Fast-fashion giant Shein says it plans to raise up to HK13.86bn (£1.3bn; $1.77bn) when its shares start trading on the Hong Kong stock market on 1 September.
In a filing on Monday, external, Shein said it will offer nearly 280 million shares for between HK$47.60 and HK$49.50.
At the top of the range, it would value the firm at almost $27bn (£19.8bn). But that is much lower than the $100bn valuation it reached in a round of private fundraising in 2022, reflecting weaker sales growth and higher costs.
The long-awaited move comes after failed attempts to list in the US and London due to regulatory challenges amid scrutiny of Shein, which has its headquarters in Singapore but was founded in China.
The initial public offering (IPO) is being backed by Wall Street investment giants Goldman Sachs, Morgan Stanley and JP Morgan.
The company will make its highly anticipated debut on the Hong Kong stock exchange after efforts to go public since 2023.
Hong Kong has been revived as “one of the largest IPO markets” after attracting more firms from mainland China, said economics associate professor Feng Qu from the Nanyang Technological University.
Shein is likely to command a higher valuation in Hong Kong than it would in London, where regulatory scrutiny derailed its plans to sell shares there, Feng said.
Chinese companies may also be wary of selling shares in the US as tensions between the world’s two largest economies could result in firms being de-listed, he added.
