Shein, the fast-fashion retailer founded in China and now headquartered in Singapore, will debut on the Hong Kong stock exchange on September 1. The company secured Beijing's approval last month to proceed with its initial public offering.
The group is currently valued at close to $27 billion, a significant decrease from the $100 billion valuation reached during a private fundraising round in 2022. This drop in value comes amid scrutiny over the online retailer's environmental footprint.
According to a filing on Monday, Shein is seeking to raise up to HK$13.9 billion, or approximately $1.8 billion. The company stated that it will use the proceeds to strengthen its global presence and its technology infrastructure.