Shein Was Once Worth $100 Billion. Its IPO Just Told a Very Different Story

TLDR

• Shein shares closed 0.1% below their IPO price of HK$48.56 on their Hong Kong trading debut Tuesday
• The listing values Shein at around $26 billion, down sharply from a $100 billion private valuation in 2022
• Shein raised $1.74 billion in the offering, making it Hong Kong’s largest new share issuance this year
• The Trump administration ending the de minimis exemption on small packages hit Shein’s business directly
• Revenue growth slowed to just 1.1% in Q1 2026, and the company posted a $99 million net loss

Shein made its long-awaited public debut on the Hong Kong Stock Exchange on Tuesday, and it did not go as planned. Shares fell as much as 10% in early trading before recovering slightly, closing down around 0.1% from the IPO price of HK$48.56.

Shein has gone from a $100 billion valuation in 2022 to targeting $27 billion in its upcoming Hong Kong IPO. It's hoping a pivot to acquiring higher-fashion brands will keep investors happy.@minminlow has more: https://t.co/4lYZUniIM0 pic.twitter.com/OmWd7S9LPN

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