Ultra-fast-fashion giant Shein is aiming to list on the Hong Kong Stock Exchange, in a deal that is valuated at $27 billion.
Filings to the HKEX show that Shein is aiming to sell just under 280 million shares at a price of between HK$47.60 and HK$49.50 per share. At the top of the range, this is valued at HK$13.86 billion, or $2.46 billion.
The shares being sold here are not the whole company, only making up around 6.6 per cent of Shein’s total shares.
Altogether, if Shein sells all shares at the highest price offered, the company is expected to be valued at HK$210.2 billion, or US$27 billion, or just over AU$37.3 billion.
Book-building opened on August 24, with a final offer price set to land by August 28. By September 1, Shein is expected to be fully trading on the HKEX.
The document also shows where Shein is at trading-wise, with the company reporting total global sales in 2025 of US$41.8 billion, with net income of just over US$2 billion. The latter is down from just over US$3 billion in 2024, with sales up from US$38.7 billion.
In Australia, the fast-fashion business made A$1.53 billion in the 2025 calendar year, with profits of around $19 million according to ASIC filings.
Shein’s Australian market is run by just 18 employees, with the market’s gross margin remaining quite thin at just 4 per cent. The group-wide company, meanwhile, has a profit margin of around 68 per cent.
Shein does take up a decent chunk of the Australian fashion market in Australia. For comparison, Kmart and Target – which both sell a vast array of lifestyle goods as well as fashion – reported total sales of $11.1 billion in FY25, with first half FY26 sales hitting $6.3 billion.
Myer, one of the largest fashion-selling entities locally, reported total sales of just over $4 billion.
Shein's listing on the HKEX comes amid global criticisms and concerns over the business's sustainability and ethics around sourcing and production.