Shein拟以约270亿美元估值推进香港IPO，预计9月1日挂牌

Shein seeks $27bn valuation from Hong Kong IPO
Fast-fashion retailer Shein is seeking a $27bn valuation in a Hong Kong listing next week, almost three quarters below its peak after previous attempts to list foundered amid pushback by regulators.
The China-founded company plans to raise as much as HK$14bn ($1.8bn) in a September 1 listing.
It is selling 280mn shares for between HK$47.60 and HK$49.50, giving it a market capitalisation of HK$202bn to HK$210bn ($26bn to $27bn), according to a listing notice published by Hong Kong’s stock exchange on Monday. About 90 per cent of the shares will be available to international investors.
Chinese regulators approved the online retailer’s application to list in Hong Kong last month, giving the green light to an initial public offering that has been more than four years in the making.
Shein’s previous attempts to list in New York and London were derailed by opposition from politicians and regulators amid scrutiny of its Chinese supply chain.
The sub-$30bn valuation — previously reported by the FT — compares with a valuation of about $100bn that Shein reached after a private fundraising round in 2022.
The company has the option to sell an additional 42mn shares depending on demand, which could push the total raised to $2bn.
The banks on the deal, led by Goldman Sachs, Morgan Stanley and JPMorgan, will collectively receive an underwriting commission of 1.5 per cent of money raised, along with a discretionary 0.75 per cent incentive fee.
That could mean a fee pool of nearly $40mn before the sale of any additional shares.
Cornerstone investors — who commit to buying and holding the shares for six months — took roughly a fifth of the listing and comprised mainly Shein’s existing backers, including US private equity firm General Atlantic and Chinese tech giant Tencent.
General Atlantic and investment group Tiger Global both took part in a $1bn funding round in 2022 that valued Shein at $100bn, according to PitchBook.
Chinese private equity firm Boyu Capital took the largest allocation of $150mn, followed by General Atlantic, Tiger Global and Tencent at about $50mn each.
Shein said it planned to spend about 40 per cent of the proceeds on technology, 40 per cent on marketing, 10 per cent on initiatives to “promote corporate responsibility” and the final 10 per cent for general corporate purposes, according to a term sheet seen by the FT.