Shein Faces Soft Hong Kong Debut With 26.5B Valuation

Chinese online retailer Shein is headed for a soft Hong Kong market debut as gray market shares trade below the IPO price. The offering values the company at 26.5 billion dollars, well below its previous peak amid rising tariff pressures.

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FILE PHOTO: A customer holds shopping bags with a Shein logo in the first physical space of online fast-fashion retailer Shein on the day of its opening inside the Le BHV Marais department store, the Bazar de l'Hotel de Ville, in Paris, France, November 5, 2025. REUTERS/Sarah Meyssonnier/File Photo

Shein will debut in Hong Kong on Tuesday, valuing the online fashion giant at $26.5B after years of stalled listing attempts in the West. Gray market quotes indicate the stock trading more than 10% below its IPO price. The valuation sits far below a 2022 peak of nearly $100B, reflecting mounting regulatory pressures and slowing growth.

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