Shein chose Hong Kong over U.S. and London amid China-West tensions
Shein, the China-founded fast-fashion company, filed on Monday for a Hong Kong initial public offering that could raise up to $1.77 billion, with shares expected to begin trading on the Hong Kong exchange on Sept. 1.
The company is offering 280 million class B shares at HK$47.60 to HK$49.50 each, according to the filing. At the midpoint of that range, net proceeds would come to about HK$13.12 billion, equivalent to roughly US$1.67 billion.
Shein’s path toward an IPO has been a long one. The company previously weighed venues in the U.S. and London before settling on Hong Kong, having been caught in the middle of geopolitical tensions between China and the West.
In the filing, Shein said proceeds would be deployed to strengthen technology infrastructure, with specific investments directed toward artificial intelligence and data analytics.
The company also said funds would be used to enhance brand awareness and expand its global presence.
Cornerstone investors in the offering include Tencent, General Atlantic and Tiger Global.