business π Shein eyes $27bn valuation in Hong Kong IPO
Fast-fashion giant Shein plans to raise up to HK13.86bn during its stock market debut. The company will offer nearly 280 million shares on the Hong Kong stock market starting September 1st. This sets a valuation of almost $27bn, significantly lower than its $100bn private valuation in 2022. The IPO is backed by Goldman Sachs, Morgan Stanley, and JP Morgan, following failed US and London listings. Shein recently reported a $99m loss in the first quarter, amid ongoing geopolitical uncertainties.