing prospectus has already been filed with the authorities, according to people familiar with the transaction.

Outlook on the offering schedule

Observers see the Hong Kong listing as a compromise: Shein sidesteps direct US regulation and positions itself nearer to its production base. At the same time, access to international investors via the Hong Kong stock exchange is retained.

The announcement of the price range and the concrete listing day is expected at a later date. Until then, the stated valuations remain provisional and may still change.

If the IPO proceeds successfully, it would rank among the largest Chinese listings in Hong Kong in some time and serve as a signal to the market about the exchange's willingness to host controversial issuers.