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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
Stock code 00625. 279,992,500 Class B shares. Official Offer Price due 31 August 2026; dealings expected 1 September. Reuters sources said HK$48.56 / about US$26.5 billion, which is not the HKEX price.
TickerGrove Newsroom · Published 08-27-2026 · SHEIN Global Holdings Limited
Sources
SHEIN Global Holdings Limited prospectus dated 24 August 2026 and HKEX listing announcement dated 24 August 2026, independently re-read. HKEXNEWS listing index for stock code 00625 compared. 26 July 2026 HKEXNEWS application BUSINESS extract compared; that extract is marked draft form. Reuters report dated 27 August 2026 used only for the sources-said HK$48.56 / about US$26.5 billion construction, which is not the official Offer Price.
- Offer range
- HK$47.60 to HK$49.50
- Offer shares
- 279,992,500
- Market cap
- HK$202.1 billion to HK$210.2 billion
Hong Kong-dollar offer range and market capitalisation from the 24 August 2026 prospectus and listing announcement. Reuters’s HK$48.56 / about US$26.5 billion is sources-said and is not the official Offer Price. Preferred-share cash lines stay uncombined. No first-day tape.
SHEIN Global Offering listing announcement, 24 August 2026
TickerGrove
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.
What changed
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.
A marketed range is not the official IPO price
The prospectus says the Offer Price will be not more than HK$49.50 and is currently expected to be not less than HK$47.60. The official final Offer Price is scheduled for 31 August 2026. Reuters’s HK$48.56 is what two sources said the deal is set to price at. Those are different objects. Hong Kong-dollar market capitalisation of HK$202.1 billion to HK$210.2 billion stays next to, not inside, Reuters’s about US$26.5 billion.
Keep HK$202.1 billion to HK$210.2 billion off Reuters’s about US$26.5 billion, and do not add the preferred-share cash lines
Use the prospectus offering-statistics table for HK$202.1 billion at HK$47.60 and HK$210.2 billion at HK$49.50 on 4,246,202,609 Shares. Use Reuters only for the sources-said HK$48.56 / about US$26.5 billion / about HK$13.6 billion construction. The prospectus midpoint for net proceeds is HK$48.55, not HK$48.56. Approximately US$1.1 billion, US$230.4 million, and approximately US$2.19 billion are separate cash lines for Pre-D / D / D+ holders. They are not a combined US$3.5 billion special-share payment. Class A ten votes is not Class B one vote.
What we do not know
This page does not invent a share-price move, a first-day tape, or a U.S.-dollar conversion of the HK$202.1 billion to HK$210.2 billion market-capitalisation range. Reuters’s HK$48.56 / about US$26.5 billion is sources-said and is not treated as the official Offer Price. Approximately US$1.1 billion, US$230.4 million, and approximately US$2.19 billion stay on their own lines; they are not a combined US$3.5 billion special-share cash payment. Private-market nearly US$100 billion (2022) and US$66 billion (2023) are Reuters wording, not offering-statistics. A 26 July 2026 application extract is marked draft form and is not substituted for the 24 August 2026 prospectus.
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Sources & evidence
Primary documents used for this piece. Internal claim-lineage notes stay off this page.
SHEIN Global Holdings Limited
SHEIN Global Offering listing announcement, 24 August 2026
Indicative Offer Price range in the 24 August 2026 prospectus and listing announcement
SHEIN Global Holdings Limited
SHEIN prospectus dated 24 August 2026, Use of Proceeds and Cornerstone Investors
Prospectus mid-point of the Offer Price range used for net-proceeds and cornerstone illustrations
SHEIN Global Holdings Limited (Reuters sources)
Reuters, 27 August 2026, two people with knowledge of the matter
Reuters report dated 27 August 2026
HKEXnews listing index
New listing information for 希音国际控股有限公司 (00625)
Compared 27 August 2026 as a locator for the 24 August 2026 prospectus chapters
SHEIN Global Holdings Limited
HKEXNEWS application BUSINESS extract, 26 July 2026
Compared on 2025 net revenues and LATR description; document marked draft form
Figures used in this article
Hong Kong-dollar offer range and market capitalisation from the 24 August 2026 prospectus and listing announcement. Reuters’s HK$48.56 / about US$26.5 billion is sources-said and is not the official Offer Price. Preferred-share cash lines stay uncombined. No first-day tape.
