HKG:0625

SHEIN's Listing Odyssey Ends in Hong Kong After Years of Setbacks

SHEIN Global (HKG:0625) opened flat in its Hong Kong trading debut on Tuesday, matching the offer price after the fast-fashion e-commerce company raised HK$13.2 billion in the city's listing.The company priced 279.9 million H-shares at HK$48.56 each, just above the HK$48.55 midpoint of its HK$47.60 to HK$49.50 marketed range.Cornerstone investors received about 61.9 million shares, or 22.1% of the IPO. They included Boyu, Tiger Global, General Atlantic, Tencent Holdings (HKG:0700), Greenwoods, Taikang Life and UBS Asset Management Singapore.SHEIN plans to use the net proceeds mainly to enhance its technology capabilities, strengthen brand awareness and expand globally.It will also invest in corporate responsibility initiatives, with the remainder for general corporate purposes.The Hong Kong debut follows a years-long effort by SHEIN to access public markets.In January 2022, SHEIN revived plans for a U.S. listing, with founder Chris Xu considering changing his citizenship to navigate tougher Chinese rules for offshore IPOs.In February that year, the company paused the plans as capital markets became more volatile following Russia's invasion of Ukraine.SHEIN announced in June 2024 that it had filed for a London IPO, but the plan drew criticism from human rights groups and policy researchers.The London plans later faced regulatory hurdles in China. SHEIN was delayed in securing approval from the China Securities Regulatory Commission for a London listing and began considering Hong Kong as an alternative.The company was also reported to be considering moving its headquarters back to China to win government support for a Hong Kong IPO.In April 2025, the U.K. Financial Conduct Authority approved SHEIN's IPO prospectus, clearing a key hurdle for a London listing. However, the company continued to face scrutiny over its supply chain.SHEIN also came under pressure from U.S. trade policy. In April 2025, it raised prices for U.S. customers following tariffs imposed by the Trump administration on goods imported from China.The tariffs contributed to further delays, with Bloomberg News reporting in May 2025 that the listing plans had stalled.After the setbacks surrounding its London plans, SHEIN ultimately turned to Hong Kong for its public-market debut.As of midday Tuesday in Hong Kong, SHEIN's shares were down 4%.