BUSINESS

Shein’s Debut Falls Flat as Valuation Sinks From Peak

Published: Sep. 1, 2026 6:19 p.m. GMT+8

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Shein began trading on the Hong Kong Stock Exchange on Sept. 1, 2026. Photo: VCG

Shein Global Holdings Ltd.’s shares slipped in their Hong Kong trading debut on Tuesday, capping a long-delayed listing at a valuation far below the fast-fashion giant’s pandemic-era peak.

The stock closed at HK$48.50 ($6.19), down 0.1% from its HK$48.56 offer price, after falling as much as 9.8% intraday. That gave Shein a market value of about HK$205 billion.

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Shein’s Hong Kong debut closed at HK$48.50, down 0.1%, valuing it at HK$205 billion—far below its $64 billion 2023 private valuation and $98.2 billion 2022 peak.
Revenue growth slowed from 41.1% in 2023 to 20.7% in 2024, 8% in 2025, and 1.1% in Q1 2026.
U.S. and Europe together accounted for ~60% of 2025 revenue; changes to U.S. de minimis rules and European regulations, including French fines and levies, pressured sales.

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1. Shein Global Holdings Ltd.’s shares slipped in their Hong Kong trading debut on Tuesday, capping a long-delayed listing at a valuation far below the fast-fashion giant’s pandemic-era peak [para. 1].

2. The stock closed at HK$48.50 ($6.19), down just 0.1% from its HK$48.56 offer price, after falling as much as 9.8% intraday [para. 2]. This left Shein with a market value of about HK$205 billion [para. 2].

3. That valuation is well below the $64 billion price tag from Shein’s last private funding round in 2023 [para. 3]. It is also dramatically lower than the company’s $98.2 billion peak valuation in 2022, illustrating how far investor sentiment has shifted [para. 3].

4. Shein raised net proceeds of about HK$13.2 billion from the offering [para. 4]. According to the company, roughly 40% of the funds will be used for technology, another 40% for brand building and global expansion, and 10% for corporate-responsibility initiatives [para. 4].

5. Founded in 2009, Shein built its business around low-priced fashion and a highly responsive supply chain that produces small initial batches and quickly replenishes popular items [para. 5]. The company now operates in more than 160 countries and regions and had 273 million active consumers in 2025 [para. 5].

6. However, its breakneck growth has slowed sharply [para. 6]. Revenue rose 41.1% in 2023 and 20.7% in 2024, but only 8% in 2025 [para. 6]. In the first quarter of 2026, growth slowed further to 1.1% [para. 6].

7. One of the biggest pressures has come from changes to low-value import rules in key markets [para. 7]. These regulatory shifts have eroded the cost advantages that helped drive Shein’s expansion [para. 7].

8. Shein said the U.S. decision to end its de minimis exemption in May 2025 hurt sales and overall revenue growth [para. 8]. Europe, which accounted for 35.4% of revenue in 2025, has also tightened rules on low-value parcels and fast fashion [para. 8].

9. France has become a particular challenge [para. 9]. Regulators there have fined Shein over discounting claims, environmental marketing and consumer-protection issues [para. 9]. In addition, new environmental levies on ultra-fast-fashion products took effect on Sept. 1 [para. 9].

10. The U.S. and Europe remain Shein’s two biggest markets [para. 10]. They accounted for nearly 60% of revenue in 2025, underscoring the company’s reliance on regions where regulatory and trade-policy headwinds are intensifying [para. 10].

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Who’s Who

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What Happened When

2009：: Shein was founded.

2022：: Shein reached a peak valuation of $98.2 billion.

2023：: Shein's last private funding round valued the company at $64 billion. Revenue grew 41.1% that year.

2024：: Revenue grew 20.7%.

2025：: Revenue grew 8%. The U.S. ended its de minimis exemption in May 2025, hurting sales. Shein had 273 million active consumers and Europe accounted for 35.4% of revenue.