Shein Upcoming IPO: Fast-fashion giant targets Hong Kong listing

Shein, one of the world's largest online fast-fashion retailers, is preparing for a Hong Kong initial public offering (IPO). According to CNBC, the company revealed key financials ahead of the planned listing, disclosing a quarterly loss of $99 million while flagging the impact of tariffs on its business.¹ The move to Hong Kong marks the latest chapter in a multiyear journey toward the public markets.

Shein initially pursued a U.S. listing before shifting its focus to the London Stock Exchange (LSE) in 2024.⁴ The company received approval from the U.K.'s Financial Conduct Authority (FCA) in April 2025,⁵ but has since pivoted to Hong Kong as its primary listing venue. The Hong Kong IPO route comes after multiple attempts to go public in different markets, with regulatory complexity in both the U.S. and China contributing to delays.⁶

Beyond its IPO plans, Shein has also faced scrutiny on multiple fronts: the European Union warned the company over consumer protection violations in May 2025,⁷ and the loss of the U.S. de minimis trade exemption for Chinese shipments has introduced new cost pressures.⁸ Despite these headwinds, Shein remains a major force in e-commerce. The company's revenue grew 8% to reach $41.8 billion in 2025, although this was slower than the 2024 revenue growth rate of 20.7%.⁶ Q1 2026 revenue also fell to $2.04 billion, a 14.3% year over year decrease.² In 2024, Shein was the fastest-growing major global apparel brand and the third largest by market share.⁹

Shein: Company background

Shein originally began as a company based in China called ZZKKO in 2008, founded by Chris Xu, a reportedly very low-profile Chief Executive Officer and billionaire who also is known as Xu Yangtian or Sky Xu.¹⁰

In 2012, the fast-fashion retailer rebranded to SheInside after expanding into wedding dresses, and three years later it switched to its current name, Shein. Though there's often some confusion among customers, the pronunciation reflects this history, with the correct version being "She-in."¹¹

In 2022, Shein moved its headquarters to Singapore by essentially making a company in Singapore (Roadget Business) take the role of Shein's holding company.¹² The Singapore base was part of a broader effort to position the company for an overseas listing, though its supply chain and product sourcing remain heavily concentrated in China. However, embracing its Chinese roots enabled Shein to get regulatory approval from the China Securities Regulatory Commission (CSRC) for a Hong Kong listing, as CNBC reported.⁶

Shein IPO date and timeline

Shein has navigated a winding path toward the public markets over several years. The company originally pursued a U.S. listing, filing confidentially and shifting its headquarters to Singapore in 2022 to help facilitate the process.¹² However, regulatory challenges in the U.S. prompted Shein to step up preparations for a London IPO in 2024.⁴

In April 2025, Shein received the green light from the FCA to list on the LSE, although the company still needed approval from Chinese regulators at that time.⁵ Observers also noted that Shein would likely need to update its U.K. filing to reflect the material impact of U.S. tariffs on its business.¹³

Since then, Shein has pivoted to a Hong Kong listing. As reported by CNBC in July 2026, Shein revealed key financials ahead of this planned Hong Kong IPO, confirming that the company is advancing its listing preparations in Asia.² The financials disclosed a quarterly loss of $99 million and flagged tariff-related headwinds as material risks to the business.²

Several factors could influence the pace of a potential listing. Competition from Temu and TikTok Shop,³,¹⁴ regulatory scrutiny² and the broader tariff environment all add layers of complexity to Shein's IPO calculus. Investors tracking Shein's progress can visit Forge's upcoming IPO calendar for the latest updates.

Shein's fast-fashion growth and competitive landscape

Shein has seen a rise in popularity by offering ultra-low-cost clothes and other goods such as beauty and household items. The company has successfully partnered with social media influencers and helped drive trends on apps like TikTok, like showing off "Shein hauls," where people make videos about what they buy.

