Shein's Hong Kong range is HK$47.60 to HK$49.50 a share, implying HK$202.1 billion to HK$210.2 billion

SHEIN Global Holdings Limited, a Cayman Islands company controlled through weighted voting rights, launched a Hong Kong Global Offering of 279,992,500 Class B Shares, subject to reallocation and the Over-allotment Option. The Offer Price will be not more than HK$49.50 per Offer Share and is currently expected to be not less than HK$47.60, unless otherwise announced. The stock code is 00625. The prospectus’s offering-statistics table prints market capitalisation of HK$202.1 billion at HK$47.60 and HK$210.2 billion at HK$49.50, based on 4,246,202,609 Shares expected to be in issue immediately upon completion, assuming the stated Assumptions and that the Over-allotment Option is not exercised. The official final Offer Price is scheduled to be published by 11:00 p.m. Hong Kong time on Monday, 31 August 2026. Dealings in the Class B Shares are expected to commence at 9:00 a.m. on Tuesday, 1 September 2026.

A Reuters report dated 27 August 2026, attributed to two people with knowledge of the matter, said the company is set to price at HK$48.56 a share, raising about HK$13.6 billion (US$1.73 billion) and valuing the company at about US$26.5 billion. That is sources-said. It is not the HKEX price. The prospectus midpoint used for net proceeds is HK$48.55, one Hong Kong cent below that Reuters figure. At HK$48.55, the prospectus estimates net proceeds of approximately HK$13.12 billion after commissions and expenses, assuming the Over-allotment Option is not exercised. Those Hong Kong-dollar prospectus lines stay next to, not inside, Reuters’s U.S.-dollar valuation.

The 24 August 2026 listing announcement, the prospectus dated the same day, and the HKEXNEWS listing index naming SHEIN Global Holdings Limited (00625) were re-read independently. Hong Kong Offer Shares are initially 27,999,300 Class B Shares, about 10.0% of the Offer Shares. International Offer Shares are initially 251,993,200 Class B Shares, about 90.0%. Cornerstone investors agreed to subscribe for Offer Shares in an aggregate amount of up to approximately US$383 million, or approximately HK$3.01 billion, assuming an Offer Price of HK$48.55 and exclusive of brokerage, the SFC transaction levy, the AFRC transaction levy, and the Stock Exchange trading fee. The named cornerstone investors are Boyu, Tiger Global, General Atlantic, Tencent, Greenwoods, Taikang Life, and UBS AM Singapore. Details of the actual number of Offer Shares allocated to them are to be disclosed in the allotment-results announcement on or around 31 August 2026.

The prospectus does not print a single combined special-share cash-payment total of US$3.5 billion. Keep the cash objects separate. Holders of Series Pre-D, Series D, and Series D+ Preferred Shares are due approximately US$1.1 billion at a fixed 8% per annum on the relevant issue price through 4 March 2026, payable in three instalments, and an estimated US$230.4 million at 12% per annum from 5 March 2026 through closing, stopping on the Listing Date. Separately, Conversion Adjustment Mechanisms are expected to be implemented by issuing 19,622,000 additional Class B Shares at nil consideration and a maximum aggregate cash payment of approximately US$2.19 billion, assuming the final Offer Price is determined at the low end of HK$47.60. That conversion-adjustment cash is to be paid from internal financial resources before Listing. Do not add those lines into one total.

Why it matters

2025 net revenues were US$41.8 billion, the highlight rounding of the table’s US$41.85 billion, after a 2023-to-2025 compound annual growth rate of 14.2%. Year-over-year net-revenue growth slowed to 8.0% in 2025 from 20.7% in 2024 and 41.1% in 2023. For the three months ended 31 March 2026, net revenues were US$9.05 billion, up 1.1% from US$8.95 billion. Net income was US$2.06 billion in 2025, down from US$3.37 billion in 2024. The first quarter of 2026 printed a net loss of US$99 million against net income of US$395 million a year earlier. United States net revenues were US$10.1 billion, or 24.1% of 2025, down from 29.4% in 2023; the U.S. share in the first quarter of 2026 was 22.5%. Europe was 35.4% of 2025 net revenues, about one-third. Active customers were approximately 273 million in 2025. The issuer describes itself as the largest online fashion destination globally, and one of the top five apparel and footwear companies globally, in terms of 2025 retail sales value.

The prospectus says that since May 2025, removal of the U.S. de minimis exemption has had an adverse impact on sales in the United States and on overall net-revenue growth. It has begun passing on the majority of additional tariff costs by increasing prices in the U.S. market. China-origin products purchased from the company or its marketplace and shipped to the United States have become subject to tax rates ranging from 10% to 87.5%. The EUR 150 customs-duty exemption for low-value consignments is flagged as a European risk on that one-third revenue share.

Each Class A Share carries ten votes and each Class B Share one vote, except for Reserved Matters, on which each Share has one vote. Immediately upon completion of the Global Offering, assuming the Assumptions, the weighted-voting-rights beneficiaries — Yangtian Xu, Miao Miao, Xiaoqing Gu, and Xiaoqing Ren — would hold 2,530,453,150 Shares, approximately 59.6% of issued share capital and approximately 89.9% of voting rights. Xu alone would be entitled to exercise approximately 49.9% of voting rights on matters other than Reserved Matters.

Context

The HK$202.1 billion to HK$210.2 billion market-capitalisation range is a Hong Kong-dollar prospectus statistic. Reuters’s about US$26.5 billion is a sources-said U.S.-dollar valuation at an expected HK$48.56 price. They are not the same print. Reuters also wrote that the valuation would be about one-quarter of a nearly US$100 billion private-market peak in 2022, and well below a US$66 billion valuation from a 2023 fundraising round. Those private-market strings are Reuters’s wording. They are not the prospectus offering-statistics table. This page does not convert the Hong Kong-dollar market-capitalisation range into U.S. dollars, invent a first-day tape, or treat HK$48.56 as the official Offer Price.