Shein Global Holdings Limited launched its global offering on Monday, selling approximately 280 million Class B shares at between HK$47.60 and HK$49.50 per share, valuing the company at close to $27 billion at the top of that range.
According to the prospectus, the total proceeds from the offering could reach HK$13.86 billion, equivalent to approximately $1.77 billion
The final price is expected to be announced August 31, with trading on the Hong Kong Stock Exchange set to begin September 1 under the stock code 00625. The $27 billion valuation represents a decline of roughly 70% from the $98.2 billion private-market valuation Shein carried in 2022, and less than half the $64 billion figure investors assigned to the company in 2023 and April 2024, according to CNBC. A group of cornerstone investors, among them current Shein backers Boyu Capital, Tiger Global, and General Atlantic, committed to purchasing roughly $383 million in shares, according to Reuters.
Tencent, Greenwoods, Taikang Life, and UBS Asset Management will also take stock. The company intends to direct approximately 80% of what it raises toward technology upgrades and broadening its international brand footprint. The company’s compressed valuation reflects a deteriorating financial trajectory.