Arabic version: شي إن تواجه تساؤلات بشأن التقييم قبل طرحها العام في هونغ كونغ

According to Cnbc, Shein received approval from the China Securities Regulatory Commission for a Hong Kong listing after unsuccessful attempts to go public in New York and London. The approval came after the company publicly re-embraced its Chinese roots, while investors assess whether it can support a valuation above $40 billion.

The online fast-fashion retailer reported 2025 revenue growth of 8% to $41.8 billion, slowing from 20.7% a year earlier. Shein posted a $99 million first-quarter 2026 loss after the United States removed an import-duty exemption for small packages and the company recorded a one-time accounting charge.

William Ma of GROW Investment Group said Shein had missed the “golden time” to list. Lenny Zephirin of The Zephirin Group said the business is shifting from a high-growth, technology-enabled platform toward a mature global apparel retailer with slower growth and margin pressure. He expects its post-listing market capitalization to settle in the high-$20 billion to low-$30 billion range.

Shein, which sells products in about 160 countries, is reportedly under pressure to lower its valuation to $30 billion. Ma said that even at that level, the valuation would be demanding, citing an estimated 19 to 25 times fiscal 2025 earnings compared with about nine times for PDD and around 11 times for established consumer companies in Hong Kong.

The company also disclosed that its U.S. business is being investigated by the Federal Trade Commission for unspecified reasons and could face significant fines. Separately, Consumer Edge analyst Michael Gunther said Shein’s U.S. share of apparel, accessories and footwear spending has declined from a peak of about 5% in the first quarter of 2025, while growth in the U.K. has slowed. Hong Kong’s current IPO pipeline is dominated by AI and chip listings, Zephirin said.