On August 24, 2026, SHEIN Global Holdings Limited (stock code: 00625.HK), the global cross-border fast-fashion giant, officially kicked off its global offering on the Hong Kong Stock Exchange, marking the long-awaited listing of one of China’s most influential overseas e-commerce players.
The company plans to issue approximately 280 million Class B shares under the global offering. The Hong Kong public offering accounts for 10% (around 28 million shares), while 90% (about 252 million shares) is allocated to the international offering. An over-allotment option of 15% is granted to underwriters, allowing the issuance of up to an additional 42 million shares to meet excess subscription demand.
The offer price range is set at HK$47.60 to HK$49.50 per share. Calculated at the upper limit of HK$49.50, the total fundraising amount reaches around HK$13.86 billion (approximately US$1.77 billion). At the midpoint of HK$48.55, the net proceeds after deducting underwriting fees and related expenses stand at roughly HK$13.12 billion, valuing the company at about HK$210 billion (US$27 billion), a sharp decline from its nearly US$100 billion peak valuation in private markets back in 2022.
According to the issuance timetable, the Hong Kong public offering runs from 9:00 a.m. on August 24 to noon on August 27. The final price determination will be completed no later than noon on August 28, and the shares are expected to start trading on the main board of the Hong Kong Stock Exchange on September 1, with each board lot consisting of 100 shares.
Goldman Sachs, Morgan Stanley and JPMorgan act as joint sponsors and global coordinators for the listing. The cornerstone investor lineup features prominent institutions including Tencent, Boyu Capital, Tiger Global, General Atlantic,景林资产 (Jinglin Asset), Taikang Life Insurance and UBS Asset Management Singapore, reflecting global capital’s recognition of SHEIN’s core competitiveness.
In terms of proceeds usage, SHEIN disclosed that 40% of the raised funds will be invested in technological upgrading, strengthening its digital supply chain, big data-driven product selection and intelligent warehousing systems. Another 40% will go to brand building and global market expansion, deepening its presence in Europe, the United States, Southeast Asia and other core regions. Around 10% will be dedicated to sustainable development, eco-friendly fabric R&D and corporate social responsibility initiatives, with the remaining capital reserved for general operational purposes.
Founded in 2012, SHEIN has built its edge on the flexible "small-batch, quick-response" supply chain model. Its business covers more than 160 countries and regions worldwide, leveraging China’s mature manufacturing ecosystem to achieve rapid design, production and inventory turnover, securing its position as a top-tier global fast-fashion e-commerce platform. Industry analysts note that SHEIN’s Hong Kong listing will enrich Hong Kong’s industrial matrix of "Made in China going global", set a benchmark for the capitalization of cross-border e-commerce enterprises, and inject new momentum into Hong Kong’s technology and consumer sectors.