SHEIN Plans Hong Kong IPO at About $25 Billion Valuation, Subscriptions as Early as August 20

SHEIN plans to seek a company valuation of approximately $25 billion in its Hong Kong initial public offering, with a target range of $25-28 billion. The figure marks a sharp decline from the nearly $100 billion valuation the company commanded four years ago.

Under the terms of its IPO filing, SHEIN must issue additional shares to certain pre-IPO investors if the final valuation falls below a pre-agreed level. The previous valuation target was $30-40 billion, but the latest investor presentation shows a target of $25-28 billion.