This online success has translated into real-world results, with Shein ranking in 2024 as the fastest-growing major global apparel brand and third largest in terms of overall market share, closing in on Nike and Adidas while ranking ahead of others such as Zara and H&M.⁹

But while its 2023 profits exceeded $2 billion, the company's financial performance has cooled. In 2024, despite projecting $4.8 billion in net profit, Shein's net profit fell to $1 billion.³ The net profit slump reflects intensifying competition from rival Temu,³ while TikTok Shop has also been eating into Shein's market share.¹⁴

Those financial pressures appear to have continued. According to CNBC, Shein posted a quarterly loss of $99 million ahead of its planned Hong Kong IPO and flagged tariff-related hits as a headwind to its business. Revenue also fell in Q1 from $2.38 billion to $2.08 billion, a 14.3% year-over-year decrease.²

The U.S.-China trade war has been particularly significant for Shein. The company's shipments previously avoided tariffs through the de minimis exemption, which exempted packages valued at $800 or less; however, that exemption was eliminated for Chinese shipments, limiting the company's ability to sell products at the ultra-low price points it became known for.⁸

The company is also no stranger to controversy regarding its environmental track record. In 2023, Shein almost doubled its carbon emissions, although the company says it will reach net-zero by 2050 at the latest.¹⁵ Critics say Shein contributes to a culture of waste and overconsumption.¹⁶ Shein has also faced scrutiny over its supply chain ethics, including the company announcing in 2024 that it identified two cases of child labor in its supply chain.¹⁷

Shein stock price history

At this time, Shein's Forge Price is unavailable due to limited data.

Consider registering on Forge's marketplace to keep up with Shein's stock price if more data becomes available.

Forge Price is a derived data point that reflects the up-to-date price performance of venture-backed, late-stage companies, and is calculated based on a proprietary model incorporating pricing inputs from primary funding round information, secondary market transactions and indications of interest (IOIs) on Forge.

Shein funding history and private market valuation

Shein's funding history is relatively limited compared with some other pre-IPO companies of its scale, but the rounds it has raised have been substantial, and its valuation trajectory tells a notable story.

In 2019, Shein reportedly raised $500 million from Sequoia Capital China and Tiger Global at a $5 billion valuation. The following year, it also reportedly raised an undisclosed amount that implied a valuation as high as $15 billion.¹⁸

In 2022, Shein's valuation soared when it raised between $1 billion and $2 billion at a $100 billion valuation. That round included investment from General Atlantic, along with further investment from Tiger Global Management and Sequoia Capital China.¹⁹

Shein brought in another major funding round in 2023, raising $2 billion with investors such as U.A.E. sovereign-wealth fund Mubadala joining Sequoia and General Atlantic. However, this round cut the company's valuation by over one-third to $66 billion.²⁰

Since then, the valuation picture has grown murkier. According to the Financial Times, some investors suggested in early 2025 that Shein's valuation should be reduced to $30 billion, reflecting its profit decline and competitive challenges.³ For its IPO, the company is reportedly seeking a valuation of $40-$50 billion.¹ Shein is also considering compensating late-stage investors for what could be a lower valuation at the time of the IPO compared to earlier funding rounds.²¹

How to invest in Shein before its IPO

Shein remains a private company, meaning its shares are not available on public stock exchanges. However, accredited investors may be able to access pre-IPO shares of Shein through secondary market transactions on a private marketplace such as Forge, subject to availability.

Investing in private companies involves navigating share availability constraints, transfer restrictions and valuation uncertainty. For Shein specifically, some risks include its declining profitability, the impact of tariffs on its cost structure and competitive pressure from Temu and TikTok Shop. Prospective investors should consider these factors alongside the company's IPO progress.

If Shein completes its planned Hong Kong IPO, access for U.S.-based investors may depend on the specific listing structure, such as the availability of American Depository Receipts (ADRs). To learn more about private market investing, read Forge's guide to buying pre-IPO shares.

Looking ahead

Shein has been a closely watched IPO candidate for several years, and the company's pivot to a Hong Kong listing represents its latest attempt to reach the public markets. The disclosure of a quarterly loss and tariff-related headwinds ahead of the IPO adds new variables for investors to weigh.² Past and potential future regulatory scrutiny may be worth considering, too.

Check back here or take a look at Forge's upcoming IPO calendar to stay in the loop about a possible Shein IPO and other pending public offerings.

If you’re interested in investing in private companies like Shein before they go public, read more about pre-IPO investing or register on Forge marketplace today to get started.