That $27 billion figure is far below the $98.2 billion valuation the company reached in 2022 and the $64 billion it was valued at in 2023 and April 2024.

Analysts say the sharp decline reflects concerns over slowing revenue growth, higher operating costs and a tougher global market for cheap apparel.

Cornerstone investors, led by existing shareholders Boyu, Tiger Global and General Atlantic, have committed about $383 million to buy shares in the offering.

Shein plans to spend about 80 % of the money raised on upgrading its technology platform and expanding its brand presence worldwide.

The new Hong Kong shares will carry only one‑tenth of the voting power of the founders’ shares, meaning the co‑founders will still control about 90 % of all voting rights.

The deal is the biggest Hong Kong IPO of 2026 and the third‑largest IPO ever recorded in Asia, underscoring the scale of Shein’s market entry despite the lower price.

For investors, the lower valuation signals that fast‑fashion growth may be slowing, and that future earnings could be more uncertain, making the IPO a litmus test for the sector’s health.