On July 10, 2026, Shein received approval from the China Securities Regulatory Commission to proceed with its Hong Kong IPO.
The company plans to issue about 341.6 million H-shares, aiming to raise between $2 billion and $3 billion from the offering.
Founder and CEO Chris “Sky” Xu holds the largest individual stake, estimated at 30% to 33%. Early founding members together own roughly 55.8% of Shein.
Key investors include General Atlantic, HongShan (formerly Sequoia China), Tiger Global, Brookfield, and SoftBank. Sovereign wealth funds from Abu Dhabi’s Mubadala Investment and Saudi Arabia’s Public Investment Fund (PIF) also have stakes.
Donald Tang is stepping down, with Sky Xu set to assume the chairman role, increasing his control over the company.
Shein’s IPO valuation target ranges from $40 billion to $50 billion, which is lower than the $66 billion valuation from its last private funding round in May 2023 and down from nearly $100 billion in 2022.
The company initially planned to list in New York, then London, but both attempts faltered. Hong Kong now represents its third try, with Beijing’s approval signaling a green light for this effort.
Investor roadshows are scheduled ahead of a potential listing as soon as August 2026.
This offering could be a major milestone for the Hong Kong exchange, with Shein’s valuation placing it among the biggest recent IPOs.
Sky Xu’s combined CEO and chairman roles, along with the founders’ majority ownership, will leave public investors with limited influence over company decisions.
The capital raised is expected to help Shein expand into new markets and enhance its logistics network, supporting its rapid, algorithm-driven supply chain that can bring new designs from concept to shipment in just days.
