The prospectus does not disclose the size of the share sale, the offer price, or the expected proceeds. It does confirm that Goldman Sachs, Morgan Stanley, and JPMorgan are joint sponsors. Shein won approval from the China Securities Regulatory Commission on July 10, clearing a path that had been blocked after failed attempts to list in New York and London. The Hong Kong listing committee subsequently gave its nod, and the company is targeting a debut as early as September or October.
Investors are now weighing whether the first-quarter loss is a one-time accounting event or a signal that Shein’s ultra-low-cost model is permanently impaired by the end of duty-free parcel imports. The $328 million fair-value charge will not recur after the IPO, but the tariff and fee environment is unlikely to reverse. The EU’s €3 levy is per commodity code, meaning a single order containing multiple product categories could face a multiple of that charge, while U.S. duties remain elevated.
Shein’s valuation target reflects this new reality. At $40 billion to $50 billion, the company would be worth roughly double H&M but far below PDD Holdings’ $117 billion market capitalization. Some fund managers have already signaled that even the lower end of that range may be too rich. “If its valuation is $40 billion, that’s still a bit expensive. But if it’s closer to $30 billion, maybe it looks more attractive,” Eddie Tam, chief investment officer at Hong Kong’s Central Asset Investments, told Reuters.