Figure
HK$47.60 to HK$49.50
- Entity
- SHEIN Global Holdings Limited
- Period / as-of
- Indicative Offer Price range in the 24 August 2026 prospectus and listing announcement
- Unit / basis
- HKD per Offer Share; not more than HK$49.50 and currently expected not less than HK$47.60 unless otherwise announced; not the official final Offer Price
Figure
HK$49.50
- Entity
- SHEIN Global Holdings Limited
- Period / as-of
- Maximum Offer Price stated 24 August 2026
- Unit / basis
- HKD per Offer Share, plus brokerage 1% SFC transaction levy 0.0027% AFRC transaction levy 0.00015% Stock Exchange trading fee 0.00565%
Figure
HK$47.60
- Entity
- SHEIN Global Holdings Limited
- Period / as-of
- Low end of the indicative Offer Price range stated 24 August 2026
- Unit / basis
- HKD per Offer Share; currently expected not less than this amount unless otherwise announced
Figure
HK$48.55
- Entity
- SHEIN Global Holdings Limited
- Period / as-of
- Prospectus mid-point of the Offer Price range used for net-proceeds and cornerstone illustrations
- Unit / basis
- HKD per Offer Share; not Reuters’s sources-said HK$48.56
Figure
279,992,500
- Entity
- SHEIN Global Holdings Limited
- Period / as-of
- Global Offering as of 24 August 2026
- Unit / basis
- Class B Offer Shares, subject to reallocation and the Over-allotment Option
Figure
27,999,300
- Entity
- SHEIN Global Holdings Limited
- Period / as-of
- Same offering
- Unit / basis
- Hong Kong Offer Shares, Class B, subject to reallocation; about 10.0% of Offer Shares initially
Figure
251,993,200
- Entity
- SHEIN Global Holdings Limited
- Period / as-of
- Same offering
- Unit / basis
- International Offer Shares, Class B, subject to reallocation and the Over-allotment Option; about 90.0% initially
Figure
00625
- Entity
- SHEIN Global Holdings Limited Class B Shares
- Period / as-of
- Hong Kong stock code stated 24 August 2026
- Unit / basis
- HKEX stock code; board lot 100 Class B Shares
Figure
HK$202.1 billion to HK$210.2 billion
- Entity
- SHEIN Global Holdings Limited
- Period / as-of
- Offering statistics assuming completion and the stated Assumptions, Over-allotment Option not exercised
- Unit / basis
- HKD market capitalisation at HK$47.60 and HK$49.50; based on 4,246,202,609 Shares; not a U.S.-dollar valuation
Figure
HK$202.1 billion
- Entity
- SHEIN Global Holdings Limited
- Period / as-of
- Same offering-statistics table at HK$47.60 per Share
- Unit / basis
- HKD market capitalisation; not Reuters’s about US$26.5 billion
Figure
HK$210.2 billion
- Entity
- SHEIN Global Holdings Limited
- Period / as-of
- Same offering-statistics table at HK$49.50 per Share
- Unit / basis
- HKD market capitalisation; not a U.S.-dollar conversion
Figure
4,246,202,609
- Entity
- SHEIN Global Holdings Limited
- Period / as-of
- Shares expected to be in issue immediately upon completion, assuming the Assumptions
- Unit / basis
- count of Shares used for the market-capitalisation calculation; Over-allotment Option not exercised
Figure
HK$13,123 million
- Entity
- SHEIN Global Holdings Limited
- Period / as-of
- Estimated net proceeds at HK$48.55, Over-allotment Option not exercised
- Unit / basis
- HKD net proceeds after underwriting commissions and estimated expenses; not Reuters’s about HK$13.6 billion raise
Figure
US$383 million
- Entity
- SHEIN Global Holdings Limited cornerstone placing
- Period / as-of
- Cornerstone Investment Agreements as described in the 24 August 2026 prospectus
- Unit / basis
- USD aggregate amount up to approximately this figure, or approximately HK$3,005 million, assuming HK$48.55 and exclusive of brokerage and levies
Figure
HK$3,005 million
- Entity
- SHEIN Global Holdings Limited cornerstone placing
- Period / as-of
- Same cornerstone illustration at HK$48.55
- Unit / basis
- HKD equivalent printed next to US$383 million; prospectus FX, not a TickerGrove conversion
Figure
approximately US$1.1 billion
- Entity
- Holders of Series Pre-D, Series D, and Series D+ Preferred Shares
- Period / as-of
- 8% per annum on the relevant issue price from issue date to 4 March 2026
- Unit / basis
- USD aggregate of the 8% cash amounts, payable in three instalments; not the conversion-adjustment cash and not a combined US$3.5 billion line
Figure
US$230.4 million
- Entity
- Holders of Series Pre-D, Series D, and Series D+ Preferred Shares
- Period / as-of
- 12% per annum from 5 March 2026 through closing; stops accruing on the Listing Date
- Unit / basis
- USD estimated aggregate of the 12% cash amounts; not the US$1.1 billion line and not the conversion-adjustment cash
Figure
approximately US$2,185 million
- Entity
- Holders of Series Pre-D, Series D, and Series D+ Preferred Shares
- Period / as-of
- Conversion Adjustment cash assuming final Offer Price at HK$47.60
- Unit / basis
- USD maximum aggregate cash payment, from internal financial resources before Listing; not a combined US$3.5 billion special-share payment
Figure
19,622,000
- Entity
- Holders of Series Pre-D, Series D, and Series D+ Preferred Shares
