Shein is said to target up to US$27 billion valuation in HK IPO

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Or sign-in if you have an account.Founded in China but now headquartered in Singapore, Shein is nearing the end of a long journey to go public, after failing to proceed with IPOs in both New York and London. Photo by JULIE SEBADELHA/AFP via Getty ImagesFast-fashion retailer Shein Global Holdings Ltd. is targeting a valuation in the range of US$26 billion to US$27 billion in its initial public offering in Hong Kong, according to people familiar with the matter, a sharp drop from its peak value.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountThe firm will seek to raise about US$2 billion in the IPO, the people said, asking not to be identified discussing confidential information. The company had been gauging interest from investors and recently targeted a US$30 billion valuation but faced pushback, Bloomberg News has reported. Existing shareholders may take up as much as about half of the deal, people familiar with the matter have said.Shein is planning to list around the end of the month, the people said. Deliberations are ongoing and details such as size, valuation and timing may change, the people added. A representative for Shein did not immediately respond to a request for comment.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againFounded in China but now headquartered in Singapore, Shein is nearing the end of a long journey to go public, after failing to proceed with IPOs in both New York and London. After reaching about US$100 billion in 2022, its valuation has plummeted as growth slowed in the wake of tariffs and competition from PDD Holdings Inc.’s Temu.The firm built a global fast-fashion empire by offering low-priced, trend-driven apparel shipped directly from suppliers. But United States tariffs followed by the Middle East war have translated into higher material costs and eventually increased prices for consumers.Shein posted a loss of US$99 million in the first quarter of this year, versus a US$395 million profit a year earlier, according to its preliminary prospectus. It also disclosed slowing revenue growth. The business is expected to be impacted further by a new European Union levy on packages worth less than €150 (US$173.93).Backers of the company include IDG Capital, Mubadala Investment Co., Coatue Management and HSG. The company is considering a combination of cash payouts and free additional shares to some investors in its later fundraising rounds to help lower the cost base for them, Bloomberg News reported.Goldman Sachs Group Inc., Morgan Stanley and JPMorgan Chase & Co. are arranging Shein’s IPO.We apologize, but this video has failed to load.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.