HONG KONG ─ Online fast-fashion retailer Shein is planning to make its stock market debut in Hong Kong on Aug. 28, a person with knowledge of the matter said, ending a listing pursuit that took it to New York and London before coming to the Asian financial hub.
The Singapore-based company, which was founded in China in 2012, is planning to launch its initial public offering as soon as Wednesday next week, Reuters reported on Tuesday, citing people with knowledge of the matter.
The IPO comes amid investor questions about Shein's expected $30 billion to $40 billion valuation, down from nearly $100 billion in 2022, with the company facing slowing growth, rising costs and changing market conditions.
Shein did not immediately respond to a Reuters' request for comment on the planned listing schedule. The person declined to be named as they were not authorized to speak to the media.
The retailer swung to a $99 million quarterly loss after the US removed an import duty exemption on small packages and a $328 million fair-value charge on convertible redeemable preferred shares following an accounting change.