Shein, the Singapore-headquartered fast-fashion giant founded in China, is moving closer to its long-awaited public listing. According to people familiar with the matter and reports citing Sina Finance, the company plans to begin taking investor orders for its Hong Kong initial public offering as early as August 20, with a potential debut on the Hong Kong Stock Exchange around August 28. The offering is expected to raise between $2 billion and $3 billion, though final details remain fluid.

The company had originally targeted a valuation of around $30 billion—already a sharp reduction from its private-market peak of nearly $100 billion in 2022 and later rounds that valued it near $64 billion. Investor pushback, however, could force that figure lower still. Some reports indicate advisers have been pitching the company at valuations in the mid-to-high $20 billion range, reflecting caution among potential buyers. Existing shareholders are expected to subscribe for roughly half of the shares on offer, providing a measure of support for the deal.

This Hong Kong listing represents Shein’s third major attempt to go public. Earlier efforts to list in New York and London stalled amid political opposition, regulatory scrutiny of its Chinese supply chain, and concerns over labor practices and intellectual property. Chinese regulators approved the Hong Kong path in July 2026, clearing the final major domestic hurdle after years of delays.

The scaled-back expectations stem from a changed business environment. Shein’s explosive growth during the pandemic—driven by ultra-low prices, rapid design-to-shelf cycles, and heavy digital marketing—has slowed. Higher shipping costs, the end of the U.S. de minimis duty exemption for small parcels, new European fees on low-value packages, and intensifying competition from rivals such as Temu have pressured margins. Financial disclosures showed net profit falling from a peak of about $3.4 billion to roughly $2 billion, with the first quarter of 2026 swinging to a $99 million loss. Revenue growth has decelerated markedly from earlier double-digit rates.

Analysts have offered mixed views on fair value. Some place it in the $22–25 billion range based on projected 2027 earnings, while others see support closer to the company’s internal $30 billion target when comparing multiples to peers such as H&M or Inditex. Shein has told prospective investors it expects earnings to dip further this year before recovering toward 2025 levels by 2027.

Discussions remain ongoing, and sources emphasize that the size, valuation, and precise timing of the IPO could still shift based on investor feedback during the order period. For a company that once symbolized the boundless upside of digital-first, ultra-fast fashion, the Hong Kong debut will test whether public markets still see the same growth potential—or whether the era of sky-high private valuations for the sector has firmly closed. The outcome in late August will mark a significant chapter in Shein’s evolution from private disruptor to publicly traded retailer.