Shein is targeting a September 1 listing date for its Hong Kong initial public offering, according to Reuters, citing unnamed sources familiar with the matter. That date is slightly later than the August 28 target Reuters reported last week. One source said the listing could slip by a few more days beyond September 1.
The postponement reflects weakening demand from investors, who have grown cautious amid the company’s slowing growth and mounting costs. Shein aims to launch the IPO on Monday, one source said.
UBS Group’s asset management division has joined the offering as a cornerstone investor, a role that would mark its first-ever stake in Shein, citing a source directly familiar with the matter. A UBS spokesperson declined to comment. As cornerstone investors, these backers agree in advance to acquire a predetermined quantity of shares and must hold them for six months before selling.
Shein has set its sights on a valuation in the $26 billion to $27 billion range. That target is a steep retreat from the $30 billion to $40 billion range the company was pursuing at the start of investor meetings earlier this month, and amounts to a small fraction of the $100 billion it was valued at during a private fundraising round in 2022.
The company’s financial trajectory helps explain the compressed valuation. Revenue growth decelerated from 41.1% in 2023 and 20.7% in 2024 to 8% in 2025, when total revenue reached $41.8 billion, as reported in IPO filings. In the first quarter of 2026, revenue grew just 1.1% as U.S. customs duties and tariffs imposed since May 2025 weighed on sales. Shein posted a $99 million net loss in that quarter, reversing a $395 million profit from the same period a year earlier.
U.S. revenue fell more than 3% from 2024 to 2025 and dropped 14% in the most recent first quarter compared with the prior year. Shein warned in its IPO filings that the tariff-driven pressure on its U.S. business could extend to Europe, which accounted for 35% of 2025 revenue.
Shein’s path to a public listing has included failed attempts to list in New York and London. Chinese regulators approved the Hong Kong offering on July 10. Shein had not replied to requests for comment by publication time.