- Period / as-of
- Additional Class B Shares to be issued at nil consideration under the Conversion Adjustment
- Unit / basis
- count of additional Class B Shares; sits beside, not inside, the cash lines
Figure
US$41.8 billion
- Entity
- SHEIN Global Holdings Limited
- Period / as-of
- Year ended 31 December 2025
- Unit / basis
- USD highlight net revenues; table prints US$41,847 million; 2023-2025 CAGR 14.2%
Figure
8.0%
- Entity
- SHEIN Global Holdings Limited
- Period / as-of
- Year ended 31 December 2025 vs 2024
- Unit / basis
- net revenues growth; vs 20.7% in 2024 and 41.1% in 2023
Figure
1.1%
- Entity
- SHEIN Global Holdings Limited
- Period / as-of
- Three months ended 31 March 2026 vs year earlier
- Unit / basis
- net revenues growth; net revenues US$9,052 million vs US$8,952 million
Figure
14.2%
- Entity
- SHEIN Global Holdings Limited
- Period / as-of
- 2023 to 2025
- Unit / basis
- compound annual growth rate of net revenues
Figure
US$2,064 million
- Entity
- SHEIN Global Holdings Limited
- Period / as-of
- Year ended 31 December 2025
- Unit / basis
- USD net income vs US$3,365 million in 2024 and US$2,789 million in 2023
Figure
US$99 million net loss
- Entity
- SHEIN Global Holdings Limited
- Period / as-of
- Three months ended 31 March 2026
- Unit / basis
- USD net loss; table prints (99) million; vs net income of US$395 million in the first quarter of 2025
Figure
24.1%
- Entity
- SHEIN Global Holdings Limited United States net revenues
- Period / as-of
- Year ended 31 December 2025
- Unit / basis
- % of total net revenues; US$10,101 million; vs 29.4% in 2023; Q1 2026 U.S. share 22.5%
Figure
35.4%
- Entity
- SHEIN Global Holdings Limited Europe net revenues
- Period / as-of
- Year ended 31 December 2025
- Unit / basis
- % of total net revenues; US$14,802 million; prospectus also says approximately one-third
Figure
approximately 273 million
- Entity
- SHEIN Global Holdings Limited
- Period / as-of
- Year ended 31 December 2025
- Unit / basis
- active customers; table prints 273 million; vs 186 million in 2023
Figure
10% to 87.5%
- Entity
- China-origin products shipped to the United States
- Period / as-of
- As of the 24 August 2026 prospectus date
- Unit / basis
- tax-rate range after removal of the U.S. de minimis exemption and additional tariffs; previously 0-62.5% in the Track Record Period before those changes
Figure
ten votes / one vote
- Entity
- SHEIN Global Holdings Limited Class A / Class B
- Period / as-of
- Weighted voting rights structure upon Listing
- Unit / basis
- votes per share on resolutions other than Reserved Matters, on which each Share has one vote
Figure
89.9%
- Entity
- WVR Beneficiaries Yangtian Xu, Miao Miao, Xiaoqing Gu, and Xiaoqing Ren
- Period / as-of
- Immediately upon completion, assuming the Assumptions
- Unit / basis
- approximate % of voting rights; 59.6% of issued share capital; 2,530,453,150 Shares
Figure
49.9%
- Entity
- Yangtian Xu
- Period / as-of
- Immediately after completion, assuming the Assumptions
- Unit / basis
- approximate % of voting rights on matters other than Reserved Matters; 798,973,148 Class A and 487,090,102 Class B
Figure
HK$48.56
- Entity
- SHEIN Global Holdings Limited (Reuters sources)
- Period / as-of
- Reuters report dated 27 August 2026
- Unit / basis
- HKD per share, sources-said expected price; not the official Offer Price; not the prospectus midpoint HK$48.55
Figure
about US$26.5 billion
- Entity
- SHEIN Global Holdings Limited (Reuters sources)
- Period / as-of
- Same Reuters report
- Unit / basis
- USD sources-said valuation at the expected HK$48.56 price; not the HK$202.1 billion to HK$210.2 billion prospectus range
Figure
about HK$13.6 billion
- Entity
- SHEIN Global Holdings Limited (Reuters sources)
- Period / as-of
- Same Reuters report
- Unit / basis
- HKD sources-said amount to be raised, also printed as US$1.73 billion; not the prospectus net proceeds of HK$13,123 million
Figure
nearly US$100 billion
- Entity
- SHEIN private-market peak (Reuters wording)
- Period / as-of
- 2022, as worded by Reuters on 27 August 2026
- Unit / basis
- USD Reuters wording of a private-market peak; not a prospectus offering-statistics print
- Source
- Reuters, 27 August 2026
Figure
US$66 billion
- Entity
- SHEIN 2023 fundraising valuation (Reuters wording)
- Period / as-of
- 2023 fundraising round, as worded by Reuters on 27 August 2026
- Unit / basis
- USD Reuters wording; not a prospectus offering-statistics print
- Source
- Reuters, 27 August 2026
Figure
31 August 2026
- Entity
- SHEIN Global Holdings Limited
- Period / as-of
- Expected announcement of the final Offer Price, by 11:00 p.m. Hong Kong time
- Unit / basis
- Hong Kong local date; official price not yet published as of 27 August 2026
Figure
1 September 2026
- Entity
- SHEIN Global Holdings Limited Class B Shares
- Period / as-of
- Expected commencement of dealings at 9:00 a.m. Hong Kong time
- Unit / basis
- Hong Kong local date; not a traded print