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Shein confidentially filed a draft prospectus with the Hong Kong Stock Exchange in mid-2025 after its London listing stalled without approval from Chinese regulators, having already released the communications firms it had hired to support the London plan. The switch set up a Hong Kong-only listing a year later.

Shein's shares fell 9% in their Hong Kong Stock Exchange trading debut on 1 September 2026, after an IPO that raised about HK$13.60 billion ($1.74 billion) at HK$48.56 a share and valued the fast-fashion retailer at roughly $26.5 billion. That is close to a quarter of the $100 billion valuation Shein commanded in a 2022 private funding round.