Shein valued at $26bn after long-awaited stock market debut

ByOsmond Chia and Emer Moreau, Business reporters.

Key points

• On Monday, Shein priced its shares at HK$48.56 each, raising ‌13.6 billion Hong Kong dollars ($1.7bn; £1.3bn) from the listing.
• Similarly, the European Union has imposed a €3 (£2.57; $3.50) tax on low-value imports.
• In 2025, Shein shifted its attention to Hong Kong, with Chinese authorities approving the move in July this year.
• After a long quest to list on the stock market, ultra-fast-fashion brand Shein has been valued at $26.2bn (£19.3bn) after its first day of public trading.
• The truth behind your $12 dress: Inside the Chinese factories fuelling Shein's success.

For context, the firm was once estimated to be worth almost $100bn, but has faced heated competition, trade tensions and questions over the ethics of its supply chain.

Shein's share cost fell in the early hours of trading but recovered ground before closing down just 0.12%.

In practice, the company's attempts to list in the UK and US were scuppered after supply chain reservations and criticism of its environmental impact.

On Monday, Shein priced its shares at HK$48.56 each, raising ‌13.6 billion Hong Kong dollars ($1.7bn; £1.3bn) from the listing. That offered the business a stock market valuation of $26.3bn.

Shein's shares fell by as much as 10% in early trading before the losses eased. They closed at $48.50, leaving it valued at $26.15bn.

Shein became hugely popular, especially among younger individuals, due to its ability to source the highly latest fashions at ultra-low rates through a vast network of factories in China.

At a ceremony to celebrate the listing, chief financial officer Leigh Gui remarked the company's model of selling substantial numbers of small orders with rapid payment options now reaches regarding 160 markets worldwide.

"Let global consumers enjoy the sound of fashion, " he remarked after a gong was struck to mark the start of trading.

Shein has more than 273 million active customers who placed a total of more than a billion orders in the year to the end of March 2026, the firm remarked in a filing ahead of the listing.

But it now faces higher costs, regulatory scrutiny and more competition, remarked Charu Chanana, chief investment strategist at Saxo.

For customers, the slump in Shein's shares is a sign that the firm's cheap rates are "becoming harder to sustain". It may lead to higher costs, she continued. A benchmark for fast fashion.

For context, the listing marks the largest new share sale in Hong Kong so far this year. It is being seen as a test of investor appetite for the fast-fashion industry.

It is a rare "standalone" e-commerce firm that can be assessed on its own merits, fashion industry analyst Louise Deglise-Favre from research firm GlobalData.

Shares in rivals Asos and Boohoo have been battered over recent years as they face regulatory scrutiny and fierce competition.

"Investors have learned to be sceptical, " while reservations over sustainability and ethical matters add to the complexity of Shein's share sale, Deglise-Favre noted. The rise and rise of fashion giant Shein.

Meanwhile, the truth behind your $12 dress: Inside the Chinese factories fuelling Shein's success.

Founded in China and headquartered in Singapore since 2021, Shein has spent a number of years touting its credentials as a global business, but ultimately was forced to return to its Asian roots to go public.

Meanwhile, the firm once looked set for one of the largest stock market debuts ever by a Chinese firm, with Wall Street in its sights.

Notably, the firm's long road to the stock market highlights the geopolitical pressures and regulatory scrutiny faced by Chinese firms with global ambitions.

Its business had surged during the Covid-19 pandemic as individuals, stuck at home, turned to online retailers. Meanwhile, social media influencers shared their hauls for millions of followers to see.

Shein faced resistance from US lawmakers. This person objected to the planned listing over reservations of forced labour in its factories. In response to such allegations, the firm has stated it takes a "zero-tolerance policy for forced labour".

Notably, an initial public offering (IPO) in the US – by far Shein's largest market – would have offered it a chance to further growth its global profile and tap into Western financing.

It has additionally been accused of copying other designers' ideas. Shein has remarked "it takes all claims of infringement seriously" and that it respects the rights of all designers.

Shein additionally explored the possibility of making its stock market debut in London but faced similar opposition. The BBC has contacted Shein for further comment.

"Shein ran out of venues that could take it, " remarked Ashley Dudarenok, founder of Chinese market research firm ChoZan.

Notably, the firm attempted to "look less Chinese" by shifting its headquarters to Singapore ahead of its IPO bid, but it never won political backing abroad nor assurances from Beijing, she went on.

Trade tensions and regulatory reservations mean Shein is navigating a highly different landscape to when it first began exploring a potential IPO.

In July, it documented a $99m quarterly loss as its sales slowed after the US struck down an import duty exemption on small packages.

In practice, the exemption, known as the de minimis rule, had supported Shein and rival Temu grow rapidly as it allowed packages worth less than $800 to enter the US without incurring import duties.

In practice, the Iran war has additionally hit demand, raised costs and caused delays to deliveries in some markets, Shein has stated.

Its rivals are feeling the pressure too. In August, Temu-owner PDD documented lower-than-expected quarterly revenue.

For context, the firm additionally needs to find ways to stand out from its rivals, that are now additionally using predictive technology to produce their websites more appealing to shoppers, stated Jason Hsu from Rayliant Global Advisors. "Shein is not longer a unique player, " Hsu remarked.

Shein is additionally being investigated by US and European regulators over its business practices.

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In short, shein valued at $26bn after long is the central thread here, and readers can expect follow-up reporting as the picture becomes clearer.