Fast-fashion retailer Shein expects its planned Hong Kong initial public offering to value the company at $30 billion to $40 billion, according to Inside Retail Asia. A valuation in that range would place Shein broadly alongside H&M, which is worth about $26 billion.
The listing would be one of the largest retail IPOs in Asia in recent years, underscoring strong investor appetite for fast-fashion players despite ongoing scrutiny over labor practices, tariffs, and intellectual property concerns. Shein, known for its ultra-fast supply chain and algorithm-driven trend spotting, has faced regulatory challenges in several markets while expanding its global footprint.
A successful Hong Kong debut would help Shein strengthen its balance sheet as it competes with Zara parent Inditex and other global retailers, and could provide a partial exit for early investors. The company previously considered a New York listing before shifting focus to Hong Kong, where it hopes to draw both regional and international capital.