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.
