快时尚零售商Shein宣布将于9月1日在香港股票市场上市12。该公司计划融资港币13.86亿元（17.7亿美元），通过发行近2.8亿股，股价范围为港币47.60至49.50元1，上限估值约为270亿美元1。此次IPO由高盛、摩根士丹利和摩根大通联合主承销1。
Shein的上市估值与其历史峰值相差悬殊。该公司在2022年的私募融资中曾获得约100亿美元的估值1，本次上市价格较该峰值下跌约七成2。根据第一季度2026财年的财务表现，Shein录得9900万美元的亏损，而上年同期则实现3.95亿美元的净收入1。尽管如此，该公司的活跃客户基数仍在扩大，截至报告期拥有2.81亿活跃用户，同比增长16%1，订单总数超过10亿笔1。
面对不断增加的关税和税收压力，Shein表示正在探索多种应对措施。公司称"为应对增加的关税和税收，我们正在采取多种举措，包括在美国市场提高价格以抵消部分增加的成本"1。
Fast-fashion retailer Shein is preparing to list on the Hong Kong stock exchange on September 1st, seeking a valuation of approximately $27 billion.12 The company plans to raise up to HK$13.86 billion ($1.77 billion) through the issuance of roughly 280 million shares priced between HK$47.60 and HK$49.50 per share, with final pricing set for August 31st.12 The offering is being led by major financial institutions including Goldman Sachs, Morgan Stanley, and JPMorgan.1
The Hong Kong listing marks a dramatic decline from Shein's private valuation trajectory.2 The company was valued at approximately $100 billion during a private fundraising round four years ago, meaning the current market valuation represents roughly a 70 percent decrease.2 This reduction reflects mounting challenges including slowing sales growth, rising operational costs, and shifting market conditions.12
The company continues to expand its user base, with active customers reaching 281 million as of the latest reporting period, representing 16 percent year-on-year growth.1 Shein operates across approximately 160 countries, with European operations serving 156 million monthly active users as of the end of last year.2 However, the company faced significant regulatory headwinds, including cumulative fines exceeding €210 million in France, with €22 million of that imposed in June 2024.2 In response to increased tariffs and duties, Shein stated it is "pursuing a wide range of options, including increasing our prices in the US market to offset a portion of the increased costs."1
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