Fast-fashion giant Shein is set to make its highly anticipated stock market debut on Tuesday as it lists in Hong Kong after a years-long quest to go public. It comes after failed attempts to list in the US and UK, as concerns were raised over issues including the firm's labour practices and its environmental impact. Once estimated to be worth nearly $100bn (£74bn), Shein is now valued at around a quarter of that figure, as the firm faces other issues like increased competition and global trade tensions.
Shein has grown hugely popular, especially with younger customers, due to its ability to source the very latest fashions at ultra-low prices through a vast network of factories in China. On Monday, Shein priced its shares below the top end of their marketed range, raising 13.6 billion Hong Kong dollars ($1.7bn; £1.3bn) from the listing. That gave the company a stock market valuation of $26.3bn.
Founded in China and now headquartered in Singapore, Shein operates a global e-commerce network, with sales in more than 150 countries. Shein has 281 million active customers who placed a total of more than a billion orders in the year to the end of March 2026, the company said in a filing ahead of the listing. But its business model has come under intense scrutiny over environmental and human rights concerns, while US and European Union crackdowns on cheap imports are squeezing its finances.
The stock market debut comes at a "complex moment" as investors grow sceptical over the performance of fast-fashion companies, said Louise Deglise-Favre from research firm GlobalData. The listing marks the largest new share sale in Hong Kong so far this year, which is being seen as a test of investor appetite for the fast fashion industry. It is a rare "standalone" e-commerce firm that can be assessed on its own merits, fashion industry analyst Deglise-Favre said.
Shares in rivals Asos and Boohoo have been battered in recent years as they face regulatory scrutiny and fierce competition. "Investors have learned to be sceptical," while concerns over sustainability and ethical issues add to the complexity of Shein's share sale, Deglise-Favre said. The rise and rise of fashion giant Shein The truth behind your $12 dress: Inside the Chinese factories fuelling Shein's success Shein's long road to the stock market highlights the geopolitical pressures and regulatory scrutiny faced by Chinese companies with global ambitions.
The company once looked set for one of the largest stock market debuts ever by a Chinese firm, with Wall Street in its sights. Its business had surged during the Covid-19 pandemic as people, stuck at home, turned to online retailers. Shoppers shared clips of themselves trying on large numbers of its garments, a trend called Shein Hauls, boosting the company's online presence.